<SEC-DOCUMENT>0001641172-25-025955.txt : 20250829
<SEC-HEADER>0001641172-25-025955.hdr.sgml : 20250829
<ACCEPTANCE-DATETIME>20250829150718
ACCESSION NUMBER:		0001641172-25-025955
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20250829
DATE AS OF CHANGE:		20250829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMX (Security Matters) Public Ltd Co
		CENTRAL INDEX KEY:			0001940674
		STANDARD INDUSTRIAL CLASSIFICATION:	MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-289651
		FILM NUMBER:		251280249

	BUSINESS ADDRESS:	
		STREET 1:		MESPIL BUSINESS CENTRE, MESPIL HOUSE
		STREET 2:		SUSSEX ROAD
		CITY:			DUBLIN 4
		STATE:			L2
		ZIP:			D04 T4A6
		BUSINESS PHONE:		353 1 920 1000

	MAIL ADDRESS:	
		STREET 1:		MESPIL BUSINESS CENTRE, MESPIL HOUSE
		STREET 2:		SUSSEX ROAD
		CITY:			DUBLIN 4
		STATE:			L2
		ZIP:			D04 T4A6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Empatan Public Ltd Co
		DATE OF NAME CHANGE:	20220801
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
Pursuant to Rule 424(b)(3)</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
Statement No. 333-289651</FONT> </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">&nbsp;</FONT></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"><B>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</B></FONT></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">&#160;</FONT></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"><B>Issuance
of up to 22,590,361 Ordinary Shares</B></FONT></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">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus relates to the resale, from time to time of up to an aggregate of 22,590,361 ordinary shares of the Company, $0.000000000000287
par value per share (&#8220;Ordinary Shares&#8221;), by the selling stockholders named elsewhere in this prospectus (&#8220;Selling Stockholders&#8221;).
The Ordinary Shares included in this prospectus consist of up to 22,590,361 that the Selling Stockholders may receive pursuant
to the partial conversion of principal under convertible promissory notes in the aggregate principal amount of $13,750,000 held by such
Selling Stockholders. The 22,590,361 Ordinary Shares is calculated based upon the floor price of $0.332 per share (&#8220;Floor
Price&#8221;) as set forth in the convertible promissory note. The Company is registering 22,590,361 Ordinary Shares, which is
the maximum amount of Ordinary Shares that can be issued upon conversion of $7,500,000 of principal under the convertible promissory
notes. See the section entitled, &#8220;<I>Selling Stockholders</I>&#8221; for additional information regarding the Selling Stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholders may sell the Ordinary Shares at prevailing market or privately negotiated prices, including in one or more transactions
that may take place by ordinary broker&#8217;s transactions, privately negotiated transactions or through sales to one or more dealers
for resale. We will not realize any proceeds from sales by the Selling Stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
costs incurred in the registration of the Ordinary Shares are being borne by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company,&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business
Startups Act of 2012 (the &#8220;JOBS Act&#8221;), and we may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 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 nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. This prospectus complies
with the requirements that apply to an issuer that is an emerging growth company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;foreign private issuer&#8221; as defined under applicable Securities and Exchange Commission (&#8220;SEC&#8221;) rules and
an &#8220;emerging growth company&#8221; as that term is defined in the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS
Act&#8221;) and are eligible for reduced public company disclosure requirements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares are listed on The Nasdaq Capital Market (&#8220;Nasdaq&#8221;) under the symbol &#8220;SMX&#8221; and our public warrants
are listed on The Nasdaq Capital Market under the symbol &#8220;SMXWW&#8221;. On August 25, 2025, the closing price of our Ordinary
Shares was $4.25. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>You
should read this prospectus and any prospectus supplement or amendment carefully before you invest in our securities. Investing in
the Company&#8217;s securities involves risks. See &#8220;Risk Factors&#8221; <I>beginning on page 18 of this
prospectus.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Neither
the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of
this prospectus. Any representation to the contrary is a criminal offense.</B></FONT></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">&#160;</FONT></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"><B>Prospectus
dated August 26, 2025</B></FONT></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"><B>&#160;</B></FONT></P>


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<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"><B>TABLE
OF CONTENTS</B></FONT></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">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ABOUT THE PROSPECTUS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 0.5in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IMPORTANT INFORMATION ABOUT IFRS AND NON-IFRS FINANCIAL MEASURES</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDUSTRY AND MARKET DATA</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS SUMMARY</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE OFFERING</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RISK FACTORS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USE OF PROCEEDS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DIVIDEND POLICY</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BUSINESS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#ab_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#ab_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION OF SECURITIES</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES ACT RESTRICTIONS ON RESALE OF SECURITIES</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BENEFICIAL OWNERSHIP OF SECURITIES</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SELLING STOCKHOLDERS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">117</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">118</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTAIN MATERIAL IRISH TAX CONSIDERATIONS TO NON-IRISH HOLDERS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">123</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLAN OF DISTRIBUTION</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">127</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPENSES RELATED TO THE OFFERING</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">129</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES UNDER U.S. SECURITIES LAWS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">129</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LEGAL MATTERS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">129</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPERTS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">129</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#SL_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">129</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#sw_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDEX TO FINANCIAL STATEMENTS</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; 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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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<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">&#160;</FONT></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"><B><FONT ID="SL_001"></FONT>ABOUT
THE PROSPECTUS</B></FONT></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">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the information contained in this prospectus, any amendment or supplement to this prospectus or any free writing
prospectus prepared by us or on our behalf. Any amendment or supplement may also add, update or change information included in this prospectus.
Any statement contained in this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent
that a statement contained in such amendment or supplement modifies or supersedes such statement. Any statement so modified will be deemed
to constitute a part of this prospectus only as so modified, and any statement so superseded will be deemed not to constitute a part
of this prospectus. See &#8220;<I>Where You Can Find More Information</I>.&#8221;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
we nor any of the Selling Stockholders have authorized any other person to provide you with different or additional information. Neither
we nor any of the Selling Stockholders take responsibility for, nor can we provide assurance as to the reliability of, any other information
that others may provide. The information contained in this prospectus is accurate only as of the date of this prospectus or such other
date stated in this prospectus, and our business, financial condition, results of operations and/or prospects may have changed since
those dates. This prospectus contains summaries of certain provisions contained in some of the documents described in this prospectus,
but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual
documents. Copies of some of the documents referred to in this prospectus have been filed, will be filed, or will be incorporated by
reference as exhibits to the registration statement of which this prospectus is a part, any you may obtain copies of those documents
as described under &#8220;<I>Where You Can Find More Information</I>.&#8221;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
we nor any of the Selling Stockholders are making an offer to sell these securities in any jurisdiction where the offer or sale is not
permitted. Except as otherwise set forth in this prospectus, neither we nor any of the Selling Stockholders have taken any action to
permit a public offering of these securities outside the United States or to permit the possession or distribution of this prospectus
outside the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about
and observe any restrictions relating to the offering of these securities and the distribution of this prospectus outside the United
States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus contains references to our trademarks and to trademarks belonging to other entities. Solely for convenience, trademarks and
trade names referred to in this prospectus, including logos, artwork and other visual displays may appear without the <SUP>&#174;</SUP>
or <SUP>&#8482;</SUP> symbols, but such references are not intended to indicate, in any way, that their respective owners will not assert,
to the fullest extent under applicable law, their rights thereto. We do not intend our use or display of other companies&#8217; trade
name or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
amounts that appear in this prospectus may not sum due to rounding.</FONT></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">&#160;</FONT></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"><B><FONT ID="SL_002"></FONT>IMPORTANT
INFORMATION ABOUT IFRS AND NON-IFRS FINANCIAL MEASURES</B></FONT></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">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of SMX (Security Matters) Public Limited Company (the &#8220;Company&#8221;) are prepared in accordance with international
financing reporting standards, as issued by the International Accounting Standards Board (&#8220;IFRS&#8221;). The historical consolidated
financial statements of Security Matter PTY Ltd. (&#8220;Security Matters PTY&#8221;) are prepared in accordance with IFRS. Security
Matters PTY (formerly, Security Matters Limited, an Australian public company with Australian Company Number (ACN) 626 192 998 listed
on the Australian Stock Exchange through March 7, 2023) is currently a private, wholly-owned subsidiary of the Company, whose name was
changed to Security Matters PTY Ltd. in June 2023.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of the measures included in this prospectus may be considered non-IFRS financial measures. Non-IFRS financial measures should not be
considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS, and non-IFRS financial
measures as used by Security Matters PTY may not be comparable to similarly titled amounts used by other companies.</FONT></P>

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


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<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"><B><FONT ID="SL_003"></FONT>INDUSTRY
AND MARKET DATA</B></FONT></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">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, information contained in this prospectus concerning our industry and the regions in which we operate, including
our general expectations and market position, market opportunity, market share and other management estimates, is based on information
obtained from various independent publicly available sources and other industry publications, surveys and forecasts, which we believe
to be reliable based upon our management&#8217;s knowledge of the industry. We have not independently verified the accuracy and completeness
of such third-party information to the extent included in this prospectus. Such assumptions and estimates of our future performance and
growth objectives and the future performance of our industry and the markets in which we operate are necessarily subject to a high degree
of uncertainty and risk due to a variety of factors, including those discussed under the headings &#8220;<I>Risk Factors</I>,&#8221;
&#8220;<I>Cautionary Statement Regarding Forward-Looking Statements&#8221;</I> and &#8220;<I>Management&#8217;s Discussion and Analysis
of Financial Condition and Results of Operations</I>&#8221; in this prospectus.</FONT></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">&#160;</FONT></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"><B><FONT ID="SL_004"></FONT>CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></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">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
statements in this prospectus may constitute &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions
or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future
events or circumstances, including any underlying assumptions, are forward-looking statements. The words &#8220;anticipate,&#8221; &#8220;believe,&#8221;
&#8220;contemplate,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;forecast,&#8221;
&#8220;intends,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221;
&#8220;project,&#8221; &#8220;should,&#8221; &#8220;would&#8221; and similar expressions may identify forward-looking statements, but
the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus may include,
for example, statements about:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&#8217;s financial performance;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the Company&#8217;s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects
    and plans;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&#8217;s ability to develop and launch products and services;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&#8217;s ability to successfully and efficiently integrate future expansion plans and opportunities;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&#8217;s product development timeline and estimated research and development costs;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">developments
    and projections relating to the Company&#8217;s competitors and industry;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&#8217;s approach and goals with respect to technology;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&#8217;s expectations regarding its ability to obtain and maintain intellectual property protection and not infringe on the
    rights of others;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
forward-looking statements are based on information available as of the date of this prospectus, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied
upon as representing views as of any subsequent date, and no obligation is undertaken to update forward-looking statements to reflect
events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as
may be required under applicable securities laws. The risk factors and cautionary language referred to or incorporated by reference in
this Report provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations
described in our forward-looking statements, including among other things, the items identified in the section entitled &#8220;<I>Risk
Factors</I>&#8221;. You should, however, review the factors and risks that the Company describes in the reports it will file from time
to time with the SEC.</FONT></P>

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a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those
expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:</FONT></P>

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<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"><B><FONT ID="SL_005"></FONT>PROSPECTUS
SUMMARY</B></FONT></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">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
summary highlights selected information contained elsewhere, or incorporated by reference, in this prospectus. This summary does not
contain all the information that you should consider before investing in our securities. Before making an investment decision, you should
read this entire prospectus carefully, especially &#8220;Risk Factors&#8221; and the financial statements and related notes thereto,
and the other documents to which this prospectus refers. Some of the statements in this prospectus constitute forward-looking statements
that involve risks and uncertainties. See &#8220;Cautionary Statement Regarding Forward-Looking Statements&#8221; for more information.</I></FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
envision our self as the next generation solution provider of brand protection, authentication and track and trace technology for the
anti-counterfeit market. Our vision is to build confidence in the era of the digital economy, enabling parties to maintain trust in physical
assets and processes. Our transformative solution aims at building on the principles of The United Nations&#8217; Sustainability Development
Goals, particularly Goal 12: &#8220;Ensure sustainable consumption and production patterns&#8221; that can create value for participants
in the circular economy. As an increasing number of industries and sectors are committing to using recycled material and realizing the
broader strategic vision of net zero carbon emissions, we believe our solution is the next generation for sustainability and the circular
economy.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more information about the Company, see the sections entitled &#8220;<I>Business</I>&#8221; and &#8220;<I>Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operation</I>.&#8221;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Business
Combination</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 7, 2023 (the &#8220;Closing Date&#8221;), the Company consummated a business combination pursuant to the Business Combination Agreement,
dated as of July 26, 2022 (the &#8220;BCA&#8221;), by and among the Company, Security Matters PTY, Lionheart and Aryeh Merger Sub, Inc.,
a Delaware corporation and wholly owned subsidiary of the Company (&#8220;Merger Sub&#8221;) and the scheme implementation deed, dated
as of July 26, 2022 (&#8220;SID&#8221;), by and among the Company, Security Matters PTY, Lionheart and Merger Sub (collectively, the
&#8220;Business Combination&#8221;), as follows:</FONT></P>

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    all ordinary shares of Security Matters PTY were cancelled in accordance with the terms of the resolution of the shareholders of
    Security Matters PTY whereby the shareholders approved the capital reduction (&#8220;Capital Reduction&#8221;) which resulted in
    all shares in Security Matters PTY being cancelled in return for the issuance of ordinary shares of the Company, with the Company
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as set forth below, since our incorporation, there have been no material changes to our share capital, mergers, amalgamations or
consolidations of the Company or any of our significant subsidiaries, no acquisitions or dispositions of material assets other than in
the ordinary course of business, no material changes in the mode of conducting our business, no material changes in the types of products
produced or services rendered and no name changes.</FONT></P>

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following has occurred since our incorporation:</FONT></P>

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

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    increase in the Company&#8217;s holdings in trueGold to 52.9% in connection with the PMB Partners, LP Letter of Intent (&#8220;PMB
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    1:28.5 Reverse Stock Split, effected on January 15, 2025; </FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    March 26, 2025, the Company established a fully owned entity incorporated in Dubai Multi Commodities Centre Authority, United Arab
    Emirates with the name and style of &#8220;SMX Circular Economy FZCO&#8221;; </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been no bankruptcy, receivership or similar proceedings with respect to the Company or its significant subsidiaries. There have
been no public takeover offers by third parties for our shares nor any public takeover offers by us for the shares of another company
which have occurred during the last or current financial years.&#8239;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>July
2025 Reverse Stock Split</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 7, 2025, the Company&#8217;s Ordinary Shares will begin trading on the Nasdaq Capital Market (&#8220;Nasdaq&#8221;) on a post-reverse
stock split basis under the current symbol &#8220;SMX&#8221;. The new CUSIP number of the Company&#8217;s ordinary shares will be G8267K2174
and the new ISIN code will be IE000TB5RTG4.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 2, 2025, the Company&#8217;s Shareholders approved a proposal to amend the Company&#8217;s constitution to allow the Company&#8217;s
Board of Director&#8217;s to consolidate and/or divide all or any of the Company&#8217;s classes of shares as the Board of Directors
sees fit. As such, Shareholder approval was not required to effect the reverse stock split.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Board of Directors&#8217; fixed the split ratio at 7:1, every seven (7) ordinary shares of the Company with a nominal
value of $0.000000000000041 per share will be automatically combined into one (1) ordinary share with a nominal value of $0.000000000000287
per share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">All share, warrant, option
quantity and exercise prices presented in this document are post-August 2025 reverse stock split unless otherwise mentioned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>August
2025 RBW Transaction</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 1, 2025, the Company entered into a Securities Purchase Agreement (the &#8220;August RBW Agreement&#8221;) with Secure
Net Capital LLC and Target Capital 16 LLC (the &#8220;Selling Stockholders&#8221;) to issue and sell to each of the Selling Stockholders
a promissory note (the &#8220;August RBW Note&#8221;), for aggregate gross proceeds to the Company of up to $11.0 million, subject to
conditions (the &#8220;August RBW Purchase Price&#8221;), before deducting fees to RBW Capital Partners LLC (a division of Dawson James
Securities, Inc.) (&#8220;RBW&#8221;) and other expenses payable by the Company in connection with the offering (the &#8220;August RBW
Offering&#8221;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
August RBW Purchase Price shall be paid as follows: $3,000,000 on the initial closing date (the &#8220;First Closing&#8221;); $3,000,000
on a second closing date prior to the effective date of the First Form F-1 (as defined below) (the &#8220;Second Closing&#8221;); $2,500,000
on a third closing upon the Third Closing Triggering Event (as defined below) (the &#8220;Third Closing&#8221;); and $2,500,000 on a
fourth closing on a fourth closing date prior to the effective date of the Second Form F-1 (as defined below) (the &#8220;Fourth Closing&#8221;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
First Closing was on August 4, 2025. The Company committed to register for resale the Ordinary Shares that may be issued upon conversion
of the August RBW Note with respect to the First Closing and the Second Closing, and shall file a Registration Statement on Form F-1
(the &#8220;First Form F-1&#8221;) within ten business days of the First Closing. The &#8220;Third Closing Triggering Event&#8221; means
the later of (a) the date that the Selling Stockholders have converted all outstanding amounts owed under the August RBW Note from the
First Closing and the Second Closing into the Company&#8217;s Ordinary Shares and (b) the filing with the SEC of a second registration
statement covering the resale of all Ordinary Shares issuable upon conversion of the August RBW Note with respect to the Third Closing
and the Fourth Closing (the &#8220;Second Registration Statement&#8221;). In the event the Selling Stockholders do not fully convert
their August RBW Note with respect to the First Closing and the Second Closing, the Selling Stockholders are not required to fund the
August RBW Note with respect to the Third Closing or the Fourth Closing.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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to pay down certain outstanding indebtedness and other liabilities of the Company.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
August RBW Notes are in the aggregate principal amount of up to $13,750,000 (the &#8220;August RBW Principal Amount&#8221;), and carry
an original issue discount of 20%. The maturity date of each August RBW Note is the 12-month anniversary of the issuance date, or
August 1, 2026, and is the date upon which the August RBW Principal Amount, as well as any other fees, shall be due and payable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Selling Stockholder has the right, at any time, to convert all or any portion of the then outstanding and unpaid August RBW Principal
Amount and interest if any (including any costs, fees and charges) into the Company&#8217;s Ordinary Shares, at a conversion price equal
to the greater of $0.332 and 85% of the lowest daily volume weighted average price of the Ordinary Shares during the seven trading days
immediately prior to the date of conversion. Any such conversion is subject to limitations so each Selling Stockholder beneficially
owns less than 4.99% of the Ordinary Shares. Additionally, each Investor is limited from selling the Ordinary Shares issued upon conversion
of the August RBW Note in an amount equal to 20% of the Company&#8217;s trading volume during the same trading day, which may be waived
from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to exceptions described in the August RBW Agreement, including relating to the permitted issuance of Company securities if such securities
remain restricted through the maturity date of the Note or its earlier conversion in full, the Company may not sell any equity or equity-linked
securities during the term of the August RBW Note without the Selling Stockholders&#8217; consent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
August RBW Notes contain customary Events of Default for transactions similar to the transactions contemplated by the August RBW Purchase
Agreement and the August RBW Note, which entitle each August Investor, among other things, to accelerate the due date of the unpaid principal
amount of the August RBW Note. Upon the first occurrence of an Event of Default with respect to the August RBW Note, the August RBW Principal
Amount outstanding as of the Event of Default date shall be automatically increased by 20%. Additionally, from and after the occurrence
and during the continuance of any Event of Default, each August RBW Note shall commence accruing interest at the rate of 20% per annum,
and shall be due and payable on the first trading day of each calendar month during the continuance of such Event of Default.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
August RBW Agreement contains certain representations and warranties made by each of the Company and the Selling Stockholders, as set
forth therein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 30, 2025, the Company entered into an engagement letter in connection with the Offering (the &#8220;Engagement Letter&#8221;), with
RBW, pursuant to which RBW agreed to serve as the placement agent for the issuance and sale of securities of the Company pursuant to
the August RBW Agreement. As compensation for such placement agent services, the Company has agreed to pay RBW, collectively with Aegis
for its fees, an aggregate cash fee equal to 8.0% of the gross proceeds received by the Company from the August RBW Offering, plus up
to $90,000 for its fees and expenses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
pursuant to the Engagement Letter, RBW is entitled to compensation with respect to any financing of the Company occurring within 12 months
of the termination or expiration of the Engagement Letter when such financing is provided by investors whom RBW actually introduced to
the Company during the term of the Engagement Letter. The Engagement Letter also includes indemnification obligations of the Company
and other provisions customary for transactions of this nature.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expects to pay to RBW approximately $480,000 in the aggregate in cash fees in relation to the transactions contemplated by the
First Closing and the Second Closing, of which $240,000 is payable at the first closing and $240,000 is payable at the second closing.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>SMX
(Treasury and Digital Asset Holding Company) Limited</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company announced on July 22, 2025 that it will incorporate a new, wholly-owned subsidiary under the name SMX (Treasury and Digital Asset
Holding Company) Limited, an Ireland private company (the &#8220;Treasury Subsidiary&#8221;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Treasury Subsidiary will be formed pursuant to the authority granted to management of the Company by the Company&#8217;s Board of Directors,
to amend the Company&#8217;s existing treasury investment guidelines (the &#8220;Guidelines&#8221;) to allow for the Company&#8217;s
potential acquisition of Bitcoin and/or other cryptocurrency assets (&#8220;Crypto Assets&#8221;) as a treasury reserve asset, with the
objective of enhancing the value of the Company&#8217;s assets and providing a hedge against inflation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendment to the Guidelines to reflect the potential acquisition of Crypto Assets has not yet been finalized by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
actual acquisition of Crypto Assets, including the specific cryptocurrency, timing and amount, pursuant to the Guidelines, as amended,
shall be subject to further review and preapproval of either the Company&#8217;s Audit Committee or the Board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>June
2025 Reverse Stock Split</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 16, 2025, the Company&#8217;s Ordinary Shares began trading on Nasdaq on a post-reverse stock split basis under the current symbol
&#8220;SMX&#8221;. The new CUSIP number of the Company&#8217;s Ordinary Shares is G8267K2166 and the new ISIN code is IE000B8AU702.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reverse stock split was previously approved by the Company&#8217;s shareholders on April 15, 2025. In accordance with the proposal approved
by the Company&#8217;s shareholders, every 4.1 ordinary shares of the Company was automatically combined into one ordinary share (the
&#8220;June Reverse Stock Split&#8221;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
June Reverse Stock Split reduced the number of outstanding shares of the Company from approximately 4 million to approximately 1 million
and affected all outstanding ordinary shares. Every 4.1 outstanding ordinary shares was combined into and automatically become 1 post-Reverse
Stock Split Ordinary Share. The par value of the Ordinary Shares was increased from $0.00000000000001 to $0.000000000000041</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>PMB
Amendment</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 13, 2025 and effective March 31, 2025, the Company entered into an Amendment #2 to Promissory Note (&#8220;Second Amendment&#8221;)
and an Amendment #2 to Senior Note (&#8220;Senior Note Second Amendment&#8221;) with PMB Partners LP (&#8220;PMB&#8221;). The Second
Amendment and the Senior Note Second Amendment amended the maturity date of the Senior Promissory Notes to November 30, 2025 and amended
the interest rates of the Senior Promissory Notes to 18% per annum. In addition, all accrued and unpaid interest was capitalized and
added to the principal of the applicable Senior Promissory Note.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Termination
of Alpha</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 9, 2025, the Company terminated the Stock Purchase Agreement, dated April 19, 2024 (&#8220;Alpha SPA&#8221;), by and between the
Company and Generating Alpha Ltd. (&#8220;Alpha&#8221;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>May
2025 RBW Transaction</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 7, 2025, the Company entered into Securities Purchase Agreement (&#8220;RBW Purchase Agreement&#8221;) the Selling Stockholders to
issue and sell to each of the Selling Stockholders a promissory note (the &#8220;RBW Note&#8221;), for aggregate gross proceeds to the
Company of up to $5.5 million (the &#8220;RBW Purchase Price&#8221;), before deducting fees to RBW and other expenses payable by the
Company in connection with the transaction. The RBW Purchase Price shall be paid as follows: $1,375,000 on the initial closing date;
$1,375,000 on a second closing date on or about the filing date of this Form F-1; and $2,750,000 on a third closing date no later than
the effective date of this Form F-1, as identified in the amendment to the RBW Purchase Agreement dated June 17, 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
initial closing date contemplated by the RBW Purchase Agreement (the &#8220;RBW Offering&#8221;) occurred on May 8, 2025. The second
closing occurred on May 22, 2025. The third closing occurred on July 3, 2025.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company intends to use the net proceeds from the sale of the RBW Note for working capital and general corporate purposes, and to pay
down certain outstanding indebtedness and other liabilities of the Company.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
RBW Notes are in the aggregate principal amount of up to $6,875,000 (the &#8220;RBW Principal Amount&#8221;), and carry an original issue
discount of 20%. The maturity date of each RBW Note is the 12-month anniversary of the issuance date, or May 8, 2026, and is the
date upon which the RBW Principal Amount, as well as any other fees, shall be due and payable.</FONT></P>

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

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Selling Stockholder has the right, at any time, to convert all or any portion of the then outstanding and unpaid RBW Principal Amount
and interest if any (including any costs, fees and charges) into the Company&#8217;s Ordinary Shares at a conversion price equal to the
greater of $0.32 and 85% of the lowest daily volume weighted average price of the Ordinary Shares during the seven trading days immediately
prior to the date of conversion, subject to certain adjustments as provided in the RBW Note. Any such conversion is subject to conversion
limitations, so each Investor beneficially owns less than 4.99% of the Ordinary Shares. Additionally, each Selling Stockholder is limited
from selling the Ordinary Shares issued upon conversion of the RBW Note in an amount equal to 20% of the Company&#8217;s trading volume
during the same trading day.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
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remain restricted through the maturity date of the RBW Note or its earlier conversion in full, the Company may not sell any equity or
equity-linked securities during the term of the Note without the Selling Stockholders&#8217; consent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
RBW Notes contain customary Events of Default for transactions similar to the transactions contemplated by the RBW Purchase Agreement
and the RBW Note, which entitle each Investor, among other things, to accelerate the due date of the unpaid principal amount of the RBW
Note. Upon the first occurrence of an Event of Default with respect to the RBW Note, the RBW Principal Amount outstanding as of the Event
of Default date shall be automatically increased by 20%. Additionally, from and after the occurrence and during the continuance of any
Event of Default, each RBW Note shall commence accruing interest at the rate of 20% per annum, and shall be due and payable on the first
trading day of each calendar month during the continuance of such Event of Default.</FONT></P>

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

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with RBW, pursuant to which RBW agreed to serve as the placement agent for the issuance and sale of securities of the Company pursuant
to the RBW Purchase Agreement. As compensation for such placement agent services, the Company has agreed to pay the RBW an aggregate
cash fee equal to 8.0% of the gross proceeds received by the Company from the RBW Offering, plus up to $90,000 for its fees and expenses.
The Company further paid a fee of $200,000 to Aegis.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has also agreed to issue to RBW or its designees at the Closing, warrants (the &#8220;RBW Warrants&#8221;) to purchase a number
of Ordinary Shares equal to 5.0% of the aggregate number of Ordinary Shares issued upon conversion in full of the RBW Note. The RBW Warrants
shall be in a customary form reasonably acceptable to the RBW, have a term of five years and an exercise price of $7.54 (post June Reverse
Stock Split), equal to 115% of the closing price of the Ordinary Shares on May 7, 2025. The RBW Warrants shall contain customary terms,
including, without limitation, provisions for corporate adjustments (stock splits, combinations and the like), and cashless exercise.
Further, pursuant to the RBW Engagement Letter, RBW is entitled to compensation with respect to any financing of the Company occurring
within 12 months of the termination or expiration of the RBW Engagement Letter when such financing is provided by investors whom RBW
actually introduced to the Company during the term of the RBW Engagement Letter. Further, pursuant to the RBW Engagement Letter, RBW
has a right of first refusal to act as sole book-running manager, sole underwriter or sole placement agent with respect to any public
offering or private placement of equity, equity-linked or debt securities occurring during the twelve-month period following the closing,
but subject in all cases to the Company&#8217;s preexisting obligations to Aegis. The RBW Engagement Letter also includes indemnification
obligations of the Company and other provisions customary for transactions of this nature.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company paid RBW approximately $440,000 in the aggregate in cash fees in relation to the transactions contemplated by the RBW Purchase
Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">As of the date of this prospectus,
the RBW Notes have been fully converted into Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Change
in Par Value</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 2, 2025, the Company&#8217;s shareholders approved the subdivision of its ordinary shares into 1 ordinary share of $0.00000000000001
par value with the same rights as each current ordinary share, and 470,250,014,886,351 new deferred shares of US$0.00000000000001 par
value with the following rights: (i) each new deferred share shall not entitle the holder thereof to receive notice, attend or vote at
general meetings of the Company; (ii) each New Deferred Share shall not entitle the holder thereof to participate in any dividends declared
or paid by the Company; and (iii) on a return of capital on a winding up or otherwise, each New Deferred Share shall entitle the holder
thereof to receive an amount of US$0.00000000000001 on each deferred share after an amount of $1,000,000,000 has been paid in respect
of each ordinary share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Agreement
and Release</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 2, 2025, the Company entered into an Agreement and Release (the &#8220;Alpha Release Agreement&#8221;) with Alpha, with respect
to certain potential disputes the Company had with Alpha regarding loans Alpha made to the Company in 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Alpha Release, the outstanding amounts owed under the April Note, was adjusted to equal $1,921,211.14, which amount was then automatically
deemed converted into 14,235 Ordinary Shares of the Company at a conversion price per share of $134.96. The Company agreed
to defer the issuance of an aggregate of 37,888 of such shares pursuant to the terms of the Alpha Release.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Alpha Release and the transactions contemplated in the Alpha Release, all indebtedness as between the Company and Alpha
has been deemed repaid in full and none of such loans are in any way in further force or effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Alpha Release Agreement provides that each party fully releases the other for any and all claims against the other, other than with respect
to claims to enforce the Alpha Release Agreement and as otherwise provided in the Alpha Release Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 9, 2025, the Company terminated the Alpha SPA.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>March
2025 Note</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 28, 2025, the Company consummated the transactions pursuant to a Securities Purchase Agreement (the &#8220;March 2025 Purchase
Agreement&#8221;) dated as of March 28, 2025, and issued and sold to 1800 Diagonal Lending LLC, a Virginia limited liability company
(&#8220;1800 Diagonal&#8221;), a promissory note (the &#8220;March 2025 Note&#8221;), for gross proceeds to the Company of US$257,000.00
before deducting fees and other offering expenses payable by the Company. The Company used the net proceeds from the sale of the Note
for general working capital purposes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
March 2025 Note is in the principal amount of $295,550.00, which includes an original issue discount of US$38,550.00. A one-time interest
charge of 12%, or $30,840.00 was applied to the principal. The maturity date of the March 2025 Note is March 30, 2026.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accrued, unpaid interest and outstanding principal, subject to adjustment, shall be paid in seven payments as follows: (1) on September
30, 2025, US$163,195.00; (2) on October 30, 2025, US$27,199.17; (3) on November 30, 2025, US$27,199.17; (4) on December 30, 2025, US$27,199.17;
(5) on January 30, 2026, US$27,199.17; (6) on February 28, 2026, US$27,199.17; and (7) on March 30, 2026, US$27.199.15.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
the issue date through 90 days following the issue date, the Company may prepay the March 2025 Note in full at a 4% discount. For the
next 90 days, the Company may prepay the March 2025 Note in full at a 3% discount. From the 151<SUP>st</SUP> day following the issue
date and ending the 270<SUP>th</SUP> day following the issue date, the Company may prepay the March 2025 Note in full at a 2% discount.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
March 2025 Note contains customary Events of Default for transactions similar to the transactions contemplated by the March 2025 Purchase
Agreement and the March 2025 Note. In the event of an Event of Default, (i) the March 2025 Note shall become immediately due and payable,
(ii) the principal and interest balance of the March 2025 Note shall be increased by 150% and (ii) the March 2025 Note may be converted
into Ordinary Shares. The conversion price shall equal the lowest closing bid price of the Ordinary Shares during the prior ten trading
day period multiplied by 75% (representing a 25% discount). Any such conversion is subject to customary conversion limitations set forth
in the March 2025 Note so 1800 Diagonal beneficially owns less than 4.99% of the Company&#8217;s Ordinary Shares. 1800 Diagonal shall
be entitled to deduct $1,500 from the conversion amount in each Notice of Conversion to cover Holder&#8217;s deposit fees associated
with each Notice of Conversion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Incentive
Equity Plan</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 24, 2025, the Company amended its 2022 Incentive Equity Plan (&#8220;2022 Incentive Equity Plan&#8221;) to increase the
number of authorized Ordinary Shares under the 2022 Incentive Equity Plan to 83,580 from 3,891. Thereafter, the Company granted an aggregate of 60,976 restricted stock
united and 18,641 stock options to its executive officers and directors, certain consultants, employees and advisors of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 17, 2025, the Company amended the 2022 Incentive Equity Plan, to further increase the number of authorized Ordinary Shares under
the 2022 Incentive Equity Plan to 88,211 from 83,508. Thereafter, the Company granted 4,704 stock options to certain
consultants of the Company.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 17, 2025, the Company amended its 2022 Incentive Equity Plan, as amended, to increase the number of authorized Ordinary Shares
under the 2022 Incentive Equity Plan to 609,640 from 88,211. Thereafter, the Company granted an aggregate of 330,714
restricted stock units and 190,714 stock options, to its executive officers and directors, and to certain consultants, employees
and advisors to the Company.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On July 3, 2025, the Company
amended its 2022 Incentive Equity Plan, as amended, to increase the number of authorized Ordinary Shares under the 2022 Incentive Equity
Plan to 665,354 from 609.640. Thereafter, the Company granted an aggregate of 50,714 restricted stock units and 5,000 stock options to
certain consultants, employees and advisors to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">As a Foreign Private Issuer,
Nasdaq Rule 5615(a)(3) allows the Company to rely on home country corporate governance practices in lieu of certain of the rules in the
Nasdaq Rule 5600 Series and Rule 5250(d) and, accordingly, the Company so elected to approve the amendment without stockholder approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Share
Issuances to Service Providers</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 3, 2025, the Company issued 79,286 Ordinary Shares to certain consultants and debt providers.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Promissory
Note Financing</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company entered into transactions pursuant to a Securities Purchase Agreement, dated August 30, 2024 (&#8220;1800 SPA&#8221;), with 1800
Diagonal and issued and sold to an 1800 Diagonal a promissory note (&#8220;August Note&#8221;), for gross proceeds to the Company of
$194.5 thousand, before deducting fees and other offering expenses payable by the Company. The Company used the net proceeds from the
sale of the August Note for general working capital purposes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
August Note was in the principal amount of $223.6 thousand, which included an original issue discount of $29 thousand. A one-time interest
charge of 10%, or $22 thousand was applied to the principal. The maturity date of the August Note is June 30, 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accrued, unpaid interest and outstanding principle, subject to adjustment, shall be paid in five payments as follows: (1) on February
28, 2025, $123 thousand; (2) on March 30, 2025, $30.7 thousand; (3) on April 30, 2025, $30.7 thousand; (4) on May 30, 2025, $30.7 thousand;
and (5) on June 30, 2025, $30.7 thousand.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
August Note contains customary events of default for transactions similar to the transactions contemplated by the 1800 SPA and the promissory
note. In the event of an Event of Default (as defined in the 1800 SPA and August Note), (i) the promissory note shall become immediately
due and payable, (ii) the principal and interest balance of the August Note shall be increased by 150% and (ii) the August Note may be
converted into Ordinary Shares of the Company at the sole discretion of 1800 Diagonal. The conversion price shall equal the lowest closing
bid price of the Ordinary Shares during the prior ten trading day period multiplied by 75% (representing a 25% discount). Any such conversion
is subject to customary conversion limitations set forth in the promissory note so 1800 Diagonal beneficially owns less than 4.99% of
the Company&#8217;s Ordinary Shares. 1800 Diagonal shall be entitled to deduct $1.5 thousands from the conversion amount in each notice
of conversion to cover 1800 Diagonal&#8217;s deposit fees associated with each notice of conversion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company paid to ClearThink Securities as placement agent, approximately $18 thousands in cash fees in relation to the transactions contemplated
by the 1800 SPA.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2024, the August Note amounted to $268 thousand.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Implications
of Being an &#8220;Emerging Growth Company&#8221; and a &#8220;Foreign Private Issuer&#8221;</B></FONT></P>

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the Company may take advantage of certain exemptions from specified disclosure and other requirements that are otherwise generally applicable
to public companies. These exemptions include:</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
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    payments not previously approved.</FONT></TD></TR>
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Company may take advantage of these reporting exemptions until it is no longer an &#8220;emerging growth company.&#8221;</FONT></P>

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Company is also considered a &#8220;foreign private issuer&#8221; and will report under the Securities Exchange Act of 1934, as amended
(the &#8220;Exchange Act&#8221;) as a non-U.S. company with &#8220;foreign private issuer&#8221; status. This means that, even after
the Company no longer qualifies as an &#8220;emerging growth company,&#8221; as long as it qualifies as a &#8220;foreign private issuer&#8221;
under the Exchange Act, it will be exempt from certain provisions of the Exchange Act that are applicable to U.S. public companies, including:</FONT></P>

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The Company could lose its status as a &#8220;foreign private issuer&#8221; under current SEC rules and regulations if more than 50%
of the Company&#8217;s outstanding voting securities become directly or indirectly held of record by U.S. holders and any one of the
following is true: (i) the majority of the Company&#8217;s directors or executive officers are U.S. citizens or residents; (ii) more
than 50% of the Company&#8217;s assets are located in the United States; or (iii) the Company&#8217;s business is administered principally
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Company may choose to take advantage of some but not all of these reduced burdens. The Company has taken advantage of reduced reporting
requirements in this prospectus. Accordingly, the information contained in this prospectus may be different from the information you
receive from the Company&#8217;s competitors that are public companies, or other public companies in which you have made an investment.</FONT></P>

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a foreign private issuer, the Company is also permitted to follow certain home country corporate governance practices instead of those
otherwise required under the applicable rules of Nasdaq for domestic U.S. issuers. In order to rely on this exception, the Company is
required to disclose each Nasdaq rule that it does not intend to follow and describe the home country practice that it will follow in
lieu thereof. The Company currently follows the following Irish corporate governance practices in lieu of Nasdaq corporate governance
rules: The Company has elected to (a) amend its 2022 Equity Incentive Plan to increase the number of shares authorized under the plan
without stockholder approval, (b) follow home country practice in lieu of the requirements under Nasdaq Rule 5635(d) to seek shareholder
approval in connection with certain transactions involving the sale, issuance and potential issuance of its Ordinary Shares (or securities
convertible into or exercisable for its Ordinary Shares) at a price less than certain referenced prices, if such shares equal 20% or
more of the Company&#8217;s Ordinary Shares or voting power outstanding before the issuance, and (c) follow home country practice in
lieu of the requirements under Nasdaq Rule 5635(c) to seek shareholder approval in connection with the establishment or material amendment
of a stock option or purchase plan or arrangement pursuant to which stock may be acquired by officers, directors, employees or consultants.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Summary
Risk Factors</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
in our securities entails a high degree of risk as more fully described under &#8220;<I>Risk Factors</I>.&#8221; You should carefully
consider such risks before deciding to invest in our securities. These risks include, among others:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Risks
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Risks
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Risks
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Risks
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Risks
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Risks
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Risks
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Risks
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>General
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we face other risks and uncertainties that may materially affect our business prospects, financial condition, and results of
operations. You should consider the risks discussed in &#8220;<I>Risk Factors</I>&#8221; and elsewhere in this prospectus before investing
in our securities.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has seven wholly owned subsidiaries: Lionheart, Security Matters PTY, trueSilver SMX Platform Ltd. (Canada) (&#8220;trueSilver&#8221;),
SMX Fashion and Luxury (France), Security Matters Canada Ltd. (Canada), SMX (Security Matters) Ireland Limited (Ireland) and SMX Circular
Economy FZCO (UAE), which was formed on April 18, 2025. Additionally, the Company owns 70% of SMX Circular Economy Platform PTE, Ltd.
(Singapore) (&#8220;SMX Singapore&#8221;). The Company&#8217;s ownership in SMX Singapore was reduced to 70% on November 11, 2024.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY has two wholly-owned subsidiaries: SMX Israel, and SMX Beverages Pty Ltd. (Australia). Security Matters PTY is also the record
holder of 50% of Yahaloma, through SMX Israel, and 52.9% of trueGold Consortium Pty Ltd. (Australia) (&#8220;trueGold&#8221;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
below chart details the organizational structure of the Company:</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a public limited company organized and existing under the laws of Ireland. The Company was formed on July 1, 2022 as a public
limited company incorporated in Ireland under the name &#8220;Empatan Public Limited Company&#8221;. The Company changed its name to
SMX (Security Matters) Public Limited Company on February 15, 2023. Its affairs are governed by its Amended and Restated Memorandum and
Articles of Association, the Irish Companies Act of 2014 (&#8220;ICA&#8221;), and the laws of Ireland.</FONT></P>

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Company&#8217;s principal website is https://smx.tech. We do not incorporate the information thereon, or accessible through, our website
into this prospectus, and you should not consider it a part of this prospectus.</FONT></P>

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OFFERING</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
summary below described the principal terms of the offering. The &#8220;Description of Securities&#8221; section of this prospectus contains
a more detailed description of the Company&#8217;s Ordinary Shares.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
investment in the securities offered hereby is speculative and involves a high degree of risk. You should carefully consider the information
set forth under &#8220;Risk Factors&#8221; on page 18  of this prospectus.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
    (Security Matters) Public Limited Company </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,590,361</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Ordinary Shares consisting of up to 22,590,361 that the Selling Stockholders may receive pursuant to the partial conversion
    of principal under the August RBW Notes in the aggregate principal amount of $13,750,000 held by such Selling Stockholders. See the
    section entitled, &#8220;<I>Selling Stockholders</I>&#8221; for additional information regarding the Selling Stockholders. (1)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
    Stockholders</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    of the Ordinary Shares being registered pursuant to the Registration Statement on Form F-1, of which this prospectus forms a part,
    are being offered by the Selling Stockholders. See &#8220;<I>Selling Stockholders</I>&#8221; on page 117 of this
    prospectus for more information on the Selling Stockholders.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares Outstanding Prior to Offering </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,326,936</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    as of August 25, 2025 (2)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares to be Outstanding After Giving Effect to the Issuance of the Ordinary Shares Registered Hereunder </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,917,297</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
    based on our issued and outstanding Ordinary Shares as of August 25, 2025. (2)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will not receive any proceeds from the resale of Ordinary Shares included in this prospectus by the Selling Stockholders. The Selling
    Stockholders will receive all of the net proceeds from their respective sales of the Ordinary Shares in this offering. See &#8220;<I>Use
    of Proceeds</I>&#8221; on page 41 of this prospectus for more information.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
    for Ordinary Shares </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    Ordinary Shares are listed on The Nasdaq Stock Market LLC under the symbol &#8220;SMX&#8221;. </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    the section entitled &#8220;<I>Risk Factors</I>&#8221; and other information included in this prospectus for a discussion of factors
    you should consider before investing in our securities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
The 22,590,361 Ordinary Shares is calculated based upon the floor price of $0.332 per share as set forth in the August RBW Note.
The Company is registering 22,590,361 Ordinary Shares, which is the maximum amount of Ordinary Shares that can be issued upon
conversion of $7,500,000 of principal under the August RBW Note.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Excludes the following:</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    97,021 Ordinary Shares reserved for issuance under our 2022 Incentive Equity Plan, which includes an aggregate of approximately
    95,179 unvested restricted stock units granted to our directors, employees and consultants, which vest from time to time through
    November 2025;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Approximately 9,318 Ordinary Shares underlying a note
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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<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"><B><FONT ID="SL_007"></FONT>RISK
FACTORS</B></FONT></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">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>An
investment in our securities is highly speculative, involves a high degree of risk and should be made only by investors who can afford
a complete loss. If any of the following risks actually occurs, then our business, financial condition or results of operations could
be materially adversely affected, the trading of our Ordinary Shares and Public Warrants could decline, and you may lose all or part
of your investment therein. In addition to the risks outlined below, risks and uncertainties not presently known to us or that we currently
consider immaterial may also impair our business operations. Potential risks and uncertainties that could affect our operating results
and financial condition include, without limitation, the following:</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Financial Statements</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
financial statements for the year ended December 31, 2024 contain an explanatory paragraph regarding substantial doubt about our ability
to continue as a going concern.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial statements for the year ended December 31, 2024 contain an explanatory paragraph regarding substantial doubt about our ability
to continue as a going concern. This going concern assessment may prevent us from obtaining new financing on reasonable terms, if at
all, and imperil our ability to continue operating as a going concern.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are subject to significant accounts payable and other current liabilities.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have accounts payable and accrued liabilities of approximately $13,782 thousand as of December 31, 2024. We also incur indebtedness from
time to time to fund operations, which have historically been converted into equity but in the future may be required to be repaid at
maturity. Our operations are not currently able to generate sufficient cash flows to meet our payable and other liabilities, which could
reduce our financial flexibility, increase interest expenses, and adversely impact our operations. We have not historically generated
sufficient cash flow from operations to enable us to repay indebtedness and to fund other liquidity needs, including capital expenditure
requirements. Such indebtedness could affect our operations in several ways, including the following:</FONT></P>

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

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    covenants contained in the agreements governing such outstanding indebtedness could limit our ability to borrow additional funds,
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>A
market for our securities may not continue, which would adversely affect the liquidity and price of our securities. Additionally, the
trading price of our securities could be volatile and subject to wide fluctuations.</I></B></FONT></P>

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trading price of our securities could be volatile and subject to wide fluctuations in response to various factors, some of which are
beyond our control. Any of the factors listed below could have a material adverse effect on your investment in our securities and our
securities may trade at prices significantly below the price you paid for them. In such circumstances, the trading price of our securities
may not recover and may experience a further decline.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of our securities may fluctuate significantly due to general market and economic conditions. An active trading market for our securities
may never develop or, if developed, it may not be sustained. In addition, the price of our securities can vary due to general economic
conditions and forecasts, general volatility in the markets, our general business condition and the release of our financial reports.</FONT></P>

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market and industry factors may materially harm the market price of our securities irrespective of our operating performance. The stock
market in general and Nasdaq have experienced price and volume fluctuations that have often been unrelated or disproportionate to the
operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of our securities,
may not be predictable. A loss of investor confidence in the market for the stocks of other companies that investors perceive to be similar
to the Company could depress our stock price regardless of our business, prospects, financial conditions or results of operations. A
decline in the market price of our securities also could adversely affect our ability to issue additional securities and our ability
to obtain additional financing in the future.</FONT></P>

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the past, securities class action litigation has often been initiated against companies following periods of volatility in their stock
price. This type of litigation could result in substantial costs and divert our management&#8217;s attention and resources and could
also require us to make substantial payments to satisfy judgments or to settle litigation.</FONT></P>

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if our securities become delisted from Nasdaq for any reason, and are quoted on the OTC Bulletin Board, an inter-dealer automated quotation
system for equity securities that is not a national securities exchange, the liquidity and price of our securities may be more limited
than if we were quoted or listed on Nasdaq or another national securities exchange. You may be unable to sell your securities unless
a market can be established or sustained.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
securities or industry analysts do not publish or cease publishing research or reports about the Company, its business, or its market,
or if they change their recommendations regarding the Ordinary Shares adversely, then the price and trading volume of the Ordinary Shares
could decline.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our Ordinary Shares will be influenced by the research and reports that industry or securities analysts may publish
about us, our business, our market, or our competitors. Securities and industry analysts do not currently, and may never, publish research
on the Company. If no securities or industry analysts commence coverage of the Company, our stock price and trading volume would likely
be negatively impacted. If any of the analysts who may cover the Company change their recommendation regarding our stock adversely, or
provide more favorable relative recommendations about our competitors, the price of our Ordinary Shares would likely decline. If any
analyst who may cover the Company were to cease coverage or fail to regularly publish reports on it, we could lose visibility in the
financial markets, which could cause our stock price or trading volume to decline.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
related to the business and operations of the Company</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are a company with a relatively limited operating history, which may result in increased risks, uncertainties, expenses and difficulties,
and it may be difficult to evaluate our future prospects.</I></B></FONT></P>

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limited operating history may make it difficult to make accurate predictions about our future performance. Assessing our business and
future prospects may also be difficult because of the risks and difficulties we face. These risks and difficulties include our ability
to:</FONT></P>

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to manage our growth effectively, integrate new employees, independent contractors and technologies into our existing business
and attract new business partners and maintain relationships with existing business partners will require us to continue to retain, attract,
train, motivate and manage employees and independent contractors and expand our operational, technological and financial infrastructure.
Continued growth could strain our ability to develop and improve our operational, technological, financial and management controls, reporting
systems and procedures, recruit, train and retain highly skilled personnel and maintain business partners&#8217; and their customers&#8217;
satisfaction.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not have sufficient manufacturing capabilities for our markers and readers to satisfy demand for our products, including due to the
Eastern-European issues, world politics, tariff issues, post-COVID-19 related issues, international freight issues, costs of goods and
other external financial or political issues. We may be unable to control the availability or cost of producing such products.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current manufacturing capabilities may not reach the required production levels necessary in order to meet growing demands for any products
we may commission or future products we may develop. There can be no assurance that our commissioned products can be manufactured at
the desired commercial quantities, in compliance with our requirements and at an acceptable cost. Any such failure could delay or prevent
us from shipping said products and marketing the technologies in accordance with our target growth strategies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we were able to date to find new employees, when required, Israeli (and other) high-tech employment atmosphere (including lack of available
professionals due to, <I>inter alia</I>, Israel&#8217;s state of war) is making it harder and harder to find and retain new employees.
Thus, risk exists that we will not be able to hire all the employees we seek to hire, in the timeframe required and anticipated, which
may slow down our growth, cause increased costs and reduced profits or hinder our ability to duly and timely fulfill all tasks and growth
plans.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
note that due to such employment atmosphere we may need to extend additional resources, including issuance of shares and options, and
financial measures in order to create retention plans for key personnel.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part
of our products are in the field of sustainability and circular economy and part of our growth engine depends on policies regarding recycling
of packaging, electronics, and metals and regulations demanding sustainability, promoting a circular economy and carbon-free environment.
While we are not relying on such upcoming legislation or regulations, slow legislation or promulgation process and changes in priorities
(including due to public health crises or on-going armed conflicts) may slow our growth. While sustainability source tracing is important
for tracking and verifying environmentally-friendly products from their origin, another identified growth engine for the Company has
been the demand for supply-chain security to trace products from origin and facilitate sanctions compliance.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the fact that we aim our sales efforts at large international market-maker conglomerates, our sales cycle is relatively slow and there
is a larger risk that at any time, due to many reasons that are beyond our control, the sales cycle will be broken and all efforts will
be lost.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of the foregoing factors could negatively affect our business, financial condition and results of operations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
the Isorad License Agreement is terminated, our business, financial condition and results of operations may be harmed.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2015, SMX Security Matters Ltd. (Israel Corporate Number 515125771) (&#8220;SMX Israel&#8221;) entered a license agreement with
Isorad Ltd (&#8220;Isorad&#8221;), a company wholly owned by the State of Israel with rights to exclusively commercialize certain technology
for civilian uses owned by the Soreq Nuclear Research Center, an Israeli government research and development institute for nuclear and
photonic technologies under the Israeli Atomic Energy Commission (&#8220;Soreq&#8221;), to license the initial technology of tracking
and tracing materials by observing and identifying markers (&#8220;Source IP&#8221;) and commercialize and develop the technology further
(&#8220;Isorad License Agreement&#8221;). Under the Isorad License Agreement, the Source IP can be utilized in almost any industry and
with any product. The Source IP has been the cornerstone for our technological developments. Since entering into the Isorad License Agreement,
we have over a hundred patent applications worldwide in various stages of approval (most of which are unrelated and novel to the Source
IP).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifically
as to Yahaloma Technologies Inc. (Canada) (&#8220;Yahaloma&#8221;), the royalty rate on gross sales of Yahaloma, to be paid by Yahaloma,
are 4.2% (and not 2.2% that applies solely to Security Matters PTY, its other affiliates and to other sublicensees). Upon the occurrence
of an M&amp;A event (as such event is defined in such agreement to include mergers, sale of all or substantially all the assets of Yahaloma
and similar event), Isorad is entitled to a fee equal to 1% of the total consideration paid to, received by, or distributed to, Yahaloma
and/or its shareholders and/or its affiliates in connection with the event, including, without limitation, all cash, securities or other
property which is received by Yahaloma and/or its shareholders in connection with such event of two such events (i.e. twice) at its choice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Isorad License Agreement will continue in full force and effect in perpetuity unless terminated. If either party does not remedy a material
breach of its obligations within 180 days of notice of the material breach, the non-defaulting party may terminate the Isorad License
Agreement immediately. Isorad may terminate the agreement by providing 30 days prior written notice if the royalties payable to Isorad
are nil in any semi-annual report or if we breach other certain obligations (such as a failure to maintain a patent or patent application
in the previous semi-annual review period). If the Isorad License Agreement is terminated, our business, financial condition and results
of operations may be harmed.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we fail to penetrate the full value chain manufacturing eco-system effectively, our business, financial condition, and results of operations
could be adversely affected.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value
based pricing may be necessary to enable roll-out across clients, creating challenges in full value capture and effective customer segmentation.
Some end-markets (e.g. plastics) require high levels of penetration to support our full value proposition. A broad range of potential
end-markets and clients with different value propositions and price sensitivities will require a substantial, high performing, commercial
organization.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to maintain continuous growth there is a need to onboard more and more players from different parts of the value chain manufacturing
eco-system with the final view of covering all links in the value chain manufacturing eco-system. This may be time and cost consuming
and will require funding and personnel and we may not be able to achieve the full value chain penetration due to failure to attain funding
or personnel or due to external circumstances, which may hinder our growth.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Pandemics,
public health crises, and/or lingering effects from the COVID-19 pandemic could adversely affect our business, financial condition, liquidity
and results of operations.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pandemics,
public health crises, and/or lingering effects from the COVID-19 pandemic could result in a widespread health crises that adversely affect
businesses, economies and financial markets worldwide, placing constraints on the operations of businesses, decreasing consumer mobility
and activity, and causing significant economic volatility in the United States, Ireland, Israel, Australia, Singapore, and international
capital markets. We have followed and will continue to follow guidance issued from time to time by the Irish, Australian and Israeli
governments and the other local governments in territories in which we operate to protect our employees from such health crises, as we
did during the height of the COVID-19 pandemic. When appropriate, we may implement work from home where possible, minimize face-to-face
meetings and utilize video conference as much as possible and adhere to social distancing rules at our facilities while eliminating international
travel, and other such measures as authorities may require. As a result, we may experience some difficulties in employee ability to efficiently
collaborate to meet our customer needs, a difficulty in our efforts to recruit and hire qualified personnel during this time. For example,
as a result of the COVID-19 pandemic, we recorded a minor decrease in expected growth in 2020 and 2021, both due to the lockdown and
restrictions, and our customers postponing or being hesitant of making future financial, or other, commitments due to the need to put
response to COVID-19 at the forefront. Similarly, customers may postpone or be hesitant in making future financial, or other commitments,
due to a future pandemic or public health crisis. Although many of these limitations have been lifted as the COVID-19 pandemic has receded,
some of the resulting difficulties have remained in varying degrees and we cannot predict future limitations by other pandemics or public
health crises.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict the other future potential, direct or indirect, lingering impacts of the COVID-19 pandemic, future pandemics, and/or future
public health crises on our business or operations. Future pandemics, future public health crises, or additional waves of infections,
or any further lingering adverse impacts caused by the COVID-19 pandemic could further impact employment rates, supply chains, priorities
and the economy, affecting our customer base and divert customers&#8217; discretionary spend to other uses, including for essential items.
These events could impact our cash flows, results of operations and financial conditions and heighten many of the other risks described
in this prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
operations in foreign jurisdictions will subject us to risks associated with operating in those jurisdictions and may adversely affect
our business, cash flows, financial condition and results of operations.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we operate in foreign jurisdictions (such as Ireland, Israel, Australia, Singapore, France and Canada), we will be subject to those risks
associated with operating in foreign jurisdictions. Such risks may include economic, social or political instability or change, hyperinflation,
currency non-convertibility or instability and changes of laws affecting foreign ownership, government participation, taxation, working
conditions, rates of exchange, exchange control, licensing, repatriation of income or return of capital, consumer health and safety or
labor relations. While the jurisdictions in which we currently operate are economically stable, there is no certainty that political
and economic conditions will remain stable. Any deterioration in political or economic conditions, including hostilities or terrorist
activity may adversely affect our operations and profitability. There is a risk that the government of any such jurisdiction may change
its policies regarding foreign investment, apply new or different taxes and levies, or make any other change which may have an adverse
impact on our profitability. See the risk factors under &#8220;<I>Risks Related to Our Operations in Israel</I>.&#8221;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the Russian-Ukrainian dispute, Security Matters PTY was cooperating with a Ukrainian entity in cooperation with its activities in
Israel and European entities for research and development for its readers. Security Matters PTY was also reviewing potential relationships
with entities in Russia, Belarus and Ukraine. As a result of the dispute, Security Matters PTY put on hold its research and development
in Ukraine while continuing its research and development activity in Israel and with European entities and undertook no business relationships
with parties in those regions. Since the on-going armed conflict, Security Matters PTY has shifted its Eastern European operations to
Prague, Czechia (Czech Republic). It is yet unknown what other effects such dispute may have on other jurisdictions, mainly in Europe,
and any such effect might affect our business and growth. We cannot predict the other future potential impacts of the dispute on our
business or operations, especially if such dispute becomes more than a regional event. These events could impact our cash flows, business,
results of operations and financial condition and heighten many of the other risks described in this prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
events may occur within or outside the jurisdictions in which we operate that could impact those economies, our operations and the price
of the Ordinary Shares. These events include but are not limited to acts of terrorism, an outbreak of international hostilities, cyberattacks,
fires, floods, earthquakes, labor strikes, civil wars, natural disasters, outbreaks of disease or other natural or manmade events or
occurrences that can have an adverse effect on the demand for our products and our ability to conduct business. While we seek to maintain
insurance in accordance with industry practice to insure against the risks we consider appropriate after consideration of our needs and
circumstances, no assurance can be given as to our ability to obtain such insurance coverage in the future at reasonable rates or that
any coverage arranged will be adequate and available to cover any and all potential claims. The occurrence of an event that is not covered
or fully covered by insurance could have a material adverse effect on our business, financial condition and results of operations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we are unable to successfully identify and integrate acquisitions, our results of operations could be adversely affected.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisitions
may be a significant component of our growth strategy and from time to time we may seek to identify and complete acquisitions. Our future
acquisitions may not be successful or may not generate the financial benefits that we expected we would achieve at the time of acquisition.
In addition, there can be no assurance that we will be able to locate suitable acquisition candidates in the future or acquire them on
acceptable terms or, because of competition in the marketplace. Acquisitions involve special risks, including, without limitation, the
potential assumption of unanticipated liabilities and contingencies, difficulty in assimilating the operations and personnel of the acquired
businesses, disruption of our existing business, dissipation of our limited management resources and impairment of relationships with
employees and customers of the acquired business as a result of changes in ownership. While we believe that strategic acquisitions can
improve our competitiveness and profitability, these activities could have a material adverse effect on our business, financial condition
and operating results.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may incur significant costs such as transaction fees, professional service fees and other costs related to future acquisitions. We may
also incur integration costs following the completion of any such acquisitions as we integrate the acquired business with the rest of
our Company. Although we expect that the realization of efficiencies related to the integration of any acquired businesses will offset
the incremental transaction and acquisition-related costs over time, this net financial benefit may not be achieved in the near term,
or at all.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
industry in which we operate is competitive, and if we fail to compete effectively, we could experience price reductions, reduced margins
or loss of revenues.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the track and trace and anti-counterfeit industry in which we operate is subject to global and domestic competition. We are unable to
influence or control the conduct of our competitors and such conduct may detrimentally affect our financial and operating performance
There are several competitors that operate in the anti-counterfeit and track-and-trace industries and if new competitors enter the market,
or established companies develop new products and technologies that are superior to our current technology, our ability to exploit any
technological advantage successfully may be affected. We may be unable to develop further products or keep pace with developments and
may lose clients to competitors. If our competitors develop a more efficient business model or undertake a more aggressive marketing
campaign, this is likely to affect our marketing strategies and results of operations adversely.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no guarantee that customers will adopt our products and we may be unable to compete successfully with more established track and trace
and anti-counterfeit companies on price or quality or may be unsuited to the established preferences of potential customers.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
continued growth, including our ability to manage our operations and meet our strategic objectives, depends on retaining our current
employees upon whom we are dependent and attracting and retaining qualified personnel, and we may not be able to do so at a rate that
will enable us to stand up to our expected growth or cope with specific demands that may arise.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends to a large extent upon the skills and experience of our executive officers, including our Chief Executive Officer, Haggai
Alon, management and sales, marketing, operations and scientific staff. We may not be able to attract or retain qualified employees due
to the intense competition for qualified personnel in the technology industry, as well as to geographic considerations, our ability to
offer competitive compensation and benefits, and other reasons.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are not able to attract and retain the necessary qualified personnel to manage our operations and accomplish our business objectives,
we may experience constraints that will adversely affect our ability to manufacture, sell and market our products or to support research
and development programs effectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
Israel has entered into an employment contract with Haggai Alon, its founder and Chief Executive Officer, and Zeren Browne. Due to the
specific knowledge and experience of Mr. Alon regarding the industry, technology and market generally and to our company specifically,
the loss of the services of Mr. Alon could have a material adverse effect on us. We have not obtained a key person insurance policy on
any officer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our employment agreements contain non-compete clauses, Israeli law does not fully enforce employees&#8217; non-compete obligations and
may limit their application, including with regard to duration and scope.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Israeli case law an Israeli Court will usually only enforce non-compete provisions if the employee received specific consideration for
it. While all of our employment agreements include specific provisions stipulating that special consideration was paid for the non-compete
provision, a risk always exists that a Court will not enforce such.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may not be able to anticipate or adapt to consumer preferences which may have an adverse effect on our business, cash flows, financial
condition and results of operations.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends on our ability to develop and commercialize our technology. A failure to successfully develop and commercialize our technology
could lead to a loss of opportunities and adversely impact on our business, cash flows, financial condition and results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global market for our technology is ever changing due to new technologies, new products, changes in regulations and other factors influencing
market acceptance or market rejection of our technologies. This market volatility and risks exists despite our best efforts in relation
to market research, promotion and sales efforts.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is dependent on consumer awareness and market acceptance of our products. We may not be able to anticipate and react to trends
within the industries we target in a timely manner or accurately assess the impact that such trends may have on consumer preferences.
Failure to respond to changes in consumer preferences or anticipate market trends may adversely affect our future revenues and performance.
Although we have striven to establish market recognition for our products in the relevant industry, it is too early in the life cycle
of our brand to determine whether markers, readers, blockchain technology and any further technology developed by us will achieve and
maintain satisfactory levels of acceptance and sustained adoption by manufacturers and consumers. Our technology may not be accepted
by the market or used in our proposed markets and industries. We may not be able to commercialize our products, which could adversely
impact on business, cash flows, financial condition and results of operations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may not be able to adapt our markers to the needs of any customer or field which may have an adverse effect on our business, cash flows,
financial condition and results of operations.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development tailoring costs are required to adapt marker and scanning technology to different materials and industrial/commercial
environments, potentially increasing the cost and time to market as we scale across customers and verticals. If we are unable to adapt
our markers to the needs of any customer or field due to the costs of doing so, our business, cash flows, financial condition and results
of operations could be adversely affected.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
will need in the future to raise additional funds, inter alia, by equity, debt, or convertible debt financings, to fund our day to day
operations and to support our growth, and those funds may be unavailable on acceptable terms, or at all. As a result, we may be unable
to meet our future capital needs, which may limit our ability to grow and jeopardize our ability to continue our business, and there
is substantial doubt regarding our ability to continue as a going concern.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to continue to make investments to support our growth and will require additional funds to respond to business challenges that may
arise, including the need to develop new products and services, enhance our technology, scale and improve our operating infrastructure,
or acquire complementary businesses and technologies. Accordingly, we will need to engage in equity, debt or convertible debt financings
to secure additional funds. We have also used our Ordinary Shares as currency to satisfy existing indebtedness. In raising additional
funds by the issuance of equity securities or securities convertible into equity securities, or the issuance of our securities to satisfy
indebtedness, our shareholders have been and may in the future experience substantial dilution. Additionally, as the Company has elected
to follow home country practice in lieu of the requirements under Nasdaq Rule 5635(d), the Company does not seek shareholder approval
in connection with certain sales, issuances and potential issuances of its securities, even if such issuances would equal 20% or more
of the Company&#8217;s Ordinary Shares or voting power outstanding before the issuance. This has resulted in substantial dilution to
the Company&#8217;s shareholders from time to time in the past, and may continue to do so in the future. Debt financing, such as credit
facilities or corporate bonds, may involve covenants restricting our operations or our ability to incur additional debt. Debt financing
may also require security arrangements including cash collateral agreements that restrict the availability of cash held as collateral
which is the case for amounts we may borrow in the future. In addition, future equity financing or replacement or refinancing of any
debt financings may not be available on terms favorable to us, or at all, and the fact that debt holders are repaid first may reduce
our ability to raise a later equity financing and may limit the ability to distribute dividends.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are generating negative cash flow and requiring constant and immediate cash injections to continue to operate. We face significant uncertainty
regarding the adequacy of our liquidity and capital resources and our ability to repay our obligations as they become due in cash. We
are currently negotiating with certain of our debt holders and others we owe money to, to extend the term of their notes or other payment
obligations and/or to convert some or all of such liabilities into our ordinary shares. However, there can be no assurance that our discussions
will be successful. We expect to be able to obtain additional sources of debt and equity financing. However, such opportunities remain
uncertain and are predicated upon events and circumstances which are outside the Company&#8217;s control.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to obtain adequate financing or financing at terms satisfactory to us when we require it, we may be unable to pursue certain
business opportunities, supply proper service to our customers, and our ability to continue to support our business growth and the then
current business and to respond to business challenges may be impaired and our business may be harmed. As a result of the foregoing and
our current cash position, these conditions raise substantial doubt about our ability to continue as a going concern. Our financial statements
for the year ended December 31, 2024 contain an explanatory paragraph regarding the substantial doubt about our ability to continue as
a going concern. This going concern assessment may prevent us from obtaining new financing on reasonable terms, if at all, and imperil
our ability to continue operating as a going concern.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Legal
proceedings, investigations or claims against us may be costly and time-consuming to defend and may harm our reputation and damage our
business regardless of the outcome. In addition, our business and operations could be negatively affected if they become subject to any
securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of business and growth
strategy and impact our share price.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 12, 2024, the Company announced that it entered into a $5 million contract with R&amp;I Trading of New York (&#8220;R&amp;I Trading&#8221;).
The intention of the agreement with R&amp;I Trading was to provide a service on supply chain management to a NATO member state. Subsequent
to June 30, 2024, R&amp;I Trading sent a termination notice to the Company and a demand for arbitration with respect to disputed payment
amounts under the contract. The Company believes the termination of the contract is unlawful and has demanded that R&amp;I Trading honor
its obligations under the contract. The Company further intends to defend any action, if and when commenced, vigorously.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is currently engaged in an arbitration process with R&amp;I Trading. The statements of claim by the parties to the arbitration
proceedings were filed on January 6, 2025. R&amp;I Trading&#8217;s statement of claim demands full restitution of the amounts paid by
it under the agreement. The Company&#8217;s statement of claim alleges that R&amp;I Trading breached the agreement and has requested
the arbitrator to grant relief for the division of remedies in the event that the Company is presented with further expenses by suppliers
and employees that have not yet been included in its damage estimate. The Company also raised claims regarding loss of opportunities
and requested declaratory relief in favor of the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to filing the statement of claim, on December 26, 2024, the Company filed a motion for declaratory relief. On January 9, 2025, R&amp;I
Trading responded to the motion. The Company had until January 23, 2025 to submit reply papers in connection with this motion practice.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 6, 2025, the parties filed a request for the approval of a mutual procedural arrangement, under which, among other things, R&amp;I
Trading will file an affidavit stating that it is not using the Company&#8217;s IP rights and has no intention of violating the Company&#8217;s
IP rights; the Company will withdraw the motion for a declaration and amend its statement of claim accordingly by March 30, 2025; the
statements of defense will be filed by April 21, 2025; and the statements of reply will be filed by May 12, 2025.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 7, 2025, the arbitrator approved the request, and on March 23, 2025, R&amp;I Trading filed its affidavit. On May 11, 2025, the
parties filed their statements of defense. On June 26, 2025, the parties filed their reply to the statement of defense. An arbitration
hearing was scheduled for July 21, 2025. On July 31, 2025, the parties exchanged general affidavits of disclosure and requests for response
to questionnaire and for disclosure of documents. At this preliminary stage, it is not possible to assess the chances of the Company&#8217;s
claim and the outcome of the arbitration proceedings</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is not otherwise aware of any additional risks of litigation against us, but we may be involved in further or additional litigation
disputes with third parties including suppliers, customers, employees, former employees and government bodies in the ordinary course
of business. In the ordinary course of business, we may be named as a defendant in various legal actions, including litigation or regulatory
enforcement actions. All such legal actions are inherently unpredictable and, regardless of the merits of the claims, are often expensive,
time-consuming, disruptive to our operations and resources, and distracting to management. The occurrence of a litigation dispute may
impact our reputation which may have a material adverse effect on our business, cash flows, financial condition and results of operations.
Insurance might not cover such claims, might not provide sufficient payments to cover all the costs to resolve one or more such claims
and might not continue to be available at terms acceptable to us. A claim brought against us for which we are uninsured or underinsured
could result in unanticipated costs, potentially harming our business, cash flows, financial position and results of operations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
not a director of that entity, Mr. Alon previously worked as the deputy general manager for business development of an Israeli public
company, Plat Technologies International Ltd (&#8220;Plat&#8221;) which entered insolvency. In early 2017, an ILS 35.9 million shareholders
claim was filed by the appointed court officers at the end of the seven year statute of limitation period against 18 defendants, including
Mr. Alon, regarding the collapse of Plat (the &#8220;Plat Claim&#8221;). The insurance policy covering directors and officers responded
and are now handling the Plat Claim. Mr. Alon denies any wrongdoing and does not consider that he will be required to commit any significant
time to the conduct of the Plat Claim and therefore will not constrain his ability to perform his duties and obligations to the Company.
The parties agreed to try and amicably resolve the dispute in mediation under which the insurance company agreed to consider taking upon
itself any compensation as to the liability of Mr. Alon, if any, in such mediation proceedings. We are not a party to the Plat Claim
and the Plat Claim does not relate to the business or the affairs of the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
markers may contaminate or spoil the raw material into which our marker is inserted, which could damage our reputation, subject us to
product liability claims and result in a loss of revenue.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we follow production protocols and conduct quality assurance tests, our markers may contaminate the raw material or certain raw material
ingredients may be spoiled, contaminated by chemicals, microorganisms or toxins, or include foreign materials or substances prior to
or during the use of our markers. The risk of contamination may lead to product recalls or other interventions, which may cause serious
damage to our reputation as a marking solution which does not affect the characteristics of the materials or products, or result in product
liability claims and loss of revenue.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
markers may include hazardous materials which may put customers, employees and other parties in our supply chain at risk. If any person
is harmed by hazardous materials in our markers, our reputation could be damaged and we could be subject to litigation which may adversely
affect our business, cash flows, financial position and results of operations.</I></B></FONT></P>

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markers used by us are produced from materials chosen specifically for a specific application. Markers may, in some cases, include low
concentrations of materials that may be deemed hazardous materials and the production of the markers by our employees can include dealing
with hazardous materials. While manufacturing is conducted according to the material&#8217;s Material Safety Data Sheets (MSDS) and other
relevant safety guidelines, a risk of health, even if minimal, may arise. While the hazardous materials are sent to the customers at
a low concentration (of the marker), the risk of misuse or error in production may cause damage to our employees or customers, which
may affect our expenses and production abilities. While we take safety provisions with respect to the hazardous materials used in our
markers, these safety precautions may not be sufficient to prevent harm to our employees or customers from the production of or use of,
respectively, our markers. While we are in compliance with the requirements of ISO 9001:2015 standard for quality management and quality
assurance as well as safety measures instructed by an external safety engineer, such safety provisions may not be sufficient to prevent
human error or other causes of damage.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
readers use x-rays and may be of danger if tampered with or otherwise not used in accordance with the user manual and safety rules.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we supply customers with strict instructions for the use of our readers, and although we take measures to avoid misuse of the readers
and minimize the risk of damage from misuse of the readers, users and others may suffer damage from not following such user instructions
and may seek legal actions against us, even if such users or others are at fault.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may not be able to procure adequate insurance and any insurance we have or may have may not be of sufficient coverage</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and our subsidiaries seek to maintain appropriate policies of insurance consistent with those customarily carried by organizations in
our industry sector, including product insurance, as well as cyber-risk and privacy-risk insurance. Any increase in the cost of insurance
policies or the industry in which they operate could adversely affect our business, cash flows, financial condition and results of operations.
Our insurance coverage may also be inadequate to cover losses we may sustain and the insurance company may refuse to provide coverage
or demand excessive payment for such coverage. In particular, our insurance does not extend to any potential liability or claims made
against us under our agreement with Isorad. Uninsured loss or a loss in excess of our insured limits could adversely affect our business,
cash flows, financial condition and results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
risk management policies and procedures, and those of our third-party vendors upon which we rely, may not be fully effective in identifying
or mitigating risk exposure. If our policies and procedures do not adequately protect us from exposure to these risks, we may incur losses
that would adversely affect our financial condition, reputation and market share.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have developed risk management policies and procedures and we continue to refine such as we conduct our business. Our policies and procedures
are meant to identify, monitor and manage risks may not be fully effective in mitigating our risk exposure. Further, as we are a research
and development (&#8220;R&amp;D&#8221;) company and expand into new fields of business, our risk management policies and procedures may
not be able to keep up with our current rapid rate of expansion adequately, and may not be adequate or sufficient to mitigate risks.
Moreover, we are subject to the risks of errors and misconduct, including by our officers, employees and independent contractors, including
fraud and non-compliance with policies. These risks are difficult to detect in advance and prevent or avoid, and could harm our business,
results of operations or financial condition. Although we seek to maintain insurance and use other traditional risk-shifting tools when
possible, such as third-party indemnification, where possible, to manage certain exposures, they are subject to terms such as deductibles,
coinsurance, limits and policy exclusions, as well as risk of counterparty denial of coverage, default or insolvency. If our policies
and procedures do not adequately protect us from exposure, and our exposure is not adequately covered by insurance or other risk-shifting
tools, we may incur losses that would adversely affect our business, cash flows, financial condition and results of operations.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Technology, Intellectual Property and Data</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may be unable to, and it may be difficult and costly to, obtain, maintain, protect, or enforce our intellectual property and other proprietary
rights sufficiently.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to operate our businesses depends, in part, upon our proprietary technology. We may be unable to protect our proprietary technology
effectively, which would allow competitors to duplicate our technology and adversely affect our ability to compete with them.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have over a hundred patents at various stages of the application process. While we are not aware of any such patent applications or the
technology infringing any third party&#8217;s patents, we have not undertaken an exhaustive assessment of existing patents to determine
any overlapping technology or potential infringement, and we do not conduct a freedom to operate search or any other exhaustive search
of patents that may limit our ability to supply solutions to specific customers or fields, as the costs of such would be prohibitive.
Accordingly, there is a risk that a third party may claim that any patent application infringes that third party&#8217;s patent. Any
event that would jeopardize our proprietary rights or any claims of infringement by third parties could have an adverse effect on our
ability to market or exploit our technology.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no guarantee that our proposed patents that are the subject of the patent applications filed by us will provide adequate protection
for our intellectual property, or that third parties will not infringe or misappropriate the patents or similar proprietary rights. In
addition, there can be no assurance that we will not have to pursue litigation against other parties to assert our rights. There is no
guarantee that any of the patents that have been applied for will be granted. If some or all of the patent applications are not granted,
our ability to exploit our technology may be materially adversely affected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
third parties claim that we infringe upon or otherwise violate their intellectual property rights, our business could be adversely affected.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are not aware of any infringement on the rights of third parties, we may in the future be subject to claims that we have infringed
or otherwise violated third parties&#8217; intellectual property rights. There is patent, copyright, and other intellectual property
development and enforcement activity in our industry and relating to the advanced technology we use in our business. Our future success
depends in part on not infringing upon or otherwise violating the intellectual property rights of others. From time to time, our competitors
or other third parties (including non-practicing entities and patent holding companies) may contend that we are infringing upon or otherwise
violating their intellectual property rights, or attack our pending or approved patents, and we may be found to be infringing upon or
otherwise violating such rights or otherwise in legal claims regarding patents or other intellectual property rights. We may be unaware
of the intellectual property rights of others that may cover some or all of our current or future technology or conflict with our rights,
and the patent and other intellectual property rights of others may limit our ability to improve our technology and compete effectively.
Any claims of intellectual property infringement or other intellectual property violations, even those without merit, could cause the
incurrence of costs and other direct, or indirect, damage to us, including:</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">affect
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
royalty or licensing agreements, if required, may not be available to us on acceptable terms or at all. A successful claim of infringement
against us could result in our being required to pay significant damages, enter into costly settlement agreements, or prevent us from
offering our solutions, any of which could have a negative impact on our operating profits and harm our future prospects. We may also
be obligated to indemnify our customers or business partners in connection with any such litigation and to obtain licenses, modify our
solutions, or refund fees, which could further exhaust our resources. Such disputes could also disrupt our solutions, adversely affecting
our customer satisfaction and ability to attract customers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Under
applicable employment laws, we may not be able to enforce covenants not to compete.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our employment agreements with our employees we have confidentiality obligations. These agreements generally prohibit our employees,
if they cease working for us, from competing directly with us or working for our competitors for a limited period. We may be unable to
enforce these agreements under the laws of the jurisdictions in which our employees work and it may be difficult for us to restrict our
competitors from benefitting from the expertise our former employees or consultants developed while working for us. For example, Israeli
labor Courts have required employers seeking to enforce non-compete undertakings of a former employee to demonstrate that the competitive
activities of the former employee will harm one of a limited number of material interests of the employer which have been recognized
by the courts, such as the protection of a company&#8217;s trade secrets or other proprietary knowhow.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Legal and Regulatory Environment</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Changes
in laws, regulations and standards and failure to comply with laws, regulations and standards may adversely affect our financial and
operating performance and profitability.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
changes to the existing regulatory framework or the imposition of new legislation or regulations applicable to any of the industries
in which the Company operates may adversely affect the financial and operating performance of the Company. This risk factor applies to
government policy and legislative changes in the United States, Canada, Australia, Israel, Ireland, Singapore, as well as the other jurisdictions
in which we currently operate, or will operate in the future, or jurisdictions in which our current or future customers may operate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
while we currently do not anticipate this, as the markers used in materials or products are of minuscule quantities, the markers may
in the future be required to comply with health and safety laws in certain jurisdictions, and failure to comply with such laws may lead
to penalties and other liabilities being imposed on us. In such circumstances, we may be required to suspend production or cease operations,
which may lead to a materially adverse effect on our financial performance and profitability.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we are not aware of any regulation or similar restriction that currently materially limits our ability to use our markers, such regulation
or similar restriction may in the future limit our ability to sell our products and may require us either to avoid marking certain material
or require us to disclose data to certain entities for certification process that may be required in order for us to use our markers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
readers use X-range ray technology, which may thus require in certain jurisdictions specific authorization in order to import, manufacture
or use such readers. Such authorization process in each such jurisdiction may be time and resources consuming, but may also limit the
ability of users to use the readers without proper qualifications, as well as may require, in certain jurisdictions the supervision of
such use.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Obligations
and changes in laws or regulations relating to privacy, cybersecurity, and data protection, or any actual or deemed failure by us to
comply with such laws and regulations that could adversely affect our business.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
receive, collect, use, disclose, transmit, and store information, including certain sensitive data, relating to our customers and employees.
Our collection and processing of such data in our business may subject us to certain state, federal, and international laws and regulations
relating to privacy, cybersecurity, and data protection. These laws, rules, and regulations evolve frequently and their scope may continually
change through new legislation, amendments to existing legislation, and changes in interpretation or enforcement, and may be inconsistent
from one jurisdiction to another.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in laws or regulations relating to privacy, cybersecurity, and data protection, particularly any new or modified laws or regulations
that require enhanced protection of certain types of data or new obligations with regard to data retention, transfer, or disclosure,
could greatly increase the cost of our operations or prevent us from providing certain services. Complying with these requirements through
changing our policies and practices may be onerous and costly. These changes may in turn impair our ability to offer our existing or
planned products and services or increase our cost of doing business. Further, we may become subject to privacy and data security laws
from jurisdictions outside of our standard business operations in. Despite our efforts to comply with any applicable laws, regulations,
and other obligations relating to privacy, cybersecurity, and data protection, it is possible that our interpretations of the law, practices,
or our network could be inconsistent with, or fail or be alleged to fail to meet all requirements of, such laws, regulations, or obligations.
Our failure, or the failure by our business partners or customers using our services to comply with applicable laws or regulations or
any other obligations relating to privacy, cybersecurity, and data protection or any compromise of security that results in unauthorized
access to, or use or release of personal information or other data relating to consumers or other individuals, or the perception that
any of the foregoing types of failure or compromise has occurred, could damage our reputation, discourage new and existing business partners
and customers from working with us, or result in fines, investigations, or proceedings by governmental agencies and private claims and
litigation, any of which could adversely affect our business, cash flows, financial condition, and results of operations. Even if not
subject to legal challenge, the perception of privacy concerns, whether or not valid, may harm our reputation and brand and adversely
affect our business, cash flows, financial condition, and results of operations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
invest significant resources in information technology protection and security measures. If these measures are targeted or breached,
we may incur significant legal and financial exposure as a result of ransomware, loss of information, and related litigation. Moreover,
we hold data of our employees and customers and we invest significant resources in information technology protection and security measures
to ensure that such data is safe. If these measures are targeted or breached, we may incur significant reputational damage and related
legal and financial exposure.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Operations in Israel</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Conditions
in Israel and relations between Israel and other countries could adversely affect our business.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of our offices and R&amp;D facilities are located in Israel. Accordingly, political, economic and military conditions in Israel and the
surrounding region directly affect our business and operations and could materially and adversely affect our ability to continue to operate
from Israel. Recently, for example, the current political situation in Israel where the ruling parties are attempting to implement laws
that essentially allow the parliament to enact laws that are preemptively immune to judicial review could adversely affect our business
and results of operations. In addition, since the State of Israel was established in 1948, a number of armed conflicts have occurred
between Israel and its Arab neighbors. In the event that our facilities are damaged as a result of hostile action or hostilities otherwise
disrupt the ongoing operation of our facilities, our ability to continue our operations could be materially adversely affected.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, and most recently restarting in October 2023 Israel has been engaged in sporadic armed conflicts with terrorist groups,
including those that control the Gaza Strip and other regions close to Israel. In addition, Iran and Yemen have threatened to attack,
and have attacked, Israel and may be developing nuclear weapons. Some of these hostilities were accompanied by missiles being fired from
the Gaza Strip, Lebanon, Syria, Yemen and Iran against civilian targets in various parts of Israel, including areas in which our employees
and independent contractors are located, which negatively affected business conditions in Israel. Any hostilities involving Israel, regional
political instability or the interruption or curtailment of trade between Israel and its trading partners could materially and adversely
affect our operations and results of operations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial insurance does not cover losses that may occur as a result of events associated with war and terrorism. Although the Israeli
government currently covers the reinstatement value of property damage and certain direct and indirect damages that are caused by terrorist
attacks or acts of war, such coverage would likely be limited, may not be applicable to our business (either due to the geographic location
of our offices or the type of business that we operate) and may not reinstate our loss of revenue or economic losses more generally.
Furthermore, we cannot assure that this government coverage will be maintained or that it will sufficiently cover our potential damages,
or whether such coverage would be timely provided. Any losses or damages incurred by us could have a material adverse effect on our business,
cash flows, financial condition and results of operations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
in the past, the State of Israel and Israeli companies have been subjected to economic boycotts and Israeli legal reforms initiatives
may cause countries to limit activities with Israel or otherwise apply certain restrictions, or may otherwise adversely affect our activities.
Several countries still restrict doing business with Israel and Israeli companies, and additional countries may impose restrictions on
doing business with Israel and Israeli companies if hostilities in Israel or political instability in the region continues or increases.
These restrictive laws and policies, or significant downturn in the economic or financial condition of Israel, could materially and adversely
affect our operations and product development, and could cause our sales to decrease.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>A
large concentration of our staff resides in Israel and many of our employees and independent contractors in Israel are required to perform
military reserve duty, which may disrupt their work for us.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of our employees and independent contractors, including certain of our founders and certain members of our management team, operate from
our headquarters that are located in central Israel. In addition, a number of our officers and directors are residents of Israel. Accordingly,
political, economic and military conditions in Israel and the surrounding region may directly affect our business and operations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, many Israeli citizens are obligated to perform several days, and in some cases more, of annual military reserve duty each year
until they reach the age of 40 (or older, for reservists who are military officers or who have certain occupations) and, in the event
of a military conflict, may be called to active duty. In response to increases in terrorist activity, there have been periods of significant
call-ups of military reservists, including since October 7, 2023. It is possible that there will be additional and continued military
reserve duty call-ups in the future. Our operations could be disrupted by such call-ups, particularly if such call-ups include the call-up
of members of our management, including Mr. Alon, our Chief Executive Officer, and given the current shortage of talent in Israel due
to the recent acceleration of activity in startups, especially in the technology space. Such disruption could materially and adversely
affect our business, financial condition and results of operations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Tax</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
enactment of legislation implementing changes in taxation of international business activities, the adoption of other corporate tax reform
policies, or changes in tax legislation or policies could impact the Company&#8217;s future financial position and results of operations.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
tax reform, base-erosion efforts and tax transparency continue to be high priorities in many tax jurisdictions where we have business
operations. As a result, policies regarding corporate income and other taxes in numerous jurisdictions are under heightened scrutiny
and tax reform legislation is being proposed or enacted in a number of jurisdictions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2015, the Organization for Economic Co-operation and Development (the &#8220;OECD&#8221;) published final recommendations on base erosion
and profit shifting (&#8220;BEPS&#8221;). These recommendations proposed the development of rules directed at counteracting the effects
of tax havens and preferential tax regimes in countries around the world. Several of the areas of tax law on which the BEPS project focused
have led or will lead to changes in the domestic law of individual OECD jurisdictions. These changes include (amongst others) restrictions
on interest and other deductions for tax purposes, the introduction of broad anti-hybrid regimes and reform of controlled foreign corporation
rules. Changes are also expected to arise in the application of certain double tax treaties, which may restrict the ability of certain
members of the Company to rely on the terms of relevant double tax treaties in certain circumstances.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
of law in individual jurisdictions which may arise as a result of the BEPS project or other tax measures may ultimately increase the
tax base of individual members of the Company in certain jurisdictions or the worldwide tax exposure of the Company. Changes of law may
also include revisions to the definition of a &#8220;permanent establishment&#8221; and the rules for attributing profit to a permanent
establishment. Other changes may focus on the goal of ensuring that transfer pricing outcomes are in line with value creation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
changes to tax laws could increase their complexity and the burden and costs of compliance. Additionally, such changes could also result
in significant modifications to existing transfer pricing rules and could potentially have an adverse impact on the Company&#8217;s taxable
profits in various jurisdictions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>U.S.
holders that directly or indirectly own 10% or more of our equity interests may be subject to adverse U.S. federal income tax consequences
under rules applicable to U.S. shareholders of &#8220;controlled foreign corporations.&#8221;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation generally will be classified as a controlled foreign corporation for U.S. federal income tax purposes (a &#8220;CFC&#8221;),
if &#8220;10% U.S. equityholders&#8221; (as defined below) own, directly, indirectly or constructively, more than 50% of either (i) the
total combined voting power of all classes of stock of such corporation entitled to vote or (ii) the total value of the stock of such
corporation. We do not believe that the Company would be classified as a CFC at the time of Closing, although CFC status is determined
after taking into account complex constructive ownership rules and, accordingly, there can be no assurance in this regard. However, certain
of the Company&#8217;s non-U.S. subsidiaries may be classified as CFCs (as a result of the application of certain constructive ownership
rules which treat the Company&#8217;s U.S. subsidiaries as owning the equity of those non-U.S. subsidiaries), and it is possible that
we may be classified as a CFC in the future. The U.S. federal income tax consequences for U.S. holders who at all times are not 10% U.S.
equityholders would not be affected by the CFC rules. However, a U.S. holder that owns (or is treated as owning, directly, indirectly
or constructively, including by applying certain attribution rules) 10% or more of the combined voting power of all classes of our stock
entitled to vote or the total value of our equity interests (including equity interests attributable to a deemed exercise of options
and convertible debt instruments), or a &#8220;10% U.S. equityholder,&#8221; if we were classified as a CFC, would generally be subject
to current U.S. federal income taxation on a portion of our applicable subsidiaries&#8217; earnings and profits (as determined for U.S.
federal income tax purposes) and our earnings and profits, regardless of whether such 10% U.S. equityholder receives any actual distributions
(with certain exceptions in the case of CFCs attributed through downward attribution). In addition, if we were classified as a CFC, a
portion of any gains realized on the sale of our common shares by a 10% U.S. equityholder may be treated as ordinary income. A 10% U.S.
equityholder will also be subject to additional U.S. federal income tax information reporting requirements with respect to our subsidiaries
that are classified as CFCs and with respect to us (if we or any of our subsidiaries were classified as a CFC) and substantial penalties
may be imposed for noncompliance. We cannot provide any assurances that the Company will assist U.S. holders in determining whether the
Company or any of its subsidiaries are treated as a CFC for U.S. federal income tax purposes or whether any U.S. holder is treated as
a 10% U.S. equityholder with respect to any of such CFC or furnish to any holder information that may be necessary to comply with reporting
and tax paying obligations if the Company, or any of its subsidiaries, is treated as a CFC for U.S. federal income tax purposes. Each
U.S. holder should consult its own tax advisor regarding the CFC rules and whether such U.S. holder may be a 10% U.S. equityholder for
purposes of these rules.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>There
is a risk that we will be a passive foreign investment company for any taxable year, which could result in adverse U.S. federal income
tax consequences to U.S. investors in our shares.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, a non-U.S. corporation is a passive foreign investment company, (&#8220;PFIC&#8221;), for any taxable year in which (i) 75%
or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets
that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that
owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the
other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes
dividends, interest, rents, royalties and certain gains. Cash is a passive asset for these purposes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the expected composition of our income and assets and the value of our assets, including goodwill, we do not expect to be a PFIC for
our current taxable year. However, the proper application of the PFIC rules to a company with a business such as ours is not entirely
clear. Because the proper characterization of certain components of our income and assets is not entirely clear, because we will hold
a substantial amount of cash following this offering, and because our PFIC status for any taxable year will depend on the composition
of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market
price of our shares, which could be volatile), there can be no assurance that we will not be a PFIC for our current taxable year or any
future taxable year.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were a PFIC for any taxable year during which a U.S. investor holds shares, certain adverse U.S. federal income tax consequences could
apply to such U.S. investor.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Internal Revenue Service may not agree that the Company should be treated as a non-U.S. corporation for U.S. federal income tax purposes.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Company is incorporated in Ireland, the Internal Revenue Service (&#8220;IRS&#8221;) may assert that it should be treated as a U.S.
corporation (and therefore a U.S. tax resident) for U.S. federal income tax purposes pursuant to Section 7874 of the Internal Revenue
Code of 1986, as amended (the &#8220;Code&#8221;). For U.S. federal income tax purposes, a corporation is generally considered a U.S.
&#8220;domestic&#8221; corporation (or U.S. tax resident) if it is organized in the United States, and a corporation is generally considered
a &#8220;foreign&#8221; corporation (or non-U.S. tax resident) if it is not a U.S. corporation. Because the Company is an entity incorporated
in Ireland, it would generally be classified as a foreign corporation (or non-U.S. tax resident) under these rules. Section 7874 of the
Code provides an exception under which a foreign incorporated and foreign tax resident entity may, in certain circumstances, be treated
as a U.S. corporation for U.S. federal income tax purposes.</FONT></P>

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

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Company is not currently expected to be treated as a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the
Code. However, the application of Section 7874 of the Code is complex and is subject to detailed regulations (the application of which
is uncertain in various respects and would be impacted by changes in such U.S. Treasury Regulations with possible retroactive effect)
and is subject to certain factual uncertainties. Accordingly, there can be no assurance that the IRS will not challenge the status of
the Company as a foreign corporation under Section 7874 of the Code or that such challenge would not be sustained by a court.</FONT></P>

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

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the IRS were to successfully challenge under Section 7874 of the Code the Company&#8217;s status as a foreign corporation for U.S. federal
income tax purposes, the Company and certain the Company shareholders would be subject to significant adverse tax consequences, including
a higher effective corporate income tax rate on the Company and future withholding taxes on certain the Company shareholders, depending
on the application of any income tax treaty that might apply to reduce such withholding taxes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Unanticipated
changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect
our financial condition and results of operations.</I></B></FONT></P>

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

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are subject to federal and state income taxes in the United States and potentially in other jurisdictions. Our future effective tax rates
could be subject to volatility or adversely affected by a number of factors, including:</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may be subject to audits of our income, sales and other transaction taxes by taxing authorities. Outcomes from these audits
could have an adverse effect on our financial condition and results of operations.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Future
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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U.S. Congress and the Organisation for Economic Co-operation and Development have focused on issues related to the taxation of multinational
corporations. In particular, specific attention has been paid to &#8220;base erosion and profit shifting&#8221;, where payments are made
between affiliates from a jurisdiction with high tax rates to a jurisdiction with lower tax rates. As a result, the tax laws in Ireland
could change on a prospective or retroactive basis, and any such change could adversely affect the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Irish
taxes may apply to any dividends paid or transfers of the Company&#8217;s securities.</I></B></FONT></P>

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the Company pays dividends, such dividends may be subject to Irish dividend withholding tax or Irish income tax. Certain transfers of
Ordinary Shares, may be subject to Irish capital acquisitions tax or stamp duty. In particular, Irish stamp duty will apply to any future
transfer of Ordinary Shares which are not listed and held through the Depository Trust Company (&#8220;DTC&#8221;) and generally the
purchaser / transferee will be liable for the payment of the stamp duty arising.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Provisions
in the Company&#8217;s Amended and Restated Memorandum and Articles of Association and under Irish law could make an acquisition of the
Company more difficult, may limit attempts by the Company&#8217;s shareholders to replace or remove the Company&#8217;s management, may
limit shareholders&#8217; ability to obtain a favorable judicial forum for disputes with the Company or the Company&#8217;s directors,
officers or employees, and may limit the market price of the Ordinary Shares, the Public Warrants and/or other securities issued by the
Company.</I></B></FONT></P>

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

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or changes in the Company&#8217;s management. The Amended and Restated Memorandum and Articles of Association includes provisions that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has never declared or paid any cash dividends on its capital stock and does not intend to pay any cash dividends in the foreseeable
future. The Company expects to retain future earnings, if any, to fund the development and growth of its business. Any future determination
to pay dividends on the Company&#8217;s capital stock will be at the discretion of the Board of Directors of the Company (the &#8220;Board&#8221;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Company incurs significant costs and devotes substantial management time as a result of being subject to reporting requirements in the
United States, which may adversely affect the operating results of the Company in the future.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a company subject to reporting requirements in the United States, the Company incurs significant legal, accounting and other expenses
that the Company would not have incurred as a private company. For example, the Company is subject to the reporting requirements of the
Exchange Act and is required to comply with the applicable requirements of the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform
and Consumer Protection Act, as well as rules and regulations subsequently implemented by the SEC, including the establishment and maintenance
of effective disclosure and financial controls and changes in corporate governance practices. Compliance with these requirements increase
the Company&#8217;s legal and financial compliance costs and make some activities more time consuming and costly, while also diverting
management attention. In particular, the Company expects to incur significant expenses and devote substantial management effort toward
ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act, which will increase when it is no longer an emerging
growth company as defined by the Jumpstart Its Business Startups Act of 2012, which is referred to as the &#8220;JOBS Act.&#8221;</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Company&#8217;s executive officers have experience in the management of a public company in Australia, the Company&#8217;s executive
officers have limited experience in the management of a public company in the United States. The Company&#8217;s management team may
not successfully or effectively manage its transition to a U.S. public company that will be subject to significant regulatory oversight
and reporting obligations under federal securities laws. Their limited experience in dealing with the increasingly complex laws pertaining
to U.S. public companies could be a significant disadvantage in that it is likely that an increasing amount of their time may be devoted
to these activities which will result in less time being devoted to the management and growth of the Company. The Company may not have
adequate personnel with the appropriate level of knowledge, experience, and training in the accounting policies, practices or internal
controls over financial reporting required of public companies in the United States. The development and implementation of the standards
and controls necessary for the Company to achieve the level of accounting standards required of a public company in the United States
may require costs greater than expected. It is possible that the Company will be required to expand its employee base and hire additional
employees to support its operations as a public company, which will increase its operating costs in future periods.</FONT></P>

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

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section, the market price of the Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond
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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 instituted securities class action litigation following
periods of market volatility.</FONT></P>

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Company may issue additional Ordinary Shares or other equity securities without seeking approval of the Company&#8217;s shareholders,
which would dilute your ownership interests and may depress the market price of the Ordinary Shares.</I></B></FONT></P>

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convertible into Ordinary Shares, compared to 1,326,936 Ordinary Shares issued and outstanding, as of August 25, 2025.
Further, the Company may choose to seek third party or other financing to provide additional working capital, and/or compensate its directors,
officers, employees and consultants with restricted stock units, restricted stock and options to purchase Ordinary Shares, in which events
the Company may issue additional equity securities. The Company may also issue additional Ordinary Shares or other equity securities
of equal or senior rank in the future for any reason or in connection with, among other things, future acquisitions, the redemption of
outstanding warrants, repayment of outstanding indebtedness or for compensatory purposes, without shareholder approval, in a number of
circumstances. The Company has elected to follow home country practice in lieu of the requirements under Nasdaq Rule 5635(c) and 5635(d).
As a result, the Company does not seek shareholder approval in connection with certain sales, issuances and potential issuances of its
securities, even if such issuances would equal 20% or more of the Company&#8217;s Ordinary Shares or voting power outstanding before
the issuance. The Company also does not always seek shareholder approval in connection with the establishment or material amendment of
a stock option or purchase plan pursuant to which stock may be acquired by officers, directors, employees or consultants. This has resulted
in substantial dilution to the Company&#8217;s shareholders from time to time in the past, and may continue to do so in the future.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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Company is an &#8220;emerging growth company&#8221; as defined in the JOBS Act. As an emerging growth company, the Company is only required
to provide two years of audited financial statements and only two years of related selected financial data and management discussion
and analysis of financial condition and results of operations disclosure. In addition, the Company is not required to obtain auditor
attestation of its reporting on internal control over financial reporting, has reduced disclosure obligations regarding executive compensation
and is not required to hold non-binding advisory votes on executive compensation. In addition, the JOBS Act provides that an emerging
growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows
an emerging growth company to delay the adoption of these accounting standards until they would otherwise apply to private companies.
The Company has elected to take advantage of such extended transition period. The Company cannot predict whether investors will find
the Ordinary Shares to be less attractive as a result of its reliance on these exemptions. If some investors find the Ordinary Shares
to be less attractive as a result, there may be a less active trading market for the Ordinary Shares and the price of the Ordinary Shares
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Company will remain an emerging growth company until the earliest of: (i) the end of the fiscal year in which the Company has total annual
gross revenue of $1.07 billion; (ii) the last day of the Company&#8217;s fiscal year following the fifth anniversary of the date on which
Lionheart III Corp., a Delaware corporation (&#8220;Lionheart&#8221;) consummated its initial public offering; (iii) the date on which
the Company issues more than $1.0 billion in non-convertible debt during the preceding three-year period; or (iv) the end of the fiscal
year in which the market value of the Ordinary Shares held by non- affiliates exceeds $700 million as of the last business day of its
most recently completed second fiscal quarter.</FONT></P>

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costs, which may impact the Company&#8217;s financial condition.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Company will need additional capital in the future to meet its financial obligations and to pursue its business objectives. Additional
capital may not be available on favorable terms, or at all, which could compromise the Company&#8217;s ability to meet its financial
obligations and grow its business.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will need to raise additional capital to fund operations in the future, pay substantial existing liabilities and obligations,
and possibly finance future growth of acquisitions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company seeks to raise additional capital in order to meet various objectives, including developing existing or future technologies
and solutions, refinancing or repaying indebtedness or other liabilities or obligations, increasing working capital, acquiring new clients,
expanding geographically and responding to competitive pressures, capital may not be available on favorable terms or may not be available
at all, which could have a material adverse effect on the continued development or growth of the Company. Lack of sufficient capital
resources could significantly limit the Company&#8217;s ability to take advantage of business and strategic opportunities. Any additional
capital raised through the sale of equity or debt securities with an equity component would dilute stock ownership. If adequate additional
funds are not available, the Company may be required to delay, reduce the scope of, or eliminate material part of its business strategy,
including acquiring potential new clients or the continued development of new or existing technologies or solutions and geographic expansion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>There
can be no assurance that we will be able to comply with the continued listing standards of Nasdaq. If we are not able to comply with
the applicable continued listing requirements or standards of the Nasdaq Capital Markets, Nasdaq could delist our Ordinary Shares and
Public Warrants.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Ordinary Shares and Public Warrants are currently listed on the Nasdaq Capital Market, after failing to meet all of the
listing standards of the Nasdaq Global Market. In order to maintain that listing, we must satisfy minimum financial and other continued
listing requirements and standards, including those regarding minimum stockholders&#8217; equity, minimum market value, minimum share
price, and certain corporate governance requirements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we have received to-date three deficiency letters from the Listing Qualifications Department (the &#8220;Staff&#8221;) of The
Nasdaq Stock Market, LLC, notifying the Company that it is not in compliance with Nasdaq Listing Rule 5550(a)(2) (the &#8220;Minimum
Bid Price Requirement&#8221;) for continued listing on the Nasdaq Capital Market, as the bid price of the Company&#8217;s ordinary shares
on the Nasdaq Capital Market on three occasions was below $1.00 for 30 consecutive business days. We have also received a deficiency
notification letter from the Listing Qualifications Staff of the Nasdaq Stock Market LLC due to the Company&#8217;s non-compliance with
Nasdaq Listing Rules 5620(a), as the Company did not hold an annual general meeting of shareholders within twelve months of the end of
the Company&#8217;s fiscal year ended December 31, 2023.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
each case, the Company was subsequently notified that it had regained compliance with the respective Nasdaq Listing Rules.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Nasdaq delists the Ordinary Shares and/or the Public Warrants from trading on its exchange for failure to meet the listing standards,
we and our stockholders could face significant material adverse consequences including:</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    determination that the Ordinary Shares is a &#8220;penny stock&#8221; which will require brokers trading in the Ordinary Shares to
    adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our
    securities;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    decreased ability to issue additional securities or obtain additional financing in the future.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the
sale of certain securities, which are referred to as &#8220;covered securities.&#8221; To the extent the Ordinary Shares and Public Warrants
are listed on Nasdaq, they are covered securities. Although the states are preempted from regulating the sale of our securities, the
federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent
activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were no longer listed
on Nasdaq, our securities would not be covered securities and we would be subject to regulation in each state in which we offer our securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
delisting from Nasdaq, our Ordinary Shares may be traded, if at all in the over-the-counter inter-dealer quotation system, more commonly
known as the OTC. OTC transactions involve risks in addition to those associated with transactions in securities traded on securities
exchanges such as Nasdaq. Many OTC stocks trade less frequently and in smaller volumes than exchange-listed Stocks. Accordingly, our
stock would be less liquid than it would be otherwise. Also, the values of OTC stocks are often more volatile than exchange-listed stocks.
Additionally, institutional investors are often prohibited from investing in OTC stocks, and it might be more challenging to raise capital
when needed. Any delisting from Nasdaq may also trigger an event of default under certain of the Company&#8217;s loan documents, which
could result in acceleration of such loan(s), penalties and/or default interest, which would have a material adverse affect on our financial
condition and company as a whole.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if our Ordinary Shares are delisted, your ability to transfer or sell your Ordinary Shares may be limited and the value of
those securities will be materially adversely affected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
our Ordinary Shares becomes subject to the penny stock rules, it may be more difficult to sell our Ordinary Shares.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Commission has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are
generally equity securities with a price of less than $5.00 (other than securities registered on certain national securities exchanges
or authorized for quotation on certain automated quotation systems, provided that current price and volume information with respect to
transactions in such securities is provided by the exchange or system). The OTC marketplace does not meet such requirements and if the
price of our Ordinary Shares is less than $5.00 and our Ordinary Shares are no longer listed on a national securities exchange such as
Nasdaq, our stock may be deemed a penny stock. The penny stock rules require a broker-dealer, at least two business days prior to a transaction
in a penny stock not otherwise exempt from those rules, to deliver to the customer a standardized risk disclosure document containing
specified information and to obtain from the customer a signed and dated acknowledgment of receipt of that document. In addition, the
penny stock rules require that prior to effecting any transaction in a penny stock not otherwise exempt from those rules, a broker-dealer
must make a special written determination that the penny stock is a suitable investment for the purchaser and receive: (i) the purchaser&#8217;s
written acknowledgment of the receipt of a risk disclosure statement; (ii) a written agreement to transactions involving penny stocks;
and (iii) a signed and dated copy of a written suitability statement. These disclosure requirements may have the effect of reducing the
trading activity in the secondary market for our Ordinary Shares, and therefore shareholders may have difficulty selling their shares.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Future
issuances of debt securities and equity securities may adversely affect us, including the market price of our Ordinary Shares and may
be dilutive to existing shareholders.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that significant additional capital will be needed in the future to continue our planned research, development and business operations.
In the future, we may incur debt or issue equity ranking senior to our Ordinary Shares. Those securities will generally have priority
upon liquidation. Such securities also may be governed by an indenture or other instrument containing covenants restricting our operating
flexibility. Additionally, any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges
more favorable than those of Ordinary Shares. Because our decision to issue debt or equity in the future will depend on market conditions
and other factors beyond our control, we cannot predict or estimate the amount, timing, nature or success of our future capital raising
efforts. As a result, recent and future capital raising efforts may reduce the market price of Ordinary Shares and be dilutive to existing
shareholders. In addition, our ability to raise additional capital through the sale of equity or convertible debt securities could be
significantly impacted by the resale of Ordinary Shares by selling shareholders pursuant to one or more prospectuses, which could result
in a significant decline in the trading price of Ordinary Shares and potentially hinder our ability to raise capital at terms that are
acceptable to us or at all.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
JOBS Act permits &#8220;emerging growth companies&#8221; like the Company to take advantage of certain exemptions from various reporting
requirements applicable to other public companies that are not emerging growth companies, which may make our Ordinary Shares less attractive
to investors.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently qualifies as an &#8220;emerging growth company&#8221; as defined in Section 2(a)(19) of the Securities Act, as modified
by the JOBS Act. As such, the Company takes advantage of certain exemptions from various reporting requirements applicable to other public
companies that are not emerging growth companies for as long as it continues to be an emerging growth company, including the exemption
from the auditor attestation requirements with respect to internal control over financial reporting under Section 404 of the Sarbanes-Oxley
Act. As a result, Company shareholders may not have access to certain information they deem important.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company cannot predict if investors will find Ordinary Shares less attractive because it relies on these exemptions. If some investors
find Ordinary Shares less attractive as a result, there may be a less active trading market and share price for Ordinary Shares may be
more volatile. The Company may incur increased legal, accounting and compliance costs associated with Section 404 of the Sarbanes-Oxley
Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>There
is less publicly available information concerning the Company than there is for issuers that are not foreign private issuers because
the Company is considered a foreign private issuer and is exempt from a number of rules under the Exchange Act, and is permitted to file
less information with the SEC than issuers that are not foreign private issuers.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is considered a &#8220;foreign private issuer&#8221; under the Exchange Act. A foreign private issuer under the Exchange Act
is exempt from certain rules under the Exchange Act, and is not required to file periodic reports and financial statements with the SEC
as frequently or as promptly as companies whose securities are registered under the Exchange Act but are not foreign private issuers,
or to comply with Regulation FD, which restricts the selective disclosure of material non-public information. The Company is exempt from
certain disclosure and procedural requirements applicable to proxy solicitations under Section 14 of the Exchange Act. The Company currently
prepares its financial statements in accordance with IFRS. The Company will not be required to file financial statements prepared in
accordance with or reconciled to U.S. GAAP so long as its financial statements are prepared in accordance with IFRS as issued by the
International Accounting Standards Board. The Company is not required to comply with Regulation FD, which imposes restrictions on the
selective disclosure of material information to shareholders. The members of the Company&#8217;s board of directors, officers and principal
shareholders are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions of Section 16 of the Exchange Act
with respect to their purchases and sales of Company securities. Accordingly, there will likely be less publicly available information
concerning the Company than there is for companies whose securities are registered under the Exchange Act but are not foreign private
issuers, and such information may not be provided as promptly as it is provided by such companies.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, certain information may be provided by the Company in accordance with Irish law, which may differ in substance or timing from
such disclosure requirements under the Exchange Act. As a foreign private issuer, under Nasdaq rules the Company is subject to less stringent
corporate governance requirements. Subject to certain exceptions, the rules of Nasdaq permit a foreign private issuer to follow its home
country practice in lieu of the listing requirements of Nasdaq, including, for example, certain internal controls as well as board, committee
and director independence requirements. The Company intends from time to time to follow Irish corporate governance practices in lieu
of Nasdaq corporate governance rules and followed Irish practices to (a) amend its 2022 Equity Incentive Plan to increase the number
of shares authorized under the plan without stockholder approval, (b) follow home country practice in lieu of the requirements under
Nasdaq Rule 5635(d) to seek shareholder approval in connection with certain transactions involving the sale, issuance and potential issuance
of its Ordinary Shares (or securities convertible into or exercisable for its Ordinary Shares) at a price less than certain referenced
prices, if such shares equal 20% or more of the Company&#8217;s Ordinary Shares or voting power outstanding before the issuance, (c)
follow home country practice in lieu of the requirements under Nasdaq Rule 5635(c) to seek shareholder approval in connection with the
establishment or material amendment of a stock option or purchase plan or arrangement pursuant to which stock may be acquired by officers,
directors, employees or consultants, and (d) follow home country practice in lieu of the requirements under Nasdaq Rule 5605(c)(2)(A)
that require the Company to have an audit committee of at least three members. We cannot assure you that we will not avail ourselves
of other such exceptions in the future. If the Company determines to follow Irish corporate governance practices in lieu of Nasdaq corporate
governance standards, the Company will disclose each Nasdaq rule that it does not intend to follow and describe the Irish practice that
the Company will follow in lieu thereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Company may lose its foreign private issuer status in the future, which could result in significant additional costs and expenses. This
would subject the Company to GAAP reporting requirements which may be difficult for it to comply with.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a &#8220;foreign private issuer,&#8221; the Company would not be required to comply with all of the periodic disclosure and current reporting
requirements of the Exchange Act and related rules and regulations. Under those rules, the determination of foreign private issuer status
is made annually on the last business day of an issuer&#8217;s most recently completed second fiscal quarter.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the future, the Company could lose its foreign private issuer status if a majority of its Ordinary Shares are held by residents in the
United States and it fails to meet any one of the additional &#8220;business contacts&#8221; requirements. Although the Company intends
to follow certain practices that are consistent with U.S. regulatory provisions applicable to U.S. companies, the Company&#8217;s loss
of foreign private issuer status would make such provisions mandatory. The regulatory and compliance costs to the Company under U.S.
securities laws if it is deemed a U.S. domestic issuer may be significantly higher. If the Company is not a foreign private issuer, the
Company will be required to file periodic reports and prospectuses on U.S. domestic issuer forms with the SEC, which are more detailed
and extensive than the forms available to a foreign private issuer. For example, the Company would become subject to the Regulation FD,
aimed at preventing issuers from making selective disclosures of material information. The Company also may be required to modify certain
of its policies to comply with good governance practices associated with U.S. domestic issuers. Such conversion and modifications will
involve additional costs. In addition, the Company may lose its ability to rely upon exemptions from certain corporate governance requirements
of Nasdaq that are available to foreign private issuers. For example, Nasdaq&#8217;s corporate governance rules require listed companies
to have, among other things, a majority of independent board members and independent director oversight of executive compensation, nomination
of directors, and corporate governance matters. As a foreign private issuer, the Company would be permitted to follow home country practice
in lieu of the above requirements. As long as the Company relies on the foreign private issuer exemption to certain of Nasdaq&#8217;s
corporate governance standards, a majority of the directors on its board of directors are not required to be independent directors, its
compensation committee is not required to be comprised entirely of independent directors, and it will not be required to have a nominating
committee. Also, the Company would be required to change its basis of accounting from IFRS as issued by the IASB to GAAP, and would have
to obtain shareholder approval for certain issuances of its Ordinary Shares or equivalents, each of which may be difficult and costly
for it to comply with. If the Company loses its foreign private issuer status and fails to comply with U.S. securities laws applicable
to U.S. domestic issuers, the Company may have to de-list from Nasdaq and could be subject to investigation by the SEC, Nasdaq and other
regulators, among other materially adverse consequences.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
sale of currently-restricted Ordinary Shares acquired by the Company&#8217;s stockholders, or the perception that such sales may occur,
could cause the price of our Ordinary Shares to fall.</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on a number of factors, including market liquidity, sales of currently-restricted Ordinary Shares held by our stockholders may cause
the trading price of our Ordinary Shares to fall. The stockholders may resell all, some, or none of those shares at its discretion upon
registration or an exemption from registration. Therefore, sales by the stockholders could result in substantial dilution to the interests
of other holders of our Ordinary Shares. Additionally, the sale of a substantial number of Ordinary Shares, or the anticipation of such
sales, could make it more difficult for us to sell equity or equity-related securities in the future at a desirable time and price. The
resale of Ordinary Shares by stockholders in the public market or otherwise or the perception that such sales could occur, could also
harm the prevailing market price of our Ordinary Shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we face other risks and uncertainties that may materially affect our business prospects, financial condition, and results of
operations. You should consider the risks discussed elsewhere in this prospectus before investing in our securities.</FONT></P>

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<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"><B><FONT ID="SL_008"></FONT>USE
OF PROCEEDS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the Ordinary Shares being offered under this prospectus are being sold by or for the account of the Selling Stockholders. We will
not receive any proceeds from the sale of the Ordinary Shares.</FONT></P>

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<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"><B><FONT ID="SL_009"></FONT>DIVIDEND
POLICY</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of Ordinary Shares are entitled to such dividends as may be declared by the Company&#8217;s board of directors. Dividends may
be declared and paid out of the funds legally available therefor, or any other fund or account which can be authorized for this purpose
in accordance with the ICA.</FONT></P>

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<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"><B><FONT ID="SL_010"></FONT>BUSINESS</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company envisions itself as the next generation solution provider of brand protection, authentication and track and trace technology
for the anti-counterfeit market. Its vision is to build confidence in the era of the digital economy, enabling parties to maintain trust
in physical assets and processes. Its transformative solution aims at building on the principles of The United Nations&#8217; Sustainability
Development Goals, particularly Goal 12: &#8220;Ensure sustainable consumption and production patterns&#8221; that can create value for
participants in the circular economy. As an increasing number of industries and sectors are committing to using recycled material and
realizing the broader strategic vision of net zero carbon emissions, we believe our solution is the next generation for sustainability
and the circular economy.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
Israel was incorporated in 2014 to provide brand protection and supply chain integrity solutions to businesses. It provides these solutions
through the commercialization of the Source IP. SMX Israel&#8217;s Source IP was initiated from the Soreq Nuclear Research Center, an
Israeli government research and development institute for nuclear and photonic technologies under the Israeli Atomic Energy Commission
(&#8220;Soreq&#8221;). In January 2015, SMX Israel entered into the Isorad License Agreement with Isorad Ltd. (an IP holding company
of Soreq) to license the Source IP and develop and commercialize the technology. Under the Isorad License Agreement, as amended, the
Source IP can be utilized in almost any industry and with any product.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2018, SMX Israel merged into Security Matters PTY, an Australian company, to effect a listing on the Australian Securities Exchange under
the symbol &#8220;ASX: SMX.&#8221; Security Matters PTY was incorporated in May 2018 under Australian law. At that time, Security Matters
PTY had three wholly-owned subsidiaries: SMX Israel, SMX Fashion and Luxury (France), and SMX Beverages Pty Ltd. (Australia). It was
also the record holder of 50% of Yahaloma and, as of October 3, 2023, 51.9% of trueGold.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
(Security Matters) Public Limited Company (f/k/a Empatan Public Limited Company) was formed on July 1, 2022 as a public limited company
under the name Empatan Public Limited Company, incorporated in Ireland. The Company&#8217;s principal executive office is located at
Mespil Business Centre, Mespil House, Sussex Road, Dublin 4, Ireland, D04 T4A6. The Company&#8217;s telephone number is +353 1 920 1000.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was newly incorporated for the purposes of becoming a holding company following the Business Combination. Through the consummation
of the Business Combination, the Company did not conduct any material activities other than those incident to its formation and the Business
Combination and only had nominal assets consisting of cash and its interest in Merger Sub.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 7, 2023, the Company consummated its previously announced business combination pursuant to the BCA and its previously announced
SID. Beginning on the day immediately prior to the Closing Date and finishing on the day immediately after the Closing Date, the following
transactions occurred pursuant to the terms of the BCA:</FONT></P>

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    cancelled in return for the issuance of Ordinary Shares, with the Company being issued one share in Security Matters PTY (this resulted
    in Security Matters PTY becoming a wholly owned subsidiary of the Company);</FONT></TD></TR>
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    implied value of $10.00 per Ordinary Share and the Company became the holder of all of the issued shares in Security Matters PTY
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Company is subject to certain of the informational filing requirements of the Exchange Act. Since the Company is a &#8220;foreign private
issuer,&#8221; it is exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements,
and the officers, directors and principal shareholders of the Company are exempt from the reporting and &#8220;short-swing&#8221; profit
recovery provisions contained in Section 16 of the Exchange Act with respect to their purchase and sale of Ordinary Shares. In addition,
the Company is not required to file reports and financial statements with the SEC as frequently or as promptly as U.S. public companies
whose securities are registered under the Exchange Act. However, the Company is required to file with the SEC an Annual Report on Form
20-F containing financial statements audited by an independent accounting firm. The SEC maintains a website at <I>http://www.sec.gov
</I>that contains reports and other information that the Company files with or furnishes electronically to the SEC.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Overview</B></FONT></P>

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Company provides one solution to solve both authentication and track and trace challenges in order to uphold supply chain integrity and
provide quality assurance and brand accountability to producers of goods. Its technology works as a track and trace system using a marker,
a reader and an algorithm to identify embedded sub-molecular particles in order to track and trace different components along a production
process (or any other marked good along a supply chain) to the end producer.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its
proprietary marker system embeds a permanent or removable (depending on the needs of the customer) mark on solid, liquid or gaseous objects
or materials. Each marker is comprised of a combination of marker codes such that each marker is designed to be unique and unable to
be duplicated. The marker system is coupled with an innovative patented reader that responds to signals from the marker and, together
with a patented algorithm, captures the details of the product retrieved and stored on a blockchain digital ledger. Each marker can be
stored, either locally on the reader and on private servers, cloud servers or on a blockchain ledger, to protect data integrity and custody.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business
Model</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s business model targets leading brands and manufacturers (as opposed to directly targeting consumers) in order to create
a new market standard for circular economy solutions, brand authentication and supply chain integrity. The Company offers both business-to-business
sales and &#8220;white label&#8221; solutions, depending on the needs of customers and the ultimate end use based on either a fixed fee
or volume-based revenue model (or both).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may work directly with the manufacturer of the products or through the manufacturer&#8217;s raw material supplier so that the
manufacturer is not required to change (or is required to make no more than minimal changes to) its manufacturing process in order to
implement the Company&#8217;s technology in the production process. Gaining the trust of raw material producers is the first stage, which
in turn allows for credibility and trust when supplying solutions to brand owners, manufacturers and suppliers, which is a key step for
its success.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Product
and Applications</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Product</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides a solution comprised of three components: (1) a physical or chemical marker system coupled with (2) a reader and connected
to (3) a blockchain digital platform.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Markers</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Markers
are embedded sub-molecular particles applied to a solid, liquid or gas. The Company uses various building blocks, comprised of a variety
of molecules, to serve as markers for materials and products. For each project, its team selects a combination of molecules based on
the specification of the customer and marked material (for example, the marked medium, the production process, the end use of the product
and regulatory requirements, among others). The Company&#8217;s innovative reader can identify the marker and identify a response at
a sub molecular building block level, designed to make the marker identification more accurate.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ability to more accurately identify the concentration level of a marker allows the Company to use numerous markings from a variety of
different molecules. This enables it to not only identify the marker, but also identify the concentration within a product within a pre-defined
range and &#8220;read&#8221; whether the marked material was diluted (authenticating not only the marked goods but also identifying the
quantity).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the specifications of the marked product, the Company can mark materials based on several techniques, allowing its solution to be
implemented across materials and processes. Markers can carry information denoting each origins of manufacture, product provenance, date
of production and many other types of data, depending on customer needs.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company can produce either permanent or removable markers that can be applied either topically or internally to material in any state
of matter (solid, liquid or gas) to form an &#8220;Intelligence on Things,&#8221; or &#8220;IOT2&#8221; marking system. The IOT2 concept
involves marking products during or after the manufacturing process by inserting or applying materials to the products and encoding information
through this process, namely by the treatment of materials or affixing and embedding product authentication security devices. The IOT2
concept allows for materials in a wide variety of products to be protected against counterfeiting, tampering, and diversion, and to help
ensure the integrity of genuine products and manage the supply chain and logistics processes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
marker supports invisible, indelible, and non-damaging tracking of distinctive molecules designed to ensure uniqueness and prevent duplication
or counterfeiting. The marker is designed to not in any way affect the properties of the material it is applied to-it simply becomes
a part of that material. The molecules are designed to be inert, inactive, and invisible to the human eye.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Readers</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Markers
are embedded in the material and can only be read by designated readers. A reader scans for the existence of markers. If the reading
satisfies a pre-determined condition set by the Company (which can be programmed), than the reader can identify the marked product and
convey information about such product to the customer.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently utilizes an x-ray wave reader that is modified according to its specifications to allow it to scan its proprietary
markers. The reader and the Company&#8217;s algorithm are designed to make its detection method unique and prevent duplication or interference
with its markers. The reader is available as hand-held device or industrial apparatus for large-scale applications, with the ability
to read the embedded material data from a physical or chemical marker without requiring lengthy and expensive laboratory testing for
confirmation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Platform</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Blockchain
technology is a ledger of records, which are linked and designed to be secured using cryptography from third party infrastructure and
the Company&#8217;s architecture. The Company can record a marker manifestation on the blockchain and store this information in cloud
computing data storage. It has developed an algorithm designed to securely connect its reader to an existing platform (licensed from
a SaaS provider) and record changing ownership and other information to the blockchain. Once the Company&#8217;s blockchain solution
is implemented, a marked good or material is scanned in order to identify the marker, the results can be verified on the blockchain in
order to confirm the data embedded in it, such as the identity of the producer, date of production, supplier and past owners. During
the same scan, the reader can record to the blockchain a change of location or ownership of the marked product or material.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IOT2 concept mentioned above also refers to the retrieving, analyzing and processing of encoded information embedded on products and
product components and uploading such information to a cloud computing system or to a distributed blockchain system, creating a digital
twin to a physical product for the purpose of product authentication, brand protection, tracking and tracing products and product components,
supply chain management, and logistical processes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s solution offers the following applications across industries:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Process
Tracing</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Process
tracing involves the upstream marking of raw material and blockchain-backed scanning throughout processing stages to allow for full traceability
of raw material across its life cycle. Manufacturers are under increasing consumer and regulatory pressure to prove material provenance
in order to be able to certify compliance with environmental, social and governance (&#8220;ESG&#8221;), sourcing practices and carbon
content of finished goods. Through upstream marking of raw material and blockchain-backed scanning throughout the processing stages,
the Company&#8217;s technology enables real tracking and tracing of materials, including the source of those materials. Additionally,
the Company&#8217;s technology enables manufacturers to know whether any used items are theirs and enables them to pay third parties
to collect their used products, creating a market for collecting used products and selling them to other manufacturers.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Authentication</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Growing
concerns about component tampering along high security or critical infrastructure product supply chains and increasing counterfeit issues
for high value density products are also issues that the Company&#8217;s marking and authenticating process is designed to address. Manufacturers
can validate product authenticity to their customers by marking final products or prime components and scanning the marker at a retail
location or as part of the process of recycling their products.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Sustainability
and Circular Economics</I></FONT></P>

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end-to-end technology solution covers three product lifecycles to enhance the circular economy from raw material to manufacturing/production,
packaging, and end-of-life, enabling it to re-enter the economy for recycling or reuse. By marking upstream raw material and later scanning
recycled content at waste collection points, an advanced sorting of materials is enabled which can increase the value of recycled content
and in turn help to increase global recycling rates and recycled content certification.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Innovative
Technology</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s technology can serve various manufacturers&#8217; needs such as brand protection, authentication, track and trace for
supply chain integrity and quality assurance. This technology has the potential to disrupt several industries and enable manufacturers
and brand owners to be better able to protect their products.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Growing
Addressable Market</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
circular economy represents a potential opportunity for global economic growth as society moves towards a more sustainable future and
as manufacturers and other entities come under increasing consumer and regulatory pressure to comply with ESG sourcing practices.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Experienced
Development Technology Team</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s technology team is an experienced team of professionals, with a track record in the industrial sector and governmental
agencies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Cross
Segment Activity and Collaborative Relationships</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s technology is applicable for multiple industries. The growth potential of the Company is derived from its ability to
provide an adaptive solution for multiple market segments, based on a unified technology solution. The Company also has collaborative
relationships with leading companies which can provide it with access to various entities to which to sell its technology. This is part
of the Company&#8217;s strategy to create strategic partnerships with market leaders across its main segments of activity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Sustainability</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes regulatory and consumer pressure to increase recycling rates of high-pollution materials, such as plastics and rubber
as well as growing sustainability concerns and requirements to preserve resources and minimize pollution are important drivers for our
growth. Thus, any such sustainability regulations and consumer pressure promoting solutions that enable the circular economy, including
the solutions that the Company offers, can help to drive our growth.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s roadmap for entry into markets it identifies is as follows:</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
    Leader Adoption</I>. Adoption of the solution by a market leader that provides a &#8220;seal of approval&#8221; that the technology
    is valid for the industry and generates added value.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Becoming
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Regulator
    Adoption</I>. In the future, the Company aims to become the preferred solution by regulators and professional associations in each
    industry.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the varied needs of different industries, the Company&#8217;s research and development processes are divided according to industry.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Plastics,
Rubber and Other Materials</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022, Security Matters PTY completed a successful trial of marking recycled plastics by studying the impact of gravimetric and volumetric
feeding methods on final Post Consumer Recyclat (&#8220;PCR&#8221;), readings. The compounding master batch and extrusion processes of
these trials were performed on a pilot scale in a fully commercial and industrial facility. The Company&#8217;s team demonstrated its
ability to manage the process remotely, indicating the viability of industrial scale adoption.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
successful trial provides plastic manufacturer and importing companies with a proof of concept, enabling them to more accurately identify
and audit, via an automated transparent reporting system, the polymer type, number of loops and the amount of recycled content despite
the size and color of the plastic. As a result, the Company is positioning itself to be able to offer plastic manufacturing and importing
companies the ability to promote their operations as being sustainable and environmentally friendly. Combined with its ability to digitally
certify the materials, the Company is also positioning itself to offer these companies the ability to avoid human/manual-paper auditing
and use technology/automated auditing, which helps to reduce the potential for human errors and can provide for cost savings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, the Company announced that it succeeded for the first time in verifying a marker substance for natural rubber in a tire and
so throughout the entire production process. The dedicated marker technology is designed to create greater transparency along the entire
value chain of tires and technical rubber products. Provided with special security features, the use of the marker substances enables
the invisible marking of natural rubber with information on its geographical origin. This means, for example, that responsibly sourced
natural rubber and its origin can be verified at every stage of the supply chain all the way through to the customer. Since March 2023,
additional source testing with markers in rubber has been conducted with encouraging outcomes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the field test, the marker substance was added to responsibly grown latex during harvesting and withstood not only the intensive preparations
involved in the production of natural rubber but also the tire manufacturing process itself. In the manufactured tire, the data was retrieved
using special, purpose-built software and a reader and correctly interpreted. The appearance and performance of a bicycle tire containing
the invisible marker remained unchanged.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expects that the new marker technology can be used on a larger scale in the future during the process of sourcing rubber and
also to integrate it in other rubber products. As part of the industrialization of this technology, it is conceivable to link the markers
with blockchain technology. This could provide additional support for tamper-free monitoring of compliance with quality standards and
quality criteria along the complex supply chain of natural rubber.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 10, 2024, the Company announced that it has successfully completed the marking of 21 tons of natural rubber sourced in Latin America
from tree to tire. The program covered the marking at the tree in Latin America through manufacturing and production in the region. The
Company&#8217;s marker was added to the cup lump harvesting by the farmers prior to transfer to the manufacturing centre where the 42
tons of latex was converted to 21 tons of natural rubber. The bails were then transferred to tire manufacturing for commercial car, truck
and lorry tires. The tires were then sent for evaluation. The results demonstrated 100% success rates on all marked tires to have a proven
verification technology for origin authentication of the natural rubber and full traceability all along the entire supply chain data
and integrity from tree to tire.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2024, the Company announced its new solution to deliver a centralized blockchain reporting system for supply chain data, focusing
on ethical sourcing, origination, and brand authentication in the Natural Rubber industry. The Company developed a platform for natural
rubber producers and suppliers to monitor their supply chains in real-time. This digital platform is designed to integrate data from
various sources, including polygon information, satellite imagery, on-ground sensors, risk assessment document management and blockchain
records, to provide a holistic view of supply chain activities from tree to finished product in one centralised platform (tree, producer,
compounder, manufacturer, brand and recycler).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Plastic
Cycle Token</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 28, 2023, the Company announced the planned launch of a plastic cycle token, scheduled for release in the end of 2025.The initiative
is being designed to present a reliable, ethical digital credit platform, aiming to capitalize on billions of dollars in recyclable plastics
credits in a newly created market.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tradeable plastic cycle token is being designed to enable companies to transition towards sustainable practices, encouraging entities
within and outside the plastic ecosystem, including oil producers and waste management firms, to increase recycled content utilization.</FONT></P>

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

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initiative is also expected to position the Company&#8217;s Plastic Cycle Token as a next-generation alternative to carbon credits, creating
a new paradigm in the Impact ESG investment landscape. Each token is being designed to represent a quantifiable amount of recycled plastic
using the Company&#8217;s technology to physically mark the plastics, potentially offering a tangible impact on environmental circularity.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Gold
and Other Metals</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><FONT STYLE="text-decoration: underline">Gold</FONT></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY formed a joint initiative with W.A. Mint Pty Ltd. (&#8220;Perth Mint&#8221;) to develop a mine-to-marketplace ethical gold
supply chain technology solution. Since the incorporation of trueGold in June 2020, this research and development project aims to promote
a &#8216;mine to product&#8217; transparency solution dedicated to responsible mining of materials. The Company&#8217;s track &amp; trace
technology provides information on the origin of the materials and how they move across production and distribution chains towards recycling
and back to refining.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 29, 2020, Security Matters PTY signed a shareholders&#8217; agreement with Perth Mint and trueGold. The shareholders&#8217; agreement
and the ancillary agreements discuss the establishment of a new entity-trueGold-by Security Matters PTY and Perth Mint. Security Matters
PTY granted to trueGold, subject to the terms of the trueGold License Agreement, an exclusive, worldwide, perpetual license to use Security
Matters PTY&#8217;s technology for the purpose of commercializing it within the industry comprising gold as a precious metal (as elaborated
below). Security Matters PTY owns any development of its intellectual property and, while trueGold owns all generated data it creates,
trueGold granted to Security Matters PTY a free non-exclusive, irrevocable, perpetual, royalty free license to use the generated data,
subject to regulatory requirements and to the extent that it relates to the Isorad License Agreement technology or Security Matters PTY&#8217;s
technology. The parties agreed that neither Perth Mint or Security Matters PTY are required to provide any funding to trueGold and that
any investment by any of them in trueGold from time to time will be by way of in-kind contributions. Third party equity investors will
contribute the working capital will fund R&amp;D, development capital and other expenses in accordance with the business plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than with the consent of the other shareholders or between affiliates (defined, inter alia, as a related body corporate of a shareholder;
a company in which the shareholder beneficially owns 50% or more of the issued shares) a transfer of shares will be done subject to a
right of first refusal of the other shareholders, whom will also have tag-along rights and a drag-along (as elaborated below). Under
the constitution (as amended in July, 2022, to add the specific right of Security Matters PTY to purchase shares before any other shareholders)
any shareholder wishing to transfer shares must notify the board of directors and, before the board of directors authorize the transfer
of any share or shares, the share or shares must first have been offered to Security Matters PTY (for its own benefit and unless Security
Matters PTY is 50% owned by one entity), and if the Company does not notify within 30 days that it wishes to purchase, then to all other
shareholders (including Security Matters PTY) at a price to be agreed on by the transferor and the directors of trueGold. If the transferor
and the directors of trueGold are unable to agree on a price, the price of the relevant shares will be a price which: represents a fair
market price; and is determined by expert determination administered by the Australian Disputes Centre (ADC) in accordance with the ADC
Rules for Expert Determination which are operating at the time the matter is referred to ADC, which rules are incorporated into the constitution
of trueGold. The determination of such person in relation to the price of the relevant shares will be final and binding on all shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain terms and conditions, a drag-along right is established under which where shareholders wish to dispose of all of their share
to a third party that wishes to acquire 100% of trueGold and 75% or more of the aggregate number of shares on issue at that time agreed,
the remaining shareholders may be forced to transfer to the third party all of the shares held by each of the remaining shareholders.
In case of a deadlock (defined as a case where the board of directors disagrees on a material matter regarding the fundamental operation
of trueGold or the business and cannot resolve the disagreement within 10 business days of the disagreement first arising), if the shareholders
are unable to reach agreement on any matter, a dispute resolution mechanism was created.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors of trueGold was agreed to consist of not less than three and not more than seven. The board is comprised as follows:
Security Matters PTY may appoint (remove or replace) up to two directors; Zeren Browne; Perth Mint may appoint (remove or replace) up
to two directors; and Hugh Morgan, who is a non-executive, independent chair. A list of resolutions was set, which require a board majority
including at least one Security Matters PTY appointed director and one Perth Mint appointed director. Another list of resolutions was
set, which require a resolution carried by a majority of the shareholders including Security Matters PTY and Perth Mint. trueGold and
Yahaloma (defined below) agreed to bear the payments to Soreq related thereto of 4.2% of its revenues. The Company&#8217;s CEO, Mr. Haggai
Alon, provides CEO services to trueGold and reports to the board of directors of trueGold, and Zeren Browne provides General Manager
services to trueGold.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2023, Security Matters PTY entered into the trueGold Investment Agreement with trueGold. Pursuant to the trueGold Investment
Agreement, the AUD475,000 of indebtedness as of June 30, 2023 trueGold owed to Security Matters PTY was waived by Security Matters PTY
in exchange for the issuance of the trueGold Shares such that Security Matters PTY&#8217;s holdings in trueGold was increased to 51.9%
of the total issued and outstanding shares of trueGold, making Security Matters PTY the majority owner of trueGold. Additionally, the
trueGold License Agreement was amended to include additional intellectual property of Security Matters PTY to be licensed to trueGold
thereunder. Security Matters PTY shall further supply to trueGold a credit line for research and development work by its employees of
up to AUD1,000,000, free of interest and collateral.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter,
on July 10, 2024, in connection with the PMB LOI, Security Matters PTY&#8217;s ownership in trueGold was increased from 51.9% to 52.9%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>TrueSilver</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 7, 2023, we announced that we are in the process of creating a new subsidiary, TrueSilver SMX Platform Ltd. (&#8220;TrueSilver&#8221;),
and that we have entered into a 120-day exclusive agreement with Sunshine Minting Inc. (&#8220;Sunshine&#8221;), to create a path to
full transparency and traceability for silver products from mine site to final products and recycling and the creation of an industry
standard. During the 120-day exclusivity period, Sunshine shall evaluate our technology for its use, with possible further collaborations
thereafter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2023, we transferred the ownership of our wholly owned granddaughter company &#8220;Security Matters Canada Ltd.&#8221; from ownership
by our subsidiary Security Matters PTY to direct ownership by the Company and renamed it &#8220;TrueSilver SMX Platform Ltd.&#8221;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 15, 2024, the Company announced the successful completion of proof of concept for ethical sourcing and authentication of silver
in cooperation with Sunshine.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has now successfully completed the marking of 2.2 tons of silver within Sunshine&#8217;s operations. The program covered the
marking of the silver raw material through continuous manufacturing processes to final products including recycling loops.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s technology was added at the melting stage and the marked silver material was processed into blank (from casting, extrusion,
rolling, annealing, blank cutting &amp; recycling), and the quality of the marked intermediate material and final products was evaluated
(from billet to blank and recycled blank after several cycles).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results demonstrated 100% success rates on all marked products all along the production process (from billet to finished product) ensuring
the durability and irrefutable proof of quality and Brand authentication of the silver for credible ESG reporting for stakeholders, customers,
auditors, and regulators. Further testing has since been conducted, with all tests having passed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Non-Ferrous
Metals</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 29, 2022, Security Matters PTY signed a products distribution and SAAS reseller agreement with Sumitomo Corporation, a Japanese
corporation (&#8220;Sumitomo&#8221;). Under such agreement, Security Matters PTY appointed Sumitomo to act as Security Matters PTY&#8217;s
exclusive, worldwide distributor to market and sell markers, readers and Security Matters PTY services to customers for application in
the Non-Ferrous Metals Market (as defined below) only, subject to the customer entering into with Security Matters PTY its standard product
license agreement. The &#8220;Non-Ferrous Metals Market&#8221; is defined as all supply chain market segments of the industry for aluminum,
copper, lead, nickel, zinc, molybdenum, cobalt, lithium and tin.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price at which Security Matters PTY shall sell products to Sumitomo and the license fee at which Security Matters PTY shall license Security
Matters PTY products and Security Matters PTY service to Sumitomo shall be a discount of the invoices issued to the customers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the agreement shall remain in effect for an initial term of five years from the effective date of first commercial sale by Security Matters
PTY to Sumitomo of any products. The companies have agreed that over the coming years there is a target to reach $35 million in sales.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><FONT STYLE="text-decoration: underline">Alcoholic
Beverages</FONT></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, Security Matters PTY acquired all the holdings SMX Beverages Pty Ltd, a joint venture incorporated in February 2020 for
the promotion of solutions in the alcoholic beverage industries including in relation to the prevention of counterfeit alcoholic beverages,
circular economy concepts and packaging and supply chain within those industries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY has furthered advanced progress on source tracing utilizing food-grade markers with regard to glass bottles used for alcoholic
beverages and key ingredients in the production of alcoholic beverages, to include grapes, wheat, barely, and hops.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><FONT STYLE="text-decoration: underline">Diamonds
and Precious Stones</FONT></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 30, 2019, Security Matters PTY signed an agreement with Trifecta Industries Inc. (&#8220;Trifecta&#8221;) for the commercialization
of Security Matters PTY&#8217;s trace technology in the diamonds and precious stone industry. Under the terms of the agreement, Security
Matters PTY and Trifecta established Yahaloma, which is equally held by Security Matters PTY and Trifecta.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
parties covenanted not to pursue the use of Security Matters PTY&#8217;s technology for diamonds and precious stones, or any other venture
related to the testing of the origin of diamonds or precious stone, other than through the Yahaloma. Additionally, in agreement with
Isorad, all rights in and to any intellectual property related to the diamonds and precious stones industry that is developed by or for
Yahaloma is jointly owned in equal parts by the Security Matters PTY, Yahaloma and Soreq.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY continues to develop the technology and will supply Yahaloma technical services. Security Matters PTY bears the cost of such
R&amp;D services but the agreed hourly costs of Security Matters PTY&#8217;s staff is recorded as a shareholders loan of Security Matters
PTY to Yahaloma, once the first $250,000 to be paid by Trifecta are exhausted (which is yet to happen). Trifecta supplies Yahaloma diamonds
and other raw materials, which remain in the ownership of Trifecta. If Security Matters PTY causes damage to such diamonds during the
R&amp;D process, this will be reported the Trifecta and the damage recorded as a shareholders loan of Trifecta to Yahaloma. Trifecta
will supply Yahaloma services of business development. Trifecta bears the cost of such services but the agreed hourly costs of Trifecta&#8217;s
staff is recorded as a shareholders loan of Trifecta to Yahaloma. Management of Yahaloma is agreed to be jointly, with certain special
resolutions requiring agreement of both parties. Actual day-to-day management is in Canada.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the shareholders loan extended by man-hours as stipulated above, the parties covenanted to extend up to $1 million to Yahaloma
($350,000 by Security Matters PTY and $650,000 by Trifecta, with $250,000 extended by Trifecta registered as capital and all other funds
as shareholders loans). Funds were agreed to be injected upon reaching certain milestones. The Security Matters PTY loan of $350,000
are to be injected only upon reaching future milestones and only if such funds will be required, which stage has not yet arrived. Such
Security Matters PTY loan will bear an interest rate of 5% per annum. Upon Yahaloma being able to repay the shareholders loans, first
a sum of $250,000 will be repaid to Trifecta and then all other shareholders loans will be repaid pro-rata. Only after repayment of all
shareholders loans will Yahaloma distribute profits.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
party may not transfer its shares to others without the prior approval of the other party other than a transfer to an affiliate (defined
as an entity directly or indirectly controlled by a party or directly or indirectly controls such party or is directly or indirectly
controlled by a person which also, directly or indirectly, controls such person) done after 30-days&#8217; notice to the other party,
and after the affiliate agrees to adopt the agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yahaloma
agreed to bear the payments to Soreq related thereto (as described in &#8220;<I>Gold and Other Metals</I>&#8221; above).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><FONT STYLE="text-decoration: underline">Electronics</FONT></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY has joined an alliance, SEPA 2030, formed by six founding partners, among them the World Business Council for Sustainable
Development, to set a shared vision for a circular economy for electronics, called the Circular Electronics Partnership. This group of
global companies has been brought together to reduce e-waste and to commit to a roadmap for a circular economy for electronics by 2030.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2024, the Company has continued progressing on its planned solutions to the challenges of the electrical, electronic and electromechanical
industries relating to waste, reusability and supply chain protection. In today&#8217;s complex global environment, the Company believes
that ensuring that critical components and electronic circuit boards don&#8217;t end up in the wrong hands is more important than ever.
From sanctioned components slipping through hidden channels to sensitive technology being transferred without approval, the Company risks
are real, and the consequences to the end-users of this equipment can be devastating. We believe our innovative solution addresses this
growing problem by providing a comprehensive way to track and control restricted equipment. Utilizing sub-molecular markings combined
with microscale GPS trackers, the Company would attach an unremovable digital twin to any component or printed circuit board. On December
26, 2024, the Company announced that it achieved integration of its markers in NFC and RFID chips.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><FONT STYLE="text-decoration: underline">Fashion</FONT></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2020, Security Matters PTY announced that it had launched a Fashion Sustainability Competence Centre to enable fashion brands
globally, to transition successfully to a sustainable circular economy by being able to identify the origination of their raw materials
and hence, recycle their own unsold and/or end-of-life merchandise (garments, footwear and accessories including sunglasses) back into
new high-quality materials and new fashion merchandise. Security Matters PTY&#8217;s technology is applicable across a range of materials
including leather, silk, cotton, wool, coated canvas, vegan leather, polyesters, cashmere, metals (e.g., gold &amp; metallic parts) and
plastics; and its applications encompass finished leather goods, shoes, garments, and accessories. Security Matters PTY is also collaborating
with several luxury fashion conglomerates on R&amp;D projects to trace the origin of raw materials used in their supply chain and is
in commercial negotiations regarding the implementation of its solution with partners in the industry.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2023, we changed the name of the wholly owned subsidiary from &#8220;SMX France&#8221; to &#8220;SMX Fashion and Luxury&#8221; in
anticipation for such company to be used for the fields of fashion and luxury.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 26, 2024, coinciding with the announcements of the Company&#8217;s integration of its markers in NFC and RFID chips and the
ability of the marker&#8217;s coating to withstand 150 degrees Celsius, the Company identified the potential for the use of the markers
in wearable technology and active wear.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ability of Security Matters PTY to develop and maintain proprietary information technology is crucial to our success. Since 2015, Security
Matters PTY technology has been protected by more than 20 patent families and more than 100 patents filed around the world in various
stages with respect to our marking and reading technologies. The table below lists the 20 patent families. Under each patent family,
we note the countries under which such patents have been filed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides a list of Security Matters PTY&#8217;s patents that have passed the international phase (PCT) and may be publicly
disclosed:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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

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Abstract: Method and systems are presented for authentication of precious stones, according to their natural ID and/or predetermined
markings created in the stones, based on unique characteristic radiation response of the stone to predetermined primary radiation.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 2:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authentication
of metallic objects (US16/074,226, granted, expires 25/01/2040). Abstract: The present invention provides an anti-counterfeit marking
technique for verifying authenticity of objects using x-ray fluorescence (XRF) analysis.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 3:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access
control system and method thereof (US16/083,966, Pending, filed 21/03/2017). Abstract: The present invention relates to an access control
system, an access object and a method for access control. The access control system comprises an access request receiving device being
configured and operable for receiving an access object; the access request receiving device comprising an emitter configured and operable
for irradiating the access object with a radiation having a wavelength in the range of about 10&#8221;12 and 10&#8221;9 m and a detector
configured and operable for detecting a response signal from the irradiated access object; a control circuit being configured and operable
to receive the response signal from the access request receiving device and process the response signal to identify spectral features
indicative of an XRF signature of the access object; wherein the control circuit is adapted to generate an unlocking signal for switching
a module device between a locked state and an unlocked state upon identification of the XRF signature.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 4:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
method and a system for XRF marking and reading XRF marks of electronic systems (US10,607,049, granted, expires 04/042037, US16/834,732,
granted, expires 04/12/2037). Abstract: Methods and systems for verifying compatibility of components (e.g. parts or devices) of an electronic
system are disclosed. In certain embodiments the method includes: irradiating a first and second components presumably associated with
the electronic system, with XRF exciting radiation, and detecting one or more XRF response signals indicative of a first and a second
XRF signatures, emitted from the first and second components in response to the irradiation. Then the first and second XRF signatures
are processed to determine whether they are associated with respectively a first and second XRF marking compositions on the first and
second components, and the compatibility of the first and second components to the electronic system is determined/verified based on
the correspondence between the first and a second XRF signatures/marking. Certain embodiments also disclose electronic systems including
at least a first and a second electronic components/devices respectively having the first and second XRF marking compositions that enable
verification of compatibility of the components. Certain embodiments disclose techniques for pairing the first and second components
(e.g. devices) based a correspondence between the first and second XRF signatures/markings thereof. Certain embodiments disclose various
calibration techniques for calibrating the XRF measurements of XRF markings applied to different substrate materials of the electronic
components.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 5:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
XRF analyzer for identifying a plurality of solid objects, a sorting system and a sorting method thereof (US10,967,404, granted, expires
04/12/2037). Abstract: The present invention discloses a novel XRF analyzer capable of simultaneously identifying the presence of a marking
composition in a plurality of objects by modulating/varying the intensity of the excitation beam on the different objects and measuring
the secondary radiation thereof. The XRF analyzer comprises a radiation emitter assembly adapted for emitting at least one X-Ray or Gamma-Ray
excitation radiation beam having a spatial intensity distribution for simultaneously irradiating the plurality of objects; a radiation
detector for detecting secondary radiation X-Ray signals arriving from a plurality of objects in response to irradiation of the objects
by X-Ray or Gamma-Ray radiation, and providing data indicative of spatial intensity distribution of the detected data X-Ray signals on
the plurality of objects; and a signal reading processor in communication with the detector, the processor being adapted for receiving
and processing the detected response X-Ray signals to verify presence of the marking composition included at least one surface of each
object of the plurality objects.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 6:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method
for marking and authenticating precious stones (US16/091,222, granted, expires 20/10/2038, US Divisional 17/666,866, pending, filed 08/02/2022).
Abstract: Method and systems are presented for authentication of precious stones, according to their natural ID and/or predetermined
markings created in the stones, based on unique characteristic radiation response of the stone to predetermined primary radiation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 7:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X-ray
fluorescence system and method for identifying samples (US11,112,372, granted, expires 03/06/2038). Abstract: A control system and method
are presented for controlling operation of an X-ray Fluorescent (XRF) system for detecting at least one material carried by a sample,
for example at least one marker carried by the sample. The control system comprises: data input utility for receiving input data comprising
material/marker related data about said at least one material/marker; and data processor and analyzer utility. The data processor and
analyzer utility is configured and operable for analyzing the input data and determining optimal geometrical characteristics of the XRF
system for optimizing operational conditions of said XRF system to maximize amount of primary X-ray radiation that reaches a predetermined
region of the sample and is absorbed by a volume of said region and to maximize a portion of secondary radiation emitted from said region
that reaches a detector of the XRF system; and for generating operational data to the XRF system enabling adjustment of the geometrical
characteristics of the XRF system.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 8:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method
for Detecting Mishandling and Misuse of Food Products (US16/366,712, Pending, filed 25/09/2017). Abstract: The present invention provides
a method of labeling a product for human or animal use with an XRF identifiable label, the method comprising forming a pattern of at
least one FDA-grade material identifiable by XRF on at least an area of the product. Wherein the pattern is optionally at least partially
invisible to the naked eye and has predefined identifiable properties, wherein the product is selected from foods, therapeutics and cosmetics.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 9:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XRF-Identifiable
Transparent Polymers (US11,193,007, granted, expires 02/03/2038). Abstract: The invention provides formulations and masterbatches of
a polymeric material and XRF-identifiable markers, for producing transparent elements including a polymer and at least one XRF-identifiable
marker for a variety of industrial uses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 10:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
System for Virtual Currency based on Blockchain Architecture and Physical Marking (US16/609,686, Pending, filed 08/05/2018). Abstract:
Methods and system for management of transactions of marked objects are disclosed. In an embodiment, a method for recording a marked
object includes: determining specific and unique marking of the object by a reader unit; and communicating encrypted data indicative
of the marking and data indicative of the marked object to at least one server system, for generating at least one record of the object
and its marking thereat. The at least one server system may be a distributed blockchain system including: at least one blockchain service
module adapted for recording transactions of objects in a blockchain; and at least one management service module adapted for authorization
of each transaction of an object based on authentication of the transaction by: providing a reader unit with a certain reading scheme/parameters
that authorize/enable the reader unit to correctly read the specific marking on the object; and obtaining from the reader unit in response,
a reading data indicative of the marking being read using the reading scheme, and authenticating the object based on a match between
the reading data and stored data of the object&#8217;s marking which is stored by the at least one server. In turn, before carrying out
a request for recordation of a transaction for the object in the blockchain, the blockchain service module is adapted to await authorization
of the transaction from the management service.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 11:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
Object Marking System for Authentication and Verification (US11,221,305, granted, expires 23/10/2038). Abstract: Systems and methods
for marking of objects, such as keys/key-blanks, in a production line are disclosed. The objects are marked by applying a marking composition(s)
to pre-selected areas on the surface thereof. The system includes a marking unit for dispensing a volume of marking composition in one
or more localized pre-selected areas on the surface of an object to be marked; a holder/gripper for positioning the object to be marked
in one or more positions relative to the marking unit so as to allow the marking unit to dispense the marking composition on the one
or more pre-selected localized areas; a reading/verification unit for detecting the marking composition applied to the object thereby
verifying that the objects are properly marked; an orientation sensing unit for identifying the orientation of the object to be marked
relatively to the holder. The system also includes a controller configured for controlling the operation of the holder, orientation sensing
unit, and the marking unit. The reading/verification unit is adapted to identify the marking composition in the one or more pre-selected
areas on surface of the object by detecting an electromagnetic signal (such as XRF signal) emitted from the marking composition (e.g.
in response to its illumination by X-ray or gamma-ray).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 12:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
of Recyclable Goods and Their Source Materials (US17/766,874, Pending, filed 07/10/2020). Abstract: Techniques for monitoring production
and reuse of a recyclable material, and/or determining a currency or quality measure thereof, are disclosed. In the disclosed embodiments
one or more markers are introduced into ingredient material components of the recyclable material, where the one or more markers being
indicative of one or more properties of at least one of the ingredient material components. Information indicative of at least the one
or more properties is recorded in a database comprising a plurality of records, each associated with at least one of the one or more
markers. A signal obtained from a product comprising the recyclable material is processed for determining presence of at least one of
the one or more markers, and based thereon the information recorded in at least one of the database records associated therewith, and
a quality or currency measure of at least one of the ingredient material components of the recyclable material comprised in the product
is determined based on the one or more properties indicative by the information.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 13:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Systems
and Methods for Supply Chain Management and Integrity Verification Via Blockchain (US16/980,693, Pending, filed 14/03/2019). Abstract:
Systems and methods for managing transactions of physical objects are disclosed. The system is connectable to a first distributed ledger
adapted to record object transactions associated with transactions of one or more physical objects between parties. The system includes
a second distributed ledger adapted to record data indicative of object handling operations carried out with respect to the one or more
physical objects; and an object handling management module adapted to authenticate handling operations carried out with respect to the
one or more physical objects. The object handling management module is configured and operable for obtaining parameters of execution
of the handling operations, authenticating the parameters of execution of the handling operations, and recording the authenticated handling
operations in the second distributed ledger. The system thereby enables recordation of the object transactions associated with the one
or more physical objects upon authenticating that the parameters of execution of the handling operations that are carried out with respect
to the one or more physical objects satisfy one or more respective predetermined conditions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 14:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">System
and Method for Detection and Identification of Foreign Elements In A Substance (US17/285,167, Pending, filed 18/10/2019). Abstract: In
one embodiment, a system and method for inspecting a substance to detect and identify predetermined foreign element(s) in the substance.
The foreign element may carry X-ray responding material compositions, emitting X-ray signals in response to primary exciting X-ray or
Gamma-ray radiation. The inspection is performed during a relative displacement between the substance and an inspection zone, defined
by an overlap region between a solid angle of emission of an X-ray/Gamma-ray source and a solid angle of detection of X-ray radiation,
along a predetermined movement path, as the substance moves along said path, the detected X-ray radiation includes X-ray response signals
from successive portions of the substance propagating towards, through, and out of said overlap region. Measured data indicative of X-ray
response signals is analyzed to identify a signal variation pattern over time indicative of a location of at least one foreign element
carrying an X-ray responsive marker.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="text-decoration: underline">Patent
Family 15:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method
and System for Classification of Samples (US17/594,406, Pending. filed 05/04/2020). Abstract: A method and system are provided for model-based
analysis of samples of interest and management of sample classification. Predetermined modeled data is provided comprising data indicative
of K models for respective K measurement schemes based on a predetermined function having a spectral line shape, data indicative of M
characteristic vectors of M predetermined group to which different samples relate, and data indicative of a common vector of weights
for the M groups. A data processor utilizes said data and operates to apply model-based processing to measured spectral data of a sample
of interest using said predetermined modeled data, and generate classification data indicative of relation of said specific sample of
interest to one of said M predetermined groups.</FONT></P>

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Family 16:</FONT></FONT></P>

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Composite Polymers and Preparation Methods Thereof Traceable Composite Polymers and Preparation Methods Thereof for Providing Transparency
In Production Value Chains (US17/626,916, Pending, filed 15/07/2020). Abstract: The present invention is in the field of polymers comprising
XRF identifiable tracers allowing information to be encoded by the polymers, and in particular polymers for conservation, restoration
and retouching in artworks, electronics, coatings, plastics etc.</FONT></P>

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Family 17:</FONT></FONT></P>

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Composite Polymers and Preparation Methods Thereof Traceable Composite Polymers and Preparation Methods Thereof for Providing Transparency
In Production Value Chains (US17/626,923, Pending, filed 15/07/2020). Abstract: The present invention is in the field of polymers comprising
identifiable tracers by spectroscopic methods such as XRF, IR, NIR and XRD allowing information to be encoded by the polymers, and in
particular polymers for conservation, restoration and retouching in artworks, electronics, coatings, plastics, packaging, 3D printing,
rubber, and the like.</FONT></P>

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Family 18:</FONT></FONT></P>

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Composite for Marking Seeds and Plants (US17/639,397, application filed, filed 02/09/2020). Abstract: The invention concerns compositions
and methods for authenticating an agricultural product.</FONT></P>

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Family 19:</FONT></FONT></P>

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production and reuse of a recyclable material are disclosed. Combination of markers introduced into one or more ingredient material components
of recyclable materials are used to indicate one or more properties of at least one of the ingredient material components e.g., a type
of material used, percentage of the material type in the recyclable material, and suchlike. A signal obtained from a product comprising
the recyclable material can be processed to detect presence or absence of the combination of markers therein. Based on the detection
of the combination of markers, information indicative of the one or more properties of the at least one ingredient material component
is determined, and based on the information it is decided either about a suitable recycling process for reusing the at least one ingredient
material component, or a suitable disposal process for disposing the product.</FONT></P>

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and Method for Detection of Viruses by XRF (PCT/IL2021/050325, National Phase due by September 26, 2022). Abstract: The invention provides
methods and tools for the directed and indirect detection of infection with micro-organisms pathogens in biological and non- biological
samples, and specifically applications of XRF (X-ray fluorescence) methodology for the detection of infections with viral and bacterial
pathogens responsible for the widespread epidemics in mammals and humans, including COVID-19.</FONT></P>

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either located in the U.S. or with U.S. orientation, participation in various professional expos, conventions and exhibitions and entering
into agreements or arrangements with distributors in the U.S. markets and commencing collaborative relationships with commercial entities
for the development of new customized products. Moreover, the Company intends to continue to invest significant resources in research
and development in order to improve and build on its array of existing solutions and strive to develop new innovative products in sync
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associated with single use plastic waste. An embedded chemical marker allows for better tracking, monitoring and sorting of post-consumer
plastic with the Circular Value Chain Approach. The Company&#8217;s technology is applicable throughout the life cycle of the material
or product, from raw material to production to recycling. Its technology enables plastic footprint transparency and traceability along
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for use in the developed countries, such as rubber or food commodities (e.g., cocoa, soy, and palm oil). The creation of a digital twin
for each physical good enables participants in the value chain to come together and form the global ledger for the goods. As a number
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circular economies.</FONT></P>

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across multiple segments.</FONT></P>

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and development activities. The lessor (who represented that he is not aware of any such impending circumstances) has the right to shorten
the lease with 90 days-notice if it is demanded by a government entity to evacuate the premises, to change the agreement or to pay fines
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Government of Israel encourages research and development projects oriented towards products for export or projects which will otherwise
benefit the Israeli economy. This is conducted via the Israel Innovation Authority (&#8220;IIA&#8221;), which replaced the former Office
of the Chief Scientist (&#8220;OCS&#8221;). The Company has an approved project with the IIA under which it received a total of $162,000
in prior years. The Company is subject to paying 3% of its relevant revenues until repayment of the entire grant. As of December 31,
2023 and 2024, the Company has not paid any royalties to IIA. The difference between the consideration received and the liability recognized
at inception (present value) was treated as a government grant according to IAS 20 and recognized as a reimbursement of research expenses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
October 25, 2023, the interest was calculated at a rate based on 12-month London Interbank Offered Rate, or LIBOR applicable to US Dollar
deposits. However, on October 25, 2023, the IIA published a directive concerning changes in royalties to address the expiration of the
LIBOR. Under such directive, regarding IIA grants approved by the IIA prior to January 1, 2024 but which are outstanding thereafter,
as of January 1, 2024 the annual interest will be calculated at a rate based on 12-month Secured Overnight Financing Rate, the SOFR,
or at an alternative rate published by the Bank of Israel plus 0.71513%; and, for grants approved on or following January 1, 2024 the
annual interest will be the higher of (i) the 12 months SOFR interest rate, plus 1%, or (ii) a fixed annual interest rate of 4%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2024 and 2023, the liability amounted to $177,000 and $153,000, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><FONT STYLE="text-decoration: underline">Approved
Enterprise</FONT></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Israeli Encouragement of Capital Investments Law, 1959, is intended to encourage investment in industry in Israel in national priority
areas, to promote economic initiatives while giving preference to advanced and innovative industries, and to strengthen development areas.
Based on the Investment Law, the Investment Center may, on application, grant the status of &#8220;Approved Enterprise&#8221; for Capital
Investments in industry and tourism. Certificates of approval are issued and such approval entitles the project to receive substantial
support from the State. The support may be in the form of reduced taxation, investment grants or other benefits specifically designed
to encourage capital investment in Israel. Such State support is conditional on certain restrictions on the activities of a supported
company, which restrictions may not easily be alleviated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><FONT STYLE="text-decoration: underline">Isorad
License Agreement</FONT></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Isorad License Agreement (as amended), Security Matters PTY received from Isorad an exclusive, worldwide, royalty-bearing license,
to make use of (including to develop, manufacture, use, market, offer for sale, sell, export and import in the field of marking methods)
US patent number 8158432 B2 and the technology derived from it can be utilized in almost any industry and with any product. Additionally,
any uses for the Israeli Security Forces and/or its purposes will be conducted via us at a &#8220;cost plus&#8221; price to be agreed.
While Isorad and Soreq reserve the right to freely continue to research and develop the technology, Security Matters PTY has a right
of first offer to any newly developed technology. If the Source IP is developed further by Soreq and Soreq wishes to commercialize the
new technology, then Soreq must offer the right to commercialize the new technology to Security Matters PTY in the first instance.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY and its affiliate are to pay Isorad royalties for 25 years as of January 1, 2020, in the amount of 2.2% of all gross sales
by the Company, our affiliates or sublicensees and after 25 years the license becomes royalty-free. Gross sales are defined under the
Isorad License Agreement to include the total amount invoiced or received by Security Matters PTY and/or its affiliates, including, without
limitation, for sale of products and provision of services. If Security Matters PTY charges a fee for sublicensing or an option for a
sublicense, for which it does not pay the 2.2% royalty described above, such income will be subject to royalty payment of 15% of the
amounts received. The royalties for revenues from sub-licensing the technology are payable as of January 1, 2020.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of the next M&amp;A event (as such event is defined in such agreement to include mergers, sale of all or substantially
all the assets of ours and similar event) Security Matters PTY is to pay a cash amount equal to 1.5% of the Exit Consideration (as such
term is defined in such agreement). Additionally, Isorad was issued 864,000 options to purchase shares of Security Matters PTY and is
entitled to receive 1% of any amount actually received against equity or other funding convertible into equity at the closing of the
transaction and any amount actually received against equity or other funding during a period of 13 months thereafter (to be paid after
reaching an aggregated received amount of $27 million, or at the end of such 13 months, the earlier thereof). This will not apply to
any future offer of shares, merger or sale of assets thereafter. As of December 31, 2024, based on the funds the Company actually received,
the Company recognized a technology license intellectual property at the amount of $158 thousand against a liability that reflects the
due amount.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Isorad License Agreement, Isorad can only refuse to approve a sublicense based on governmental defense, security, governmental policy,
political and other official State of Israel policy considerations. A sublicensee cannot further grant, directly or indirectly, to any
third party any sublicense or rights to the technology and cannot further assign the sublicense agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifically
as to Yahaloma, the royalty rate on gross sales of Yahaloma, to be paid by Yahaloma, are 4.2% (and not 2.2% that applies solely to Security
Matters PTY, its other affiliates and to other sublicensees). Upon the occurrence of an M&amp;A event (as such event is defined in such
agreement to include mergers, sale of all or substantially all the assets of Yahaloma and similar event), Isorad is entitled to a fee
equal to 1% of the total consideration paid to, received by, or distributed to, Yahaloma and/or its shareholders and/or its affiliates
in connection with the event, including, without limitation, all cash, securities or other property which is received by Yahaloma and/or
its shareholders in connection with such event of two such events (i.e. twice) at its choice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Isorad License Agreement will continue in full force and effect until terminated pursuant to its terms. If either party does not remedy
a material breach of its obligations within 180-days of notice of the material breach, the non-defaulting party may terminate the Isorad
License Agreement immediately. Isorad may terminate the agreement by providing 30-days prior written notice if the royalties payable
to Isorad are $nil in any semi-annual report and we have breached other certain obligations (such as a failure to maintain a patent or
patent application in the previous semi-annual review period).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY has provided broad indemnities to Isorad and Soreq and their related parties under the terms of the Isorad License Agreement.
The Isorad License Agreement is governed by the laws of Israel.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><FONT STYLE="text-decoration: underline">Safety
Certifications and Permits</FONT></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is in compliance with the requirements of the ISO 9001:2015 standard for quality management and quality assurance. The ISO organization
promotes worldwide proprietary, industrial and commercial standards. The Company is examined annually to verify that we comply with the
ISO standards of excellence, safety, quality, process management and risks management, and currently holds an ISO certificate as of the
date of this prospectus.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the provisions of the Israeli Non Ionizing Radiation Law, and the Work Safety regulations (regarding employment safety and health of
those working with non-ionizing radiation), the Company is required to hold a valid license for operations involving non ionizing radiation
as well as employ a safety expert with qualifications as defined by the law. As of May 8, 2022, Security Matters PTY has a valid license
for operations involving non ionizing radiation and employs a safety expert as required by law. Additionally, the import and use of its
readers may be subject to a license requirement in certain jurisdictions, which requirement may change from one jurisdiction to another.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 25, 2025, the Company had 19 employees, 11 full time employees and 1 part time employees located in Israel. The Company
also has 5 employees in Singapore, one in Australia and one in the United Kingdom.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the Company&#8217;s employees are members of a union or subject to the terms of a collective bargaining agreement. In Israel, the
Company is subject to certain Israeli labor laws, regulations and Labor Court precedent rulings, as well as certain provisions of collective
bargaining agreements applicable to the Company by virtue of extension orders issued in accordance with relevant labor laws by the Israeli
Ministry of Economy and Industry, and which apply such agreement provisions to the Company&#8217;s employees even though they are not
part of a union that has signed a collective bargaining agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the Company&#8217;s employment and consulting agreements include standard non-compete and intellectual property assignment provisions,
as well as strict confidentiality obligations. The enforceability of non-compete provisions may be limited by Israeli law.</FONT></P>

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

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Company has a diversity policy in effect, last updated and approved by the board on February 7, 2021, according to which we are committed
to gender diversity across its Board, senior management team and across its entire workforce, with a particular goal of increasing the
representation of women in all areas.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Company may become involved in legal proceedings or may be subject to claims arising in the ordinary course of our
business. Although the results of these proceedings and claims cannot be predicted with certainty, the Company currently believes that
the final outcome of these ordinary course matters will not have a material adverse effect on our business, operating results, financial
condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs,
diversion of management resources and other factors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is currently engaged in an arbitration process with <I>R&amp;I </I>Trading. The statements of claim by the parties to the arbitration
proceedings were filed on January 6, 2025. <I>R&amp;I</I> Trading&#8217;s statement of claim demands full restitution of the amounts
paid by it under the agreement. The Company&#8217;s statement of claim alleges that <I>R&amp;I</I> Trading breached the agreement and
has requested the arbitrator to grant relief for the division of remedies in the event that the Company is presented with further expenses
by suppliers and employees that have not yet been included in its damage estimate. The Company also raised claims regarding loss of opportunities
and requested declaratory relief in favor of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to filing the statement of claim, on December 26, 2024, the Company filed a motion for declaratory relief. On January 9, 2025, <I>R&amp;I
</I>Trading responded to the motion. The Company had until January 23, 2025 to submit reply papers in connection with this motion practice.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 6, 2025, the parties filed a request for the approval of a mutual procedural arrangement, under which, among other things, R&amp;I
Trading will file an affidavit stating that it is not using the Company&#8217;s IP rights and has no intention of violating the Company&#8217;s
IP rights; the Company will withdraw the motion for a declaration and amend its statement of claim accordingly by March 30, 2025; the
statements of defense will be filed by April 21, 2025; and the statements of reply will be filed by May 12, 2025.</FONT></P>

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March 7, 2025, the arbitrator approved the request, and on March 23, 2025, R&amp;I Trading filed its affidavit. On May 11, 2025, the
parties filed their statements of defense. On June 26, 2025, the parties filed their reply to the statement of defense. An arbitration
hearing was scheduled for July 21, 2025. On July 31, 2025, the parties exchanged general affidavits of disclosure and requests for response
to questionnaire and for disclosure of documents. At this preliminary stage, it is not possible to assess the chances of the Company&#8217;s
claim and the outcome of the arbitration proceedings</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="ab_001"></FONT>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
following discussion and analysis provide information which our management believes is relevant to an assessment and understanding of
the Company&#8217;s consolidated results of operations and financial condition. This discussion and analysis should be read together
with our audited consolidated financial statements and related notes as of December 31, 2023 of our Company and our predecessor companies
included elsewhere in this prospectus. This discussion and analysis should also be read together with the section of this prospectus
entitled &#8220;Business&#8221;. In addition to historical financial information, this discussion and analysis contains forward-looking
statements based upon current expectations that involve risks, uncertainties and assumptions. See the section entitled &#8220;Cautionary
Statement Regarding Forward-Looking Statements&#8221; elsewhere in this prospectus. Actual results and timing of selected events may
differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth
under &#8220;Risk Factors&#8221; or elsewhere in this prospectus.</I></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company integrates chemistry, physics, and computer science to give materials memory and create a culture of transparency and trust across
multiple industries. The Company&#8217;s over 100 patents in various stages of application support unique marking, measuring, and tracking
technologies allowing clients to seamlessly deploy transparency at all levels of development and provide stakeholders with a complete
provenance of material composition and history, from virgin material to recycled, to address manufacturing challenges and ESG goals while
maintaining sustainable growth. As a result, the Company&#8217;s technologies are designed and developed to help companies address ESG
commitments and transition more successfully to a low-carbon economy.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s technology seeks to enable global companies across various industries to transition more successfully to a sustainable
circular economy. By adopting our technology, they would be able to tangibly measure and track the raw material from origination, through
the supply chain and at the end of life-where the amount of material recycled/reused from that product item can be measured and as well
as the number of times that specific material/item has been recycled/reused.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides one solution to solve both authentication and track and trace challenges in order to uphold supply chain integrity and
provide quality assurance and brand accountability to producers of goods. Its technology works as a track and trace system using a marker,
a reader and an algorithm to identify embedded sub-molecular particles in order to track and trace different components along a production
process (or any other marked good along a supply chain) to the end producer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its
proprietary marker system embeds a permanent or removable (depending on the needs of the customer) mark on solid, liquid or gaseous objects
or materials. One reader can detect embedded data in various materials, from metals to fabrics to food and plastics, with all data logged
onto the same digital platform. This versatility across materials sets the Company&#8217;s technology apart from competitors. Each marker
is comprised of a combination of marker codes such that each marker is designed to be unique and unable to be duplicated. The marker
system is coupled with an innovative patented reader that responds to signals from the marker and, together with a patented algorithm,
captures the details of the product retrieved and stored on a blockchain digital ledger. Each marker can be stored, either locally on
the reader and on private servers, cloud servers or on a blockchain ledger, to protect data integrity and custody.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
potential of the Company&#8217;s technology application extends beyond merely tracing raw materials from origination to finished product
for recycling and reuse. It has the potential to serve as a cornerstone for broader innovative markets, including the following:</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2023, the Company unveiled plans for the launch of the world&#8217;s first plastic cycle token. In response to the global plastic
recycling rate of just 9% and an estimated market valued at over $40 billion, this initiative aims to establish a reliable, ethical digital
credit platform, tapping into the vast potential of recyclable plastics credits in a new market. Collaborating with a range of partners
and sponsors, each offering unique skills and expertise, the Company aims to create the Plastic Cycle Token, facilitating companies&#8217;
transition to sustainable practices. This token is poised to serve as a next-generation alternative to carbon credits, aligned with the
European Union&#8217;s efforts to improve recycling rates. Leveraging its technology, which enables physical traceability of recycled
materials, the Company seeks to incentivize genuine plastic recycling, promoting environmental circularity and supporting impactful ESG
investments and securing the integrity of electronic components including the Artificial Intelligence (AI) industry, and their supply
chains from raw materials to final systems using its proprietary cyber digitizing hardware protection technology. This was followed by
another announcement by the Company in January 2024, for a $5 million contract with R&amp;I Trading, deploying cutting-edge technology
to enhance supply chain transparency for a NATO member state, with plans to expand to additional NATO members. This partnership aims
to establish new standards in brand protection, authentication, and ethical sourcing, particularly in the FMCG sector. Through this initiative,
the Company is committed to promoting transparency and security in global supply chains, reflecting its dedication to ethical business
practices and technological innovation. Subsequent to June 30, 2024, R&amp;I Trading sent a termination notice to the Company and a demand
for arbitration with respect to disputed payment amounts under the contract. The Company believes the termination of the contract is
unlawful and has demanded that R&amp;I Trading honor its obligations under the contract. The Company further believes R&amp;I Trading&#8217;s
claims are without merit and intends to defend any action, if and when commenced, vigorously. The Company is currently engaged in an
arbitration process with R&amp;I Trading. The statements of claim by the parties to the arbitration proceedings were filed on January
6, 2025. R&amp;I Trading&#8217;s statement of claim demands full restitution of the amounts paid by it under the agreement. The Company&#8217;s
statement of claim alleges that R&amp;I Trading breached the agreement and has requested the arbitrator to grant relief for the division
of remedies in the event that the Company is presented with further expenses by suppliers and employees that have not yet been included
in its damage estimate. The Company also raised claims regarding loss of opportunities and requested declaratory relief in favor of the
Company. Prior to filing the statement of claim, on December 26, 2024, the Company filed a motion for declaratory relief. On January
9, 2025, R&amp;I Trading responded to the motion. The Company had until January 23, 2025, to submit reply papers in connection with this
motion practice. On March 6, 2025, the parties filed a request for the approval of a mutual procedural arrangement, under which, among
other things, R&amp;I Trading will file an affidavit stating that it is not using the Company&#8217;s IP rights and has no intention
of violating the Company&#8217;s IP rights; the Company will withdraw the motion for a declaration and amend its statement of claim accordingly
by March 30, 2025; the statements of defense will be filed by April 21, 2025; and the statements of reply will be filed by May 12, 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 7, 2025, the arbitrator approved the request, and on March 23, 2025, R&amp;I Trading filed its affidavit. On May 11, 2025, the
parties filed their statements of defense. On June 26, 2025, the parties filed their reply to the statement of defense. An arbitration
hearing was scheduled for July 21, 2025. On July 31, 2025, the parties exchanged general affidavits of disclosure and requests for response
to questionnaire and for disclosure of documents. At this preliminary stage, it is not possible to assess the chances of the Company&#8217;s
claim and the outcome of the arbitration proceedings</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Status
of Ybyr&#225; Capital Heads of Agreement</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
previously disclosed that we entered into a non-binding Heads of Agreement, dated December 5, 2024 (the &#8220;Heads of Agreement&#8221;)
with Ybyr&#225; Capital S.A., an emerging holding company focused in commodities and real estate development in South America, and
most recently updated the status of the Heads of Agreement on January 23, 2025. The Heads of Agreement provides a roadmap towards a potential
transaction, including the need for further due diligence, regulatory and shareholder approvals. As of the filing date of this prospectus,
the parties have been unable to finalize the principle deal terms or commence drafting of definitive transaction documents. While we
believe negotiations are continuing, we can no longer give any assurance that definitive documents will ever be negotiated, executed
or delivered, or that a transaction will ever be consummated.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
Israel was incorporated in 2014 to provide brand protection and supply chain integrity solutions to businesses. It provides these solutions
through the commercialization of the Source IP. The Source IP was initiated from Soreq. In January 2015, SMX Israel entered into the
Isorad License Agreement with Isorad. Under the Isorad License Agreement, as amended, the Source IP can be utilized in almost any industry
and with any product.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
Israel merged into Security Matters PTY to effect a listing on the Australian Securities Exchange under the symbol &#8220;ASX: SMX.&#8221;
At that time, Security Matters PTY had three wholly-owned subsidiaries: SMX Israel, SMX Fashion and Luxury (France), and SMX Beverages
Pty Ltd. (Australia). It was also the record holder of 50% of Yahaloma and, as of October 3, 2023, 51.9% of trueGold.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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    being subject to a cashless exercise based on a Black-Scholes valuation, in exchange for Security Matters Shares. Under the Scheme
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    implied value of $10.00 per Ordinary Share and the Company became the holder of all of the issued shares in Security Matters PTY
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    had their warrants automatically adjusted to become exercisable in respect of Ordinary Shares instead of Lionheart shares; and</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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a result of the Business Combination, the Company owns the entire share capital of Security Matters PTY. Accordingly, for financial reporting
purposes, Security Matters PTY (the legal subsidiary) is the accounting acquirer and the Company (the legal parent) is the accounting
acquiree. The consolidated financial statements prepared following the reverse acquisition were issued under the name of the Company,
but they were a continuance of the financial statements of Security Matters PTY and reflected the fair values of the assets and liabilities
of the Company (the acquiree for accounting purposes), together with a deemed issuance of shares by Security Matters PTY at fair value
based on the quoted opening share price of the Company in its first trading day following the closing of the Business Combination, and
a recapitalization of its equity. This deemed issuance of shares is in fact both an equity transaction under IAS 32 (receiving the net
assets of the Company) and an equity-settled share-based payment transaction under IFRS 2 (receiving the listing status of the Company).
The difference between the fair value of the shares deemed to have been issued by Security Matters PTY and the fair value of the Company&#8217;s
identifiable net assets represent a payment for the service of obtaining a stock exchange listing for its shares and it is therefore
expensed immediately to profit or loss at the closing date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Key
Factors Affecting Operating Results</B></FONT></P>

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Company believes that its performance and future success depend on several factors that present significant opportunities for us but
also pose risks and challenges, including those discussed below and in the section of this prospectus titled &#8220;<I>Risk Factors</I>.&#8221;</FONT></P>

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Agreements</FONT></FONT></P>

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Company&#8217;s technology seeks to enable global companies across various industries to transition more successfully to a sustainable
circular economy. By adopting our technology, they can be able to tangibly measure and track the raw material from origination, through
the supply chain and at the end of life-where the amount of material recycled/reused from that product item can be measured and as well
as the number of times that specific material/item has been recycled/reused.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the fact that we aim our sales efforts at large multi-national market-leading conglomerates, our sale cycle is of several quarters
and there is a risk associated with it that at any time, due to force majeure, or events like pandemics, natural disasters, cyberattacks,
regional wars, global tension, global supply chain challenges and climate change, that are beyond our control, the sale cycle will be
broken and all efforts will be lost.</FONT></P>

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in making such technology a market standard, which will greatly assist the creation of future income. Any delays in the successful completion
of projects or the creation of a market standard, as well as the materialization of any of the risks described in the section entitled
&#8220;<I>Risk Factors</I>&#8221; above may impact the ability to generate revenue.</FONT></P>

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

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results of operations presented below should be reviewed in conjunction with the consolidated financial statements and notes included
elsewhere in this prospectus.</FONT></P>

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date, we have not seen substantial revenue from our technology sales. This is partly because our focus has been on creating a seamless
onboarding process for multinational clients, establishing a solid foundation to become an industry standard, and ensuring readiness
for a full and rapid deployment as a global commercial service.</FONT></P>

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

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employees.</FONT></P>

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from prospective customers. Those funds are reimbursements for expenses and therefore are offset against the related R&amp;D expenses
in profit or loss.</FONT></P>

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facility-related costs and other general and administrative expenses. In the year ended December 31, 2024, general and administrative
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
expenses, net consists primarily of revaluation of financial liabilities and warrants at fair value, interest on borrowings, inducement
expenses, exchange rate difference, and fees and commissions to banks.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Gain
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See &#8220;<I>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations &#8211; Contractual Obligations
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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

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2023, July 15, 2024, January 15, 2025, June 16, 2025 and August 7, 2025, respectively.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>General
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of $3,838 thousand, or 23%, compared to $16,567 thousand for the year ended December 31, 2023. The net decrease was primarily attributable
to a decrease of $4,735 thousand in transaction costs, a decrease of $261 thousand in travel expenses, set-off with an increase of $858
thousand in professional services expenses, and an increase of $482 thousand in share-based compensation costs.</FONT></P>

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of $13,844 thousand, or 508.4%, compared to $2,723 for the year ended December 31, 2022. The net increase was primarily attributable
to an increase of $7,278 thousand in Business Combination cost, an increase of $5,128 thousand in public company expenses, an increase
of $1,085 thousand in Share based compensation, an increase of $413 thousand in Wages and salaries related reflecting an increase in
payroll expenses and in the number of employees and an increase of $388 thousand in travel expenses, due to returning to full operation
after the COVID-19 pandemic which is offset by decrease of $438 thousand in Professional services expenses.</FONT></P>

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

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increase of $348 thousand, or 13%, compared to $2,711 thousand for the year ended December 31, 2023. The major changes in research and
development expenses were an increase of $568 thousand in salaries and related expenses and materials and laboratory expenses that increased
by $211 thousand, set-off with a $209 thousand decrease in subcontractors and consultant expenses, all due to rolling out of the Company&#8217;s
technology.</FONT></P>

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increase of $813 thousand, or 42.8%, compared to $1,898 thousand for the year ended December 31, 2022. The major changes in research
and development expenses were an increase of $320 thousand in share-based compensation expenses and reimbursement from proof of concept
projects that decreased by $568 thousand.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Selling
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Company&#8217;s selling and marketing expenses totaled $992 thousand for the year ended December 31, 2024, an increase of $331 thousand,
or 50%, compared to $661 thousand for the year ended December 31, 2023, and was primarily due to an increase of $222 thousand in wages
and salaries related due to hiring new professional senior selling and marketing team and an increase of $74 thousand for marketing,
consulting and digital media expenses.</FONT></P>

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Company&#8217;s selling and marketing expenses totaled $661 thousand for the year ended December 31, 2023, an increase of $92 thousand,
or 16.1%, compared to $569 thousand for the year ended December 31, 2022, and was primarily due to an increase of $176 thousand in wages
and salaries related due to hiring new professional senior selling and marketing team. This was offset by a decrease in marketing expenses
and consulting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Listing
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representing deemed issuance of shares at fair value at the closing of the Business Combination and $5,203 thousand, which represents
the fair value of the Company&#8217;s identifiable net assets which represents a payment for the service of obtaining a stock exchange
listing for its shares and it is therefore recorded to the consolidated statement of comprehensive loss.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Finance
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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compared to $1,580 thousand for the year ended December 31, 2023. The increase is due to a $2,100 thousand revaluation of convertible
notes and financial liabilities at fair value revaluations set-off with $113 thousand revaluation of public warrants financial liabilities
at fair value, and $2,396 thousand due to foreign currency changes and interest expenses. The Company&#8217;s finance expenses for the
year ended December 31, 2024, amounted to $13,493 thousand, an increase of $5,602 thousand, or 71%, compared to $7,891 thousand for the
year ended December 31, 2023. The increase mainly attributed to a $4,660 thousand revaluation of the bridge loans and convertible notes,
and $893 thousand due to foreign currency changes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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2024. The Company&#8217;s finance income for the year ended December 31, 2023, totaled $1,580 thousand, an increase of $1,552 thousand,
or 5,543%, compared to $28 thousand for the year ended December 31, 2022. The increase is due to $927 thousand revaluation of public
warrants financial liabilities at fair value and $377 thousand revaluation of convertible note. The Company&#8217;s finance expenses
for the year ended December 31, 2023, amounted to $7,891 thousand, an increase of $6,763 thousand, or 599.6%, compared to $1,128 thousand
for the year ended December 31, 2022. The increase mainly attributed to a $3,704 thousand revaluation of the bridge loans and convertible
notes, $2,005 thousand due to warrants revaluation, $1,000 thousand due to interest on borrowings, and $250 thousand from inducement
expenses.</FONT></P>

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

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

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

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the fiscal year ending December 31, 2024, the Company recognized amortization and impairment of its intangible assets, technology assets,
and goodwill, as the intangible assets are now matured to commercial stage and in active use. Amortization expenses totaled $2,075 thousand
and the impairment amounted to $9,010 thousand.</FONT></P>

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

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

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the year ended December 31, 2023, the Company recorded a gain from remeasurement of investment in associated company amounted to $22,164
thousand and reflects the remeasurement of the investment in trueGold at fair value following the Company obtaining control over true-Gold,
since before the transaction&#8217;s completion the Company held 44.4% of the shares of true-Gold which were treated as a joint venture
investment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Share
of Net Profit/Loss of Associated Companies</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of net loss of associated companies consists of equity profit or loss from associated joint venture activity for the year ended on December
31, 2024, amounted to nil, and for the year ended on December 31, 2023, and 2022 at the amount of $101 thousand loss compared to $106
thousand profit, respectively. As of December 31, 2024, December 31, 2023, and December 31, 2022, the carrying amount of the investment
in associated companies is $105 thousand, $115 thousand and 221 thousand, respectively.</FONT></P>

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


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

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of December 31, 2024, the Company estimated carry forward tax losses of approximately $69,363 thousand (December 31, 2023: $45,095 thousand)
which may be carried forward and offset against taxable income for an indefinite period in the future. The Company and its subsidiaries
did not recognize deferred tax assets relating to carry forward losses in the financial statements because their utilization in the foreseeable
future is not probable.</FONT></P>

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

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

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the fiscal year ending December 31, 2024, the Company has an operating loss of $27,865 thousand, an improvement from the $36,741 thousand
loss reported for the year 2023 (the prior year&#8217;s losses included one-time listing expenses of $16,802 thousand). These losses
are largely attributed to the recognized amortization and impairment of its intangible assets, technology assets, and goodwill, as well
as to increased investments in research and development and accelerated business development activities.</FONT></P>

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

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

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Company had a net loss of $35,401 thousand for the fiscal year ending December 31, 2024, compared to a net loss of $20,989 thousand,
or 68.7%, for the fiscal year ending December 31, 2023, and $6,184 thousand for the year ended December 31, 2022. The year 2023 included
a one-time gain from the remeasurement of investments in associated companies amounting to $22,164 thousand.</FONT></P>

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

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our inception through December 31, 2024 and thereafter, the Company has funded its operations principally through the issuance of Ordinary
Shares, warrants, convertible notes, loans from investors and related parties, governmental grants and reimbursement from prospective
customers for paid pilots and proof-of-concept projects. As of December 31, 2024, the Company had $2,343 thousand in cash and cash equivalents.</FONT></P>

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December 30 and 31, 2024, some of the option warrant A holders as part of the private placement transaction, entered into by the Company
on September 11, 2024 (see <I>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations - Contractual
Obligations &#8211; Private Placement Transaction</I>) submitted an exercise instruction to convert the option warrants into shares,
in exchange for an exercise addition of $1,510 thousands, which was transferred to the Company&#8217;s bank account only on January 2,
2025.</FONT></P>

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Company consummated a transactions pursuant to a Securities Purchase Agreement dated as of March 28, 2025 and issued and sold to 1800
Diagonal the March 2025 Note.</FONT></P>

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

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the RBW Note, in the principal amount of $6,875 thousand, and purchase price (cash in) amount of $5,500 thousand, before transaction
cost for legal and agents fees in the amount of $855 thousand. The RBW Note carries an original issue discount (OID) of 20%, bears 0%
interest per year. The RBW Investors have the right to convert the outstanding principal into Ordinary Shares at a 15% discount based
on the lowest daily weighted average price during the 7 trading days before immediately prior to the date of the conversion. As of the
date of this prospectus, the Company was funded with $2,750 thousand.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Operating
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activities of $12,479 thousand during the year ended December 31, 2023. The cash used is mainly attributed to the net loss for the period
which amounted to $35,401 thousand and adjusted mainly as non-cash, remeasurement at the amount of $6,813 thousand for impairment of
goodwill, depreciation and amortization remeasurement at the amount of $2,273 thousand of fixed assets and intangible assets, impairment
of intangible assets remeasurement at the amount of $2,197, thousand financial expenses due to loans and financial derivatives and other
financial instruments measured at fair value at the amount of $9,144 thousand and stock-based compensation expenses at the amount of
$3,657 thousand.</FONT></P>

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to the net loss for the period which amounted to $20,914 thousand and adjusted as non-cash, remeasurement of investment in associated
company at the amount of $22,164 thousand due to the acquisition of additional 7.5% in trueGold, Business Combination listing costs at
the amount of $16,802 thousand, financial expenses due to bridge loans at the amount of $3,800 thousand and stock-based compensation
expenses at the amount of $3,269 thousand.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities was $190 thousand during the year ended December 31, 2024, consisted of capitalized development costs
in the amount of $169 thousand and $21 thousand used for purchasing property, plant and equipment. Net cash used in investing activities
was $1,036 thousand during the year ended December 31, 2023, consisted of capitalized development costs in the amount of $976 thousand
and $60 thousand used for purchasing property, plant and equipment. Net cash used in investing activities was $1,127 thousand during
the year ended December 31, 2022, and consisted of capitalized development costs in the amounts of $975 thousand and $152 thousand, which
were used for purchasing property and equipment.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities was $13,110 thousand during the year ended December 31, 2024, consisted mainly of $12,647 thousand
proceeds from issuance of shares, convertible notes and warrants, and a $1,000 loan. Net cash provided by financing activities was $11,954
thousand during the year ended December 31, 2023, consisted mainly of $2,679 thousand in advance payment for equity, $2,356 thousand
in net proceeds from issuance of promissory note $2,919 thousand for net proceeds from issuance of shares in the Business Combination
net , an aggregate of $2,630 thousand net proceeds from the issuance of shares and warrants, $642 thousand in exercise of warrants, $550
thousand in proceeds from issuance of bridge loans and warrants and $250 thousand in proceeds from the issuance of a convertible note.
Net cash provided by financing activities was $3,846 thousand during the year ended December 31, 2022, consisted mainly of $3,310 thousand
in proceeds from issuance of bridge loans and warrants and $581 thousand of proceeds from issuance of convertible notes and $182 thousand
net issuance of shares, which was partially offset by payment of $172 thousand for loan repayment to related parties.</FONT></P>

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

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

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Company has incurred and continues to incur losses and continues to generate negative cash flows from operations since the inception
in 2015. Since the Company&#8217;s inception, it has not generated significant revenue from the sale of technology.</FONT></P>

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


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

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May 7, 2025, the Company entered into the RBW Purchase Agreement with the RBW Investors to issue and sell to each of the RBW Investors
the RBW Note, in the principal amount of $6,875 thousand, and purchase price (cash in) amount of $5,500 thousand, before transaction
cost for legal and agents fees in the amount of $855 thousand. The RBW Note carries an original issue discount (OID) of 20%, bears 0%
interest per year. The RBW Investors have the right to convert the outstanding principal into Ordinary Shares at a 15% discount based
on the lowest daily weighted average price during the 7 trading days before immediately prior to the date of the conversion. As of the
date of this prospectus, the Company was funded with $2,750 thousand.</FONT></P>

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of December 31, 2024 and December 31, 2023, the Company had $2,343 thousand and $168 thousand, respectively, in cash and cash equivalents,
which the Company has been using and continues to use for working capital and general corporate purposes since those dates. Since December
31, 2024, the Company has raised an additional approximately $1,625 thousand in funding from various investors. The Company does not
have sufficient cash and cash equivalents, to fund its operations for the foreseeable future, and will require substantial infusion of
capital to continue operations. In addition, as of December 31, 2024, the Company had outstanding approximately $9,221 thousand in existing
payables and other liabilities related to expenses of the Business Combination, an additional approximately $8,717 thousand due and owing
to other lenders and investors, and an additional other payables of approximately $2,781 thousand to be due and owing for employee salaries
and other related expenses, and other accrued suppliers and services providers. The Company expects to fund the payment of such amounts
out of ongoing activities of the Company and other capital raisings the Company is pursuing in 2025. Further, the Company&#8217;s operating
plans may change as a result of many factors that may currently be unknown to it, and it may need to seek additional funds sooner than
planned. Our financial statements for the year ended December 31, 2024 contain an explanatory paragraph regarding substantial doubt about
our ability to continue as a going concern. This going concern assessment may prevent us from obtaining new financing on reasonable terms,
if at all, and imperil our ability to continue operating as a going concern. The Company&#8217;s future capital requirements will depend
on several factors, including:</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    potential costs of contracting with third parties to provide marketing and distribution services for us or for building such capacities
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
and until the Company starts to generate significant recurring revenues and profit, the Company expects to satisfy its future cash needs
through capital raising and shareholders&#8217; financial support. The Company cannot be certain that additional funding will be available
when needed, on acceptable terms, if at all. The Company&#8217;s outstanding warrants are generally either out of money or have nominal
exercise prices; accordingly, the Company does not expect to raise any material additional funds from the exercise of outstanding warrants
in at least the short-term. If funds are not available, the Company may be required to delay or reduce the scope of research or development
plans.</FONT></P>

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

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can give no assurances that we will be able to secure additional sources of funds to support our operations on acceptable terms, or at
all, or, if such funds are available to us, that such additional financing will be sufficient to meet our needs. If we raise additional
funds by issuing equity or convertible debt securities, it could result in dilution to our existing stockholders or increased fixed payment
obligations. In addition, as a condition to providing additional funds to us, future investors may demand, and may be granted, rights
superior to those of existing stockholders. If we incur additional indebtedness, we could become subject to covenants that would restrict
our operations and potentially impair our competitiveness, such as limitations on our ability to incur additional debt, limitations on
our ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact our
ability to conduct our business. Additionally, any future collaborations we enter into with third parties may provide capital in the
near term but may not be on terms that are favorable to us. Any of the foregoing could significantly harm our business, financial condition
and results of operations. If we are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may be
required to reduce the scope of the commercialization of our planned products or delay, scale back or discontinue the development of
one or more of our product candidates.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may also need to take certain other actions to allow us to maintain our projected cash and projected financial position, including but
not limited to additional reductions in general and administrative costs, sales and marketing costs, and other discretionary costs. Although
we believe such plans, if executed and coupled with the above-described sources of liquidity, should provide us with financing to meet
our needs, successful completion of such plans is dependent on factors outside of our control.</FONT></P>

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anticipate that we will continue to incur net losses into the foreseeable future as we continue our development of our product candidates
and expand our corporate infrastructure.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Going
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financial statements for the year ended December 31, 2024, contain an explanatory paragraph regarding substantial doubt about our ability
to continue as a going concern. This going concern assessment may prevent us from obtaining new financing on reasonable terms, if at
all, and imperil our ability to continue operating as a going concern.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 27, 2024, the Company entered into a Loan Agreement, dated as of December 27, 2024 (the &#8220;Abri Loan Agreement&#8221;),
with Abri Advisors Ltd. (&#8220;Abri&#8221;), pursuant to which the Company borrowed $1,000,000 from Abri.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Abri Loan Agreement, the Company agrees to pay to Abri at the June 30, 2025 maturity date, $1,400,000, which represents an original
issue discount of 28.577%, plus interest on such amount at an absolute rate of 15%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period when any amounts under the Abri Loan Agreement are outstanding and remain due and payable, the Company shall not issue any
other form of debt instrument ranking senior or pari passu to or with the obligations under the Abri Loan Agreement, whether in terms
of payment or collateral, without the express prior written consent of Abri.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
during the period when any amounts under the Abri Loan Agreement are outstanding and remain due and payable, if the Company undertakes,
completes, agrees to complete, commits to complete, or otherwise sells any equity, or other securities fungible in any way into equity,
warrants, options, preferred shares, convertible preferred shares, or any other form of equity-related instrument of the Company (a &#8220;Financing&#8221;),
then the Company shall repay twenty percent (25.0%) of the then loan balance within three business days from the closing date of the
Financing (a &#8220;Financing Repayment&#8221;). A Financing Repayment shall not reduce or otherwise diminish the amount due under the
Abri Loan Agreement at the maturity of the loan, irrespective of the date of the Financing Repayment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Abri Loan Agreement contains customary Events of Default (as defined in the Abri Loan Agreement) for transactions similar to the transactions
contemplated by the Abri Loan Agreement. In the event of an Event of Default, subject to a three-day cure period, the loan balance due
plus any Refinancing Repayment that may be due, then multiplied by 150%, shall become immediately due and payable by the Company to Abri
(the &#8220;Abri Default Payment Amount&#8221;). The Abri Default Payment Amount shall compound interest at a monthly rate of 5.0% from
the date it becomes due and payable up and until the date of payment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Private
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 11, 2024, the Company entered into a private placement transaction (the &#8220;Aegis Private Placement&#8221;), pursuant to
a securities purchase agreement and a registration rights agreement with certain institutional investors (the &#8220;Aegis Purchasers&#8221;)
for aggregate gross proceeds of $5,350 thousand, before deducting fees to the placement agents and other expenses payable by the Company
in connection with the Aegis Private Placement. Of the gross proceeds, 20%, or $1,072 thousand, was held in escrow and repaid to the
Aegis Purchasers pursuant to certain circumstances during the terms of the Series A Common Warrants (described below). The Company was
unable to satisfy certain of the specified circumstances and did not receive the $1,072 thousand from escrow. As such, the Company received
gross proceeds of $4,278 thousand. The Company used the net proceeds from the Aegis Private Placement for general corporate purposes
and for working capital purposes. Aegis Capital Corp. (&#8220;Aegis&#8221;), acted as the lead placement agent and ClearThink Securities
acted as a co-placement agent for the Aegis Private Placement.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering consisted of the sale of 6,541 Common Units (or Pre-Funded Units), each consisting of one Ordinary Share or Pre-Funded
Warrant, two Series A Common Warrants, and one Series B Common Warrant. The public offering price per Common Unit was $7.00 (or
$6.9993 for each Pre-Funded Unit, which is equal to the public offering price per Common Unit to be sold in the offering minus
an exercise price of $0.000287 per Pre-Funded Warrant).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Pre-Funded Warrants were immediately exercisable subject to registration and could be exercised at any time until exercised in full.
For each Pre-Funded Unit sold in the offering, the number of Common Units in the offering was decreased on a one-for-one basis. As of
the date of this prospectus, 1,944 Ordinary Shares have been issued and 4,597 Pre-Funded Warrants have been exercised.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Series A Common Warrant was exercisable into one Ordinary Share per warrant at an exercise price of $400.40, subject to adjustment,
The initial exercise price of each Series A Common Warrant was $28.70 per Ordinary Share. The Series A Common Warrants were exercisable
immediately subject to registration and expire 66 months after the initial issuance date. The number of securities issuable under the
Series A Common Warrant was subject to adjustment. Post-adjustment, the number of securities issuable under the Series A Common Warrants
in the aggregate is 26,697. The post-adjustment exercise price of each Series A Common Warrant is $3.43 (pre-28.5:1 and
4.1:1 and 7:1 reverse stock splits). As of the date of this prospectus, the balance of the unexercised Series A Common Warrants
is 17,030.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Series B Common Warrant was exercisable into such number of Ordinary Shares as determined in the Series B Warrant. The initial exercise
price of each Series B Common Warrant was $0.0000287 per Ordinary Share. The number of Ordinary Shares issuable under the Series
B Warrants was subject to adjustment to be determined pursuant to the trading price of the Ordinary Shares following the effectiveness
of a resale registration statement that the Company filed on behalf the Aegis Purchasers. Post-adjustment, the number of securities issuable
under the Series B Common Warrant is 6,808. The post-adjustment exercise price of each Series B Common Warrant is $0.000287.
As of the date of this prospectus, 6,808 Series B Common Warrants, which are the total Ordinary Shares issuable under the Series
B Warrant, have been exercised.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also entered into a Placement Agent Agreement with Aegis as lead placement agent, dated September 11, 2024, pursuant to which
Aegis agreed to serve as the placement agent for the Company in connection with the Aegis Private Placement. The Company agreed to pay
Aegis a cash placement fee equal to 10.0% of the gross cash proceeds received in the Aegis Private Placement, and a 3% commission of
the proceeds from any cash exercise of the Series A Common Warrant. The Company also committed to pay ClearThink Securities a cash placement
fee equal to 2.0% of the gross cash proceeds received in the Aegis Private Placement. As of December 31, 2024, the fair value of the
3% Series A Common Warrant provision was $59 thousand.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company entered into transactions pursuant to the 1800 SPA, with 1800 Diagonal and issued and sold to an 1800 Diagonal the August Note.
The Company used the net proceeds from the sale of the August Note for general working capital purposes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
August Note was in the principal amount of $223.7 thousand, which included an original issue discount of $29.2 thousand. A one-time interest
charge of 10%, or $22.4 thousand was applied to the principal. The maturity date of the August Note is June 30, 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accrued, unpaid interest and outstanding principle, subject to adjustment, shall be paid in five payments as follows: (1) on February
28, 2025, $123 thousand; (2) on March 30, 2025, $30.7 thousand; (3) on April 30, 2025, $30.7 thousand; (4) on May 30, 2025, $30.7 thousand;
and (5) on June 30, 2025, $30.7 thousand.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
August Note contains customary events of default for transactions similar to the transactions contemplated by the 1800 SPA and the August
Note. In the event of an Event of Default (as defined in the 1800 SPA and promissory note), (i) the promissory note shall become immediately
due and payable, (ii) the principal and interest balance of the August Note shall be increased by 150% and (ii) the August Note may be
converted into Ordinary Shares of the Company at the sole discretion of 1800 Diagonal. The conversion price shall equal the lowest closing
bid price of the Ordinary Shares during the prior ten trading day period multiplied by 75% (representing a 25% discount). Any such conversion
is subject to customary conversion limitations set forth in the August Note so 1800 Diagonal beneficially owns less than 4.99% of the
Company&#8217;s Ordinary Shares. 1800 Diagonal shall be entitled to deduct $1.5 thousands from the conversion amount in each notice of
conversion to cover 1800 Diagonal&#8217;s deposit fees associated with each notice of conversion.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
1800 SPA contains customary representations and warranties made by each of the Company and 1800 Diagonal. The Company is subject to customary
indemnification terms in favor of 1800 Diagonal and its affiliates and certain other parties.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company paid to ClearThink Securities as placement agent, approximately $18 thousands in cash fees in relation to the transactions contemplated
by the 1800 SPA.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2024, the August Note amounted to $268 thousand. As of June 30, 2025, the Company has fulfilled its entire obligation
under the August Note.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 11, 2024 (the &#8220;April Effective Date&#8221;), the Company consummated the transactions pursuant to a Securities Purchase Agreement
(&#8220;April SPA&#8221;) and issued and sold to Alpha a promissory note (&#8220;April Note&#8221;) and warrants (the &#8220;April Warrants&#8221;),
for gross proceeds to the Company of approximately $2.0 million, before deducting fees and other offering expenses payable by the Company.
Notwithstanding such consummation of the transactions, funding of the proceeds occurred on or about April 15, 2024. The Company used
the net proceeds from the sale of the April Note to repay approximately $425,000 of certain amounts owed by the Company, and for working
capital and general corporate purposes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
April Note was in the principal amount of $2,250,000. The actual amount loaned by Alpha pursuant to the April Note is approximately $2.0
million after a 10% original issue discount. Alpha had the right, at any time, to convert all or any portion of the then outstanding
and unpaid principal amount and interest (including any costs, fees and charges) into the Company&#8217;s Ordinary Shares, at a fixed
conversion price of $14,821 per share, subject to customary adjustments as provided in the April Note including for fundamental
transactions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
April Warrants, for 193 Ordinary Shares, had an exercise price of $9,639, subject to
customary adjustments and certain price-based anti-dilution protections, and could be exercised at any time until the five and
one-half year anniversary of the April Warrants. The April Warrants also could be exercised pursuant to a cashless or net exercise
provision.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also
on the April Effective Date, as a further inducement of the Company for Alpha to enter into the transaction, the Company entered into
a Warrant Amendment and Inducement Letter with Alpha, with respect to its outstanding &#8220;B&#8221; warrants of the Company to purchase
43 Ordinary Shares. The outstanding &#8220;B&#8221; warrants were issued to Alpha as of September 6, 2023 pursuant to a Securities
Purchase Agreement dated as of September 5, 2023 and had a fixed exercise price of $100,478 per share. Pursuant to the Warrant
Amendment and Inducement Letter, Alpha agreed to exercise for cash the outstanding &#8220;B&#8221; warrants in full at a reduced exercise
price of $135.10 per share, or approximately $165,368.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company paid to EF Hutton LLC as placement agent, approximately $20,000 in cash fees in relation to the transactions contemplated by
the April SPA.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2024, the Company entered into the Alpha SPA, pursuant to which Alpha committed to purchase from the Company up to $30,000,000
of our Ordinary Shares, subject to the terms and conditions specified in the Alpha SPA. The Company entering into the Alpha SPA was a
condition of the April SPA.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms and conditions of the Alpha SPA, the Company had the right from time to time at its discretion, any time after the three
month anniversary of the shares underlying the Alpha SPA being registered for resale, to direct Alpha to purchase a specified amount
of Ordinary Shares (each such sale, a &#8220;Put&#8221;) by delivering written notice to Alpha (each, a &#8220;Put Notice&#8221;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agreed to pay a commitment fee to Alpha equal to 1.5% of the commitment amount, payable in shares, or 1,266 Ordinary Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 6, 2024, the Company entered into an amendment (the &#8220;Alpha Amendment&#8221;) to the Alpha SPA. The purpose of the Alpha Amendment
was to clarify that the maximum amount that can be raised per month under the Alpha SPA is $833,333, and not $500,000 as specified in
the Alpha SPA.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 19, 2024, the Company consummated the transactions pursuant to a Securities Purchase Agreement (&#8220;Alpha July SPA&#8221;) and
issued and sold to Alpha a promissory note (the &#8220;Alpha Note&#8221;) and warrants (the &#8220;Alpha Warrant&#8221;), for gross proceeds
to the Company of $747.5 thousands, before deducting fees and other offering expenses payable by the Company. Funding of the proceeds
occurred on or about July 26, 2024. The Company used the net proceeds from the sale of the Alpha Note for working capital and general
corporate purposes. The Alpha Note is in the principal amount of $1,150 thousands (the &#8220;Alpha Principal Amount&#8221;) and carried
an original issue discount of 35%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
had the right, at any time, to convert all or any portion of the then outstanding and unpaid Alpha Principal Amount and interest (including
any costs, fees and charges) into the Company&#8217;s Ordinary Shares, at a conversion price equal to the lesser of $4,993.80
or 80% of the lowest volume weighted average price of the Company&#8217;s Ordinary Shares during the twenty trading days prior to the
conversion, subject to customary adjustments as provided in the Alpha Note including for fundamental transactions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Alpha July SPA, the Company issued to Alpha the Alpha Warrant to purchase up to 255 Ordinary Shares, with an exercise price
of $5,108.60 per share, subject to customary adjustments and certain price-based anti-dilution
protections, and could be exercised at any time until the five and one-half year anniversary of the Alpha Warrant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 2, 2025, the Company entered into the Alpha Release Agreement with Alpha, with respect to certain potential disputes the Company
had with Alpha regarding loans Alpha made to the Company in 2024. Pursuant to the Alpha Release, the outstanding amounts owed under the
April Note, was adjusted to equal $1,921 thousand, which amount was then automatically deemed converted into 14,235 Ordinary Shares
of the Company at a conversion price per share of $134.968. The Company agreed to defer the issuance of an aggregate of 9,241
of such shares pursuant to the terms of the Alpha Release.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Alpha Release and the transactions contemplated in the Alpha Release, all indebtedness as between the Company and Alpha
has been deemed repaid in full and none of such loans are in any way in further force or effect. The Agreement provides that each party
fully releases the other for any and all claims against the other, other than with respect to claims to enforce the Agreement and as
otherwise provided in the Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, all of the July Warrants fair value were converted to 250 Ordinary Shares, the Alpha Note and the April Note have been fully converted and the Company issued to Alpha all Ordinary Shares committed under
the April SPA and Alpha July SPA, and all the April Warrants were converted into Ordinary Shares of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 9, 2025, the Company terminated the Alpha SPA in order to facilitate the RBW Purchase Agreement.</FONT></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 10, 2024, the Company entered into the PMB LOI as part of the Company&#8217;s ongoing efforts to satisfy its existing liabilities
while conserving cash. Pursuant to the PMB LOI, among other things,</FONT></P>

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

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    existing indebtedness the Company owes to PMB was $1.3 million (the &#8220;PMB Total Outstanding Debt&#8221;), and was reorganized
    so that:</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$800,000
    of which will be evidenced by a new convertible promissory note (&#8220;$800,000 Note&#8221;) that (i) was subject to 15% interest
    (20% default interest), (ii) had a maturity date of December 31, 2024, (iii) was subject to a mandatory prepayment provision from
    the proceeds of any raising of debt or equity in an amount equal to or in excess of $10,000,000 in the aggregate in one or more occasions
    from the July 10, 2024, (iv) was able to be converted at the election of the Company into up to 93 Ordinary Shares of the
    Company at a conversion price per share of $8,588.30 and (v) was subject to conversion limitations so that PMB shall not own
    in excess of 19.7% of voting power of the Company; and</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    of which was evidenced by a new non-convertible promissory note (&#8220;$500,000 Note&#8221;, and together with the $800,000 Note,
    the &#8220;Senior Promissory Notes&#8221;) that (i) was be subject to 15% interest (20% default interest), (ii) had a maturity date
    of December 31, 2024 and (iii) was subject to certain tax gross-ups of up to $35,000; and</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PMB
    exchanged the 11,833 shares it owned in trueGold for 36 Ordinary Shares of the Company.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company issued 63 Ordinary Shares of the Company as consideration for PMB entering into the PMB LOI, irrevocably waiving certain
    clawback rights held by PMB as of July 10, 2024 and releasing a pledge of shares issued by trueGold as collateral for the payment
    in full of the PMB Total Outstanding Debt. As a result, the Company&#8217;s holdings in trueGold increased to 52.9%.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
definitive agreements related to the above described transactions, consisting of a subscription agreement, a notes exchange agreement,
a share exchange agreement, the Senior Promissory Notes (collectively, the &#8220;PMB Definitive Agreements&#8221;), with terms consistent
with the PMB LOI were all dated as of September 4, 2024 and executed and delivered on or about September 9, 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 13, 2025 and effective March 31, 2025, the Company entered into the Second Amendment and the Senior Note Second Amendment with PMB.
The Second Amendment and the Senior Note Second Amendment amended the maturity date of the Senior Promissory Notes to November 30, 2025
and amended the interest rates of the Senior Promissory Notes to 18% per annum. In addition, all accrued and unpaid interest was capitalized
and added to the principal of the applicable Senior Promissory Note.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Share
Issuances to Certain Debtholders</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2024, pursuant to Conversion and Exchange Rights Agreements, the Company issued an aggregate of 66 Ordinary Shares to
certain former debtholders of the Company upon conversion and settlement of an aggregate of $110,000 and AUD859,500 of liabilities
owed to the debtholders. Furthermore, the Company issued one (1) 5-year warrants to one of the debtholders at an exercise
price per share of $135.10. As a part of the exchange and conversion, the Company and the former debtholders entered into a
Shareholder Voting Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
issuance of the Ordinary Shares and warrants in exchange for the cancellation and forgiveness of the indebtedness was part of the Company&#8217;s
ongoing efforts to satisfy its existing liabilities while conserving cash.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>$2,910,000
Offering</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 16, 2024, the Company entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with EF Hutton LLC (the
&#8220;Underwriter&#8221;) relating to the public offering of approximately 198 Ordinary Shares of the Company, at a subscription
price per share of $14,723.10.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 20, 2024, the Company closed an underwritten public offering of securities for gross proceeds of approximately $2.91 million,
prior to deducting underwriting discounts and commissions and offering expenses payable by the Company (the &#8220;EF Hutton Offering&#8221;).
The EF Hutton Offering was pursuant to the Underwriting Agreement relating to the public offering of 14,823 Ordinary Shares at
a subscription price per share of $196. Additionally, to the extent that the purchase of such shares would cause the beneficial
ownership of a purchaser in the EF Hutton Offering, together with its affiliates and certain related parties, to exceed 4.99% of the
Ordinary Shares, the Company agrees to issue the underwriter, for delivery to such purchasers, at the election of the purchasers, a number
of pre-funded warrants which are initially convertible on a 1-for-1 basis into Ordinary Shares, at a price per pre-funded warrant of
$194.60 (100% of the public offering price allocated to each firm share less $1.68).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net proceeds to the Company upon the closing of the EF Hutton Offering, after deducting the underwriting commissions and estimated offering
expenses payable by the Company, were approximately $2.66 million. The Company used the net proceeds from the offering for (i) sales
and marketing; (ii) payment of certain outstanding liabilities and working capital; and (iii) digital branding consulting services. The
Company entered into various agreements with consultants to provide the marketing and digital branding consulting services, effective
as of the closing of the EF Hutton Offering (described below).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Underwriting Agreement, the Company paid the underwriter a cash fee equal to 2.5% of the gross proceeds of the EF Hutton Offering,
and also paid $100,000 of expenses of the underwriter in connection with the EF Hutton Offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2024, the Company issued 56 Ordinary Shares at a subscription price per share of $14,723.10 and 141
Ordinary Shares due to Pre-Funded Warrants exercise at a price per Pre-Funded Warrant of $14,579.60.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Letter
Agreement with Yorkville</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2023, we entered into the Yorkville SEPA with Yorkville, whereby we had the right, but not the obligation, to sell to Yorkville
up to $25.0 million of our Ordinary Shares at our request, subject to the terms therein. We received as loans Pre-Paid Advances (as defined
in the Yorkville SEPA) of $3.5 million, all of which as of April 29, 2024, were converted into our Ordinary Shares or repaid in cash.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 2, 2024, the Company entered into a Letter Agreement with Yorkville, dated February 1, 2024 (the &#8220;Yorkville Letter Agreement&#8221;),
which amends and supplements the Yorkville SEPA pursuant to which, among other things, Yorkville advanced to the Company pre-paid advances
in the aggregate of $2 million evidenced by a convertible promissory note issued to Yorkville dated May 23, 2023 as amended by that Letter
Agreement dated July 27, 2023. The Company further agreed to issue to Yorkville a 5-year warrant to purchase 306 Ordinary Shares
of the Company at an exercise price of $1.68 per share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 13, 2024, the Company exercised its right of termination under the Yorkville SEPA and sent to Yorkville a termination notice, which
became effective on or about April 19, 2024.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
Israel is a party to a lease agreement dated January 14, 2020, and amended as of December 24, 2020 (the &#8220;Lease&#8221;). Under the
Lease, SMX Israel is obligated to pay ILS 253 thousand plus VAT per year. The Lease will expire on May 31, 2027, with an additional option
of 5 years, unless terminated by the landlord due to a requirement of a governmental authority to modify or terminate the Lease, pursuant
to the terms of the lease.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;<I>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations - Contractual Obligations &#8211;
Private Placement Transaction &#8211; Contractual Obligations &#8211; Abri Advisors Loan Agreement - Promissory Note Financing</I>, -
<I>Alpha</I>, and <I>- PMB Partners</I>,&#8221; above, which are incorporated in their entirety into this &#8220;<I>Borrowings</I>&#8221;
section.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><FONT STYLE="text-decoration: underline">LP
Convertible Note</FONT></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 25, 2023, the Company received an amount of $250,000 in consideration for issuance of a convertible note (the &#8220;LP Convertible
Note&#8221;) and two types of warrants, to Lee Pinkerton (&#8220;LP&#8221;). The LP Convertible Note is in the principal amount is $250,000
and the maturity date is the earlier of December 31, 2024, and the date of any change in control (excluding the Business Combination).
The Convertible Note has an interest rate of 15% per annum and shall be converted into Ordinary Shares at LP&#8217;s discretion, at a
fixed conversion price of $13,496,175 per ordinary share. In addition, the Company has the right
to satisfy the payment of the principal amount of the LP Convertible Note through the issuance of the Company&#8217;s Ordinary Shares
at a 20% discount to the 20 trading day VWAP preceding the maturity date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the LP Convertible Note transaction, the LP was granted two types of warrants: (i) 0.27 bonus warrants to purchase Ordinary Shares
at an exercise price of $15,526.70 per share (&#8220;Bonus Warrants&#8221;); and (ii) 0.26 redeemable warrants to purchase Ordinary
Shares of the Company at a purchase price of $15,526.70 per share (&#8220;Redeemable Warrants&#8221;). The Bonus Warrants have
a term of five years commencing upon the Business Combination. The Redeemable Warrants have a term of five years commencing upon the
Business Combination. Additionally, 50% of the Redeemable Warrants shall be redeemable on a non-cumulative basis at the option of the
holder, according to a schedule for $6,748 per warrant. LP has the option to decide whether the Company will satisfy any or each
redemption through the issuance of Ordinary Shares of the Company based upon a 20% discount to the 20-trading day VWAP preceding each
such anniversary.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><FONT STYLE="text-decoration: underline">Bridge
Loans</FONT></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY and the Company borrowed an aggregate of $3,860 thousand from private investors between September 2022 and January 2023.
All of such loans have an interest rate of 10% per annum. Each such lender (except for one lender which lent an amount of $1,000 thousand
which is not entitled to the redeemable warrants), further received 20% redeemable 5-year warrant coverage to subscribe for Ordinary
Shares at $15,520,601.25 per share, plus 5% 5-year bonus warrant coverage to subscribe for Ordinary Shares at $15,520,601.25
per share and a first priority security interest in the shares of Security Matters PTY&#8217;s interest in trueGold. In March 2023, the
Company signed an addendum to the Bridge Loans agreements which converted $1,350 thousand into 14 Ordinary Shares and deferred
the remaining cash payments to March 31, 2024.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 6, 2023, the Company entered into the transactions pursuant to a Securities Purchase Agreement dated as of September 5, 2023
and issued and sold to an institutional investor a promissory note with a fixed conversion price of $100,478.70 and warrants,
for gross proceeds to the Company of approximately $2,500 thousand, before deducting fees and other offering expenses payable by the
Company. The note is in the principal amount of $4,290 thousand. The actual amount loaned by the investor pursuant to the Note is $2,574
thousand after a 40% original issue discount. Additionally, as part of the transaction, the Company issued two warrants to the Investor,
an &#8220;A&#8221; Warrant and a &#8220;B&#8221; Warrant. The A Warrant for 64 Ordinary Shares has an exercise price of $135.10
per share, subject to customary adjustments, and may be exercised at any time until the five-year anniversary of the A Warrant. The B
Warrant for 43 Ordinary Shares has an exercise price of $100,478.70 per share, subject to customary adjustments, and may
be exercised at any time until the five-year anniversary of the B Warrant.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2024, the investor converted all of the principal amount of the convertible promissory note into an aggregate of 43
Ordinary Shares and exercised all warrant A&#8217;s and B&#8217;s into Ordinary Shares of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><FONT STYLE="text-decoration: underline">Kamea</FONT></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 19, 2023, the Company amended its loan agreements dated September 7, 2015, by and between the Company, its shareholders and
Kamea Fund. Pursuant to the amendment to the loan agreements, Kamea agreed to convert $657 thousand of indebtedness under the loan agreements
into 8 Ordinary Shares of the Company, as payment in full for such indebtedness; provided however,
that in the event the proceeds received from Kamea with respect to any sales of the shares are not at least equal to the indebtedness
amount, the Company will remain liable to Kamea for the balance of the indebtedness amount. In accordance with management&#8217;s estimation
the fair value of this indebtedness as of December 31, 2024 was $21.</FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2024 and December 31, 2023, the Company has a contingent liability of $146 thousand and $153 thousand, respectively,
for government grants it received for the use of research and development activities from Israel Innovation Authority (IIA). The Company
is subject to paying 3% of its relevant revenues for the first three years, and 4% of the relevant revenues for further years, until
repayment of the entire grant.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2015, the Company entered into the Isorad License Agreement, according to which the Company was granted technological license
in return for future royalties based on 2.2% of gross sales by the Company and its affiliates and after 25 years the license becomes
royalty-free. Upon the occurrence of the next M&amp;A event (as such event is defined in such agreement to include mergers, sale of all
or substantially all the assets of ours and similar event) Security Matters PTY is to pay a cash amount equal to 1.5% of the Exit Consideration
(as such term is defined in such agreement). Additionally, Isorad was issued 864,000 options to purchase shares of Security Matters PTY
and is entitled to receive 1% of any amount actually received against equity or other funding convertible into equity at the closing
of the transaction and any amount actually received against equity or other funding during a period of 13 months thereafter (to be paid
after reaching an aggregated received amount of $27 million, or at the end of such 13 months, the earlier thereof). This will not apply
to any future offer of shares, merger or sale of assets thereafter. As of December 31, 2024, based on the funds the Company actually
received, the Company recognized a technology license intellectual property asset at the amount of $158 thousand against a liability
that reflects the due amount.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 8, 2023, the Company consummated an inducement offer letter agreement with certain holders of the Company&#8217;s
outstanding Warrant Bs to purchase Ordinary Shares of the Company. The Warrant Bs were issued on June 27, 2022 and had an exercise
price of $323,908.20 per share. Pursuant to the inducement letter, the holders agreed to exercise for cash their Warrant Bs
to purchase an aggregate of 10 Ordinary Shares at a reduced exercise price of $70,544.60 per share in consideration
for the Company&#8217;s agreement to issue new warrants to purchase, in the aggregate, up to 15 of the Company&#8217;s
Ordinary Shares at an exercise price of either (i) $135.10 per share in an amount not to exceed 75% of the new warrant
shares, or (ii) $70.7 per share, in the discretion of the warrant holders. The Company received aggregate gross proceeds,
before payment of transaction fees and expenses, of approximately $1,000 from the exercise of the Warrant Bs by the holders. In
January 2024, the holders of such reset warrants exercised 7 warrants pursuant to the option described above under clause
(i), and as a result we issued an aggregate of 7 Ordinary Shares.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Quantitative
and Qualitative Disclosures about Market Risk</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is exposed to market risks in the ordinary course of business. Market risk represents the risk of loss that may impact on our
financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily with respect to
the ILS, AUD, EUR and SGD, which is discussed in detail in the following paragraph.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Foreign
Currency Exchange Risk</I></B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operating expenses are denominated in ILS, AUD, EURO and SGD, and therefore are currently subject to foreign currency
risk. We have been affected by changes in some of such rates compared to the U.S. dollar, as of December 31, 2024, the ILS increased
against the U.S. dollar by approximately 0.6%, the AUD decreased against the U.S. dollar by approximately 8.5%, the EUR decreased against
the U.S. dollar by approximately 5.5% and the SGD decreased against the U.S. dollar by approximately 2.6%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s policy is not to enter into any currency hedging transactions, and we cannot assure you that we will not be adversely
affected by currency fluctuations in the future.</FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is a risk of financial loss if a counterparty or customer fails to meet its contractual obligations. We closely monitor the activities
of our counterparties and control the access to its intellectual property which enables it to ensure a prompt collection. Our main financial
assets are cash and cash equivalents as well as other receivables and represent the Company&#8217;s maximum exposure to credit risk in
connection with its financial assets. Wherever possible and commercially practical, the Company holds cash with major and sound financial
institutions in Israel and Australia.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk is the risk that we will encounter in meeting our obligations associated with our financial liabilities that are settled by delivering
cash or another financial asset. The Company seeks to minimize that risk by maintaining sufficient cash and other highly liquid current
assets and by having available an adequate amount of committed credit facilities. For more details, please refer to the section titled,
&#8220;<I>Liquidity and Capital Resources</I>&#8221;.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Critical
Accounting Policies and Estimates</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
result of the merger between the Company and Security Matters PTY is that legally the Company owns the entire share capital of Security
Matters PTY.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
for financial reporting purposes, Security Matters PTY (the legal subsidiary) is the accounting acquirer, and the Company (the legal
parent) is the accounting acquiree. The consolidated financial statements prepared following the reverse acquisition are issued under
the name of the Company, but they are a continuance of the financial statements of Security Matters PTY and reflect the fair values of
the assets and liabilities of the Company (the acquiree for accounting purposes), together with a deemed issuance of shares by Security
Matters PTY at fair value based on the quoted opening share price of the Company in its first trading day following the closing of the
business combination transaction ($11,599 thousand), and a recapitalization of its equity. This deemed issuance of shares is in fact
both an equity transaction under IAS 32 (receiving the net assets of the Company) and an equity-settled share-based payment transaction
under IFRS 2 (receiving the listing status of the Company). The difference, in the amount of $16,802 thousand, between the fair value
of the shares deemed to have been issued by Security Matters PTY and the fair value of the Company&#8217;s identifiable net assets represent
a payment for the service of obtaining a stock exchange listing for its shares and it is therefore expensed immediately to profit or
loss at the closing date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is initially consolidated in the financial statements from the Closing Date of the Business Combination. Substantially all of
the assets and liabilities of the Company were comprised of marketable securities held in a trust account ($4,921 thousand) and trade
and other payables and warrants ($10,127 thousand) respectively, with fair values that were equivalent to their carrying amounts. Below
are the implications of the accounting treatment on the financial statements:</FONT></P>

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

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    amount recognized as issued equity instruments in the consolidated financial statements of the Company for the year ended December
    31, 2023, has been determined by adding to the issued equity of Security Matters PTY immediately before the Business Combination
    the fair value of the deemed issuance of shares, as described above. However, the equity structure (the number and type of shares
    issued) reflects the equity structure of the Company, including the shares issued by the Company through recapitalization. Accordingly,
    the equity structure of Security Matters PTY (issued capital and addition paid in capital) in comparative periods is restated using
    the exchange ratio established in the Business Combination to reflect the number and par value of shares of the Company issued in
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    Loss per share of Security Matters PTY for periods prior to the acquisition date is restated such the denominator of the historical
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    calculation by the exchange ratio established in the Business Combination.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>trueGold
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2023, the Company has signed an agreement with trueGold shareholders to acquire an additional 7.5% which increased the Company&#8217;s
holdings to 51.9% in true-Gold and resulted in the Company&#8217;s gain of control over trueGold. trueGold uses the Company&#8217;s advanced
next-generation technology to invisibly mark and store multiple data types at a molecular level as well as its blockchain digital platform.
This strategic transaction through gaining control of trueGold diversifies the Company&#8217;s operations into trueGold&#8217;s pioneering
ventures in research and development and revenue commercialization.</FONT></P>

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Company previously held 44.4% of the shares of trueGold which, up to the acquisition date and the beginning of consolidation, were treated
as an investment in a joint venture which accounted for under the equity method. At the time the transaction was completed, and control
was obtained, the balance of the investment was remeasured at fair value of $22,164 thousand and a gain was recognized in the amount
of $22,164 thousand, which was recorded in the statement of comprehensive loss (the carrying amount of the previous investment in true-Gold
was approximately nil). This fair value amount was added to the consideration transferred for the calculation of goodwill, as described
below.</FONT></P>

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

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Company has elected to measure the non-controlling interests in trueGold at full fair value which includes also the non-controlling interests&#8217;
share in the entire goodwill of trueGold. The fair value of the non-controlling interests in trueGold was based on the fair value of
trueGold as a whole, as described above, and was estimated using the discounted cash flow method of the income approach, as trueGold
is a private company and therefore quoted market prices of its share were unavailable. The fair value has been determined by management
with the assistance of a valuation performed by an external and independent valuation specialist using valuation techniques and assumptions
as to estimates of projected net future cash flows of trueGold and estimate of the suitable discount rate for these cash flows. The significant
assumptions used in estimating the fair value of trueGold are:</FONT></P>

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

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    net cash flow discount rate (weighted average cost of capital) of 24.8%.</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terminal
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total cost of the business combination comprised a full forgiveness of the outstanding payables from trueGold to the Company which amounted
to AUD 475 thousand (approximately $307 thousand) at acquisition date. The calculating of any goodwill upon acquisition included also
the fair value of the previous investment in trueGold.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>See
</I>Note 2 in the notes to our consolidated financial statements appearing elsewhere in this prospectus for a description of critical
accounting estimates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 10, 2024, the Company entered into the PMB LOI. Under the PMB LOI, the Company restructured $1.3 million of its debt owed PMB. Subsequently,
the Company entered into the PMB Definitive Agreements reflecting the terms of the PMB LOI. PMB exchanged its shares in trueGold, for
1,022 (1%) Company shares, and the Company&#8217;s ownership percentage in trueGold increased from 51.9% to 52.9%.</FONT></P>

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OF DIRECTORS AND EXECUTIVE MANAGEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Management
and Board of Directors</B></FONT></P>

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following sets forth certain information, as of August 25, 2025, concerning our executive officers and members of the Board.</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Executive
    Officers</I></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haggai
    Alon</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amir
    Bader</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zeren
    Browne</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President, Chief Strategy Officer, Managing Director of trueGold</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Information
about Directors</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ophir
Sternberg.</B> Mr. Sternberg, our Chairman, was the Chairman, President and Chief Executive Officer of Lionheart since its inception
through the Business Combination. He has been our Chairman since the Business Combination, and has over 28 years of experience acquiring,
developing, repositioning and investing in all segments of the real estate industry, including office, industrial, retail, hospitality,
ultra-luxury residential condominiums and land acquisitions. Mr. Sternberg is the Founder and Chief Executive Officer of Miami-based
Lionheart Capital, founded in 2010. Lionheart Capital is a Miami-based diversified investment firm focused on building shareholder value
in high-growth companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Sternberg began his career assembling, acquiring and developing properties in emerging neighborhoods in New York City, which established
his reputation for identifying assets with unrealized potential and combining innovative partnerships with efficient financing structures
to realize above average returns. Mr. Sternberg came to the United States in 1993 after completing three years of military service within
an elite combat unit for the Israeli Defense Forces.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Mr. Sternberg&#8217;s leadership, Lionheart Capital executed numerous prominent real estate transactions and repositions, including The
Ritz-Carlton Residences in Miami Beach, which resulted in a total sell-out value in excess of $550 million, as well as purchase of the
development&#8217;s site, the former Miami Heart Institute. Additionally, Mr. Sternberg led the $120 million sale of The Seagull Hotel,
making it the highest grossing hotel sale of 2020 in Miami Beach. Mr. Sternberg and Lionheart Capital are currently in development on
a number of other projects, including retail properties in Miami&#8217;s fashion and culture epicenter, The Design District. In addition
to The Ritz-Carlton Residences, Miami Beach, Lionheart Capital also developed The Ritz-Carlton Residences Singer Island, Palm Beach,
cementing a reputation for developing high-end luxury branded properties.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2017, Mr. Sternberg founded Out of the Box Ventures, LLC, a Lionheart Capital subsidiary, to acquire and reposition distressed retail
properties throughout the United States. With 19 properties in 14 states, Out of the Box Ventures currently controls over 5 million square
feet of big box stores, shopping centers and enclosed regional mall properties with plans to improve and expand upon these acquisitions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Sternberg and Lionheart Capital are dedicated to working with best-in-class operators and partners such as Marriot International. Lionheart
Capital has been able to execute numerous, marquee transactions due largely in part to Mr. Sternberg&#8217;s extensive industry relationships
particularly with key institutional investors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2020, Mr. Sternberg became Chairman of Nasdaq-listed OPES which on June 30, 2020, announced a definitive agreement to merge with
BurgerFi International LLC. The OPES-BurgerFi merger closed on December 16, 2020 to form BurgerFi International Inc., or BurgerFi, a
fast-causal &#8220;better burger&#8221; concept that consists of approximately 120 restaurants nationally and internationally. Mr. Sternberg
is the Chairman of the Nasdaq-listed company, BurgerFi (NASDAQ: BFI). The OPES team, led by Mr. Sternberg, evaluated over 50 potential
targets and negotiated business combination terms with multiple candidates in a span of a few months and acquired BurgerFi at what it
believed was an attractive multiple relative to its peers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in May 2021, Lionheart Capital led a partnership group to purchase the iconic American powerboat business, Cigarette Racing
Team, from its longtime owner.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, since its inception in December 2019, Mr. Sternberg has been the Chairman, President and Chief Executive Officer of Nasdaq-listed
Lionheart Acquisition Corporation II (&#8220;Lionheart II&#8221;), a SPAC. Lionheart II completed its initial public offering in August
2020, in which it sold an aggregate of 23,000,000 units (including the exercise of the underwriters&#8217; over-allotment option), each
unit consisting of one share of Lionheart II Class A common stock and one-half of one redeemable warrant for one share of Lionheart II
Class A common stock, for an offering price of $10.00 per unit, generating aggregate proceeds of $230,000,000. Lionheart II&#8217;s units,
shares of Class A common stock and warrants currently trade on Nasdaq under the symbols &#8220;LIONU,&#8221; &#8220;LION&#8221; and &#8220;LIONW,&#8221;
respectively. On July 12, 2021, Lionheart II announced a $32.6 billion business combination with MSP Recovery, Inc. (d/b/a LifeWallet)
(NASDAQ: LIFW), a leader in data-driven solutions that recovers improperly paid benefits on behalf of Medicare, Medicaid and other commercial
payers. The Lionheart II-MSP merger closed on May 23, 2022. Mr. Sternberg serves on the Board of Directors for MSP Recovery, Inc. Mr.
Sternberg is qualified to serve as a director due to his extensive experience in acquiring, developing, repositioning and investing in
all segments of the real estate industry.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Haggai
&#8220;H&#8221; Alon</B>. Haggai &#8220;H&#8221; Alon is the founder of Security Matters (SMX) and has served as the CEO of SMX Israel
since 2015 and a director and CEO of SMX. Since July 2018. Mr. Alon is also the CEO and a board member of trueGold Consortium Pty Ltd..
Mr. Alon has over 25 years of experience in commercializing technology. Haggai Alon held several roles at the Ministry of Defense and
was the CEO of an economic consulting firm focusing on M&amp;A. He has a master&#8217;s degree from the Tel Aviv and Haifa Universities
in international relations and political science. Out of a total of 27 patent families filed in the name of SMX, Haggai Alon is a named
inventor on 26 of them. Most of the applications that are part of these patent families are under examination, many are still unpublished.
In 7 of the 26 patent families Haggai Alon is a named inventor, the patents have been issued in a variety of jurisdictions. Presently,
Haggai Alon is a named inventor on 19 patents, all of which are in the public domain. He has also published a White Paper-New Plastic
Economic Order: To regulate the entire value chain, not just the product, which calls for a transition to a new regulatory approach by
the EU over plastics. Mr. Alon&#8217;s founding of Security Matters and his experience as CEO of Security Matters since 2015 has made
him a valuable asset to our board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amir
Bader</B>. Amir Bader is has served as the CEO of the Dairy Farm at the Golan Heights, currently the manager of one of Israel&#8217;s
largest dairy farms, since April 2017. Previously, Mr. Bader served as the CEO of Degenya Cooperative Agricultural Association from 2012
through 2016. Mr. Bader has been a director of SMX since July 2018. Mr. Bader and has more than 38 years of experience at managerial
positions in dairy farms and other agricultural projects in Israel and Europe. Amir Bader also served as Kibbutz Degania A&#8217;s business
manager for five years, during that period he served as the board member of several subsidiaries and companies related to the Kibbutz.
Amir Bader brings to the Company board extensive experience in the management of agricultural businesses.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Thomas
Hawkins</B>. Thomas Hawkins, a director of Lionheart until the Business Combination, previously served as a Management Consultant for
MEDNAX, Inc. from February 2014 to December 2017, after serving as General Counsel and Board Secretary from April 2003 to August 2012.
Prior to that, Mr. Hawkins worked for New River Capital Partners as a Partner from January 2000 to March 2003; AutoNation, Inc. as Senior
Vice President of Corporate Development from May 1996 to December 1999; Viacom, Inc. as Executive Vice President from September 1994
to May 1996; and Blockbuster Entertainment Corporation as Senior Vice President, General Counsel, and Secretary from October 1989 to
September 1994. Mr. Hawkins currently serves on the board of directors of the Alumni Association of the University of Michigan and Jumptuit
Inc., a data analytics technology company. Mr. Hawkins also serves on the board of directors of MSP Recovery. Mr. Hawkins received his
Juris Doctor from Northwestern University in 1986 and his A.B. in Political Science from the University of Michigan in 1983. Mr. Hawkins
is qualified to serve as a director due to his experience as a senior executive and chief legal officer at several public companies (including
his experience acquiring companies) and with counseling and serving on boards of directors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Roger
Meltzer, Esq.</B> Mr. Meltzer practiced law at DLA Piper LLP from 2007 and held various roles: Global Co-Chairman (2015 through 2020),
and currently as Chairman Emeritus; Americas Co-Chairman (2013 through 2020); Member, Office of the Chair (2011 through 2020); Member,
Global Board (2008 through 2020); Co-Chairman, U.S. Executive Committee (2013 through 2020); Member, U.S. Executive Committee (2007 through
2020); and Global Co-Chairman, Corporate Finance Practice (2007 through 2015). Prior to joining DLA Piper LLP, Mr. Meltzer practiced
law at Cahill Gordon &amp; Reindel LLP from 1977 to 2007 where he was a member of the Executive Committee from 1987 through 2007, Co-Administrative
Partner and Hiring Partner from 1987 through 1999, and Partner from 1984 through 2007. Mr. Meltzer currently serves on the Advisory Board
of Harvard Law School Center on the Legal Profession (May 2015-Present); and the Board of Trustees, New York University Law School (September
2011-Present); and previously served on the Corporate Advisory Board, John Hopkins, Carey Business School (January 2009-December 2012).
He has previously served on the board of directors of: Lionheart II Corp (March 2021 to May 2022), Lionheart III Corp (March 2021 to
August 2022), Haymaker Acquisition Corp. III (February 2021 to July 2022), certain subsidiaries of Nordic Aviation Capital (December
2021 to April 2022), The Legal Aid Society (November 2013 to January 2020), Hain Celestial Group, Inc. (December 2000 to February 2020),
American Lawyer Media (January 2010 to July 2014) and The Coinmach Service Corporation (December 2009 to June 2013). Mr. Meltzer has
also received several awards and honors and has been actively involved in philanthropic activity throughout his career. Mr. Meltzer received
Juris Doctor degree in law from New York University School of Law and an A.B. from Harvard College. In February 2021, Mr. Meltzer joined
the board of directors of Haymaker Acquisition Corp. 4, a special purpose acquisition company focused on identifying and implementing
value creation initiatives within the consumer and consumer-related products and services industries. In May 2022, Mr. Meltzer joined
the board of directors of MSP Recovery, Inc. following its business combination with Lionheart Acquisition Corp. II. In August 2022,
Mr. Meltzer joined the board of directors of the Company following the Business Combination. In April 2023, Mr. Meltzer joined the board
of directors of Cyxtera Technologies, Inc., a company specializing in colocation and interconnection services, with a footprint of more
than 60 data centers in over 30 markets. In November 2023, Mr. Meltzer joined the board of directors of Audacy Inc., a leading multi-platform
audit content and entertainment company. Mr. Meltzer also serves on the board of directors of various private companies as well.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Zeren
Browne. </B>Ms. Browne has previously held senior management roles and led the marketing and commercial business activities for brands
under luxury &amp; lifestyle conglomerates LVMH and Estee Lauder Companies. Ms. Browne has been the Executive Vice President and Chief
Strategy Officer, of the Company and its predecessors since July 2018. She was formerly the Managing Director at Mulloway Pty Limited
from October 2016 to July 2020 and is currently the Managing Director of trueGold Consortium Pty Limited since June 2020. Ms. Browne
holds a Bachelor of Commerce Degree and an advanced MBA Degree from The University of Western Australia, where she was awarded the Dux
and The Women in Management Scholarship. Ms. Browne brings more than 20 years&#8217; experience in global marketing and strategic brand
management to our board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pebble
Sia Huei-Chieh.</B> Ms. Sia has been the Managing Director of Esquire Law Corporation since 2002, a niche Singapore firm she founded
that specializes in cross-border mergers and acquisitions, strategic and venture capital investments, structured debt financing and equity
securities, joint ventures, and general corporate and commercial law. She is Independent Non-Executive Director, Chairman, Nominating
Committee, and Member, Audit Committee and Remuneration Committee, of Singapore Shipping Corporation Limited (a company listed on the
Mainboard of the Singapore Exchange Limited), a car carrier ship owner, shipping and agency services; a non-executive Director of a venture
investment firm for a Singapore family office; and a non-executive Director of a London-based luxury fashionwear company. She is also
a non-executive director of two real estate investment companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Information
about Executive Officers</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Haggai
Alon</B>. See &#8220;<I>Information about Directors</I>&#8221; above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Zeren
Browne</B>. See &#8220;<I>Information about Directors</I>&#8221; above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amir
Bader</B>. See &#8220;<I>Information about Directors</I>&#8221; above.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Alon has an employment agreement with Security Matters Ltd., an Israeli company and subsidiary of SMX, and as provided in his employment
agreement will provide services to Security Matters Ltd., and its parent and any wholly owned subsidiary thereof. Pursuant to his employment
agreement, Mr. Alon will receive a gross salary of approximately $260,000, and be entitled to other benefits such as social benefits
required by law, vehicle remuneration, receipt of RSUs and/or options and bonus payments.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Information
about Executive Officers</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Haggai
Alon</B>. See &#8220;<I>Information about Directors</I>&#8221; above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amir
Bader. </B>See &#8220;<I>Information about Directors</I>&#8221; above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Zeren
Browne</B>. See &#8220;<I>Information about Directors</I>&#8221; above.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. While
we expect to voluntarily follow most Nasdaq corporate governance rules, we may choose to take advantage of the following limited exemptions:</FONT></P>

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

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as we, may rely on home country corporate governance practices in
lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq&#8217;s
Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). The
Company has elected to (a) amend its 2022 Equity Incentive Plan to increase the number of shares authorized under the plan without stockholder
approval, (b) follow home country practice in lieu of the requirements under Nasdaq Rule 5635(d) to seek shareholder approval in connection
with certain transactions involving the sale, issuance and potential issuance of its Ordinary Shares (or securities convertible into
or exercisable for its Ordinary Shares) at a price less than certain referenced prices, if such shares equal 20% or more of the Company&#8217;s
Ordinary Shares or voting power outstanding before the issuance, (c) follow home country practice in lieu of the requirements under Nasdaq
Rule 5635(c) to seek shareholder approval in connection with the establishment or material amendment of a stock option or purchase plan
or arrangement pursuant to which stock may be acquired by officers, directors, employees or consultants, and (d) follow home country
practice in lieu of the requirements under Nasdaq Rule 5605(c)(2)(A) that require the Company to have an audit committee of at least
three members.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
our shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance
requirements of Nasdaq. We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitation
on Liability and Indemnification of Directors and Officers</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to the ICA. Subject to exceptions, the ICA does not permit a company to exempt a director or certain officers from,
or indemnify a director against, liability in connection with any negligence, default, breach of duty or breach of trust by a director
in relation to the company. The exceptions allow a company to (i) purchase and maintain director and officer insurance against any liability
attaching in connection with any negligence, default, breach of duty or breach of trust owed to the company; and (ii) indemnify a director
or other officer against any liability incurred in defending proceedings, whether civil or criminal (a) in which judgement is given in
his or her favor or in which he or she is acquitted or (b) in respect of which an Irish court grants him or her relief from any such
liability on the grounds that he or she acted honestly and reasonably and that, having regard to all the circumstances of the case, he
or she ought fairly to be excused for the wrong concerned.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Company&#8217;s Amended and Restated Memorandum and Articles of Association, subject to certain limitations and so far as may be
permitted by the ICA, each director, officer or employee of the Company, and each person who is or was serving at the request of the
Company as a director, officer or employee of another company, or of a partnership, joint venture, trust or other enterprise, including
service with respect to employee benefit plans maintained or sponsored by the Company, shall be entitled to be indemnified by the Company
against all costs, charges, losses, expenses and liabilities incurred by him or her in the execution and discharge of his or her duties
or in relation thereto, including any liability incurred by him or her in defending any proceedings, civil or criminal, which relate
to anything done or omitted or alleged to have been done or omitted by him or her as a director, officer or employee of the Company or
such other company, partnership, joint venture, trust or other enterprise, and in which judgment is given in his or her favor (or the
proceedings are otherwise disposed of without any finding or admission of any material breach of duty on his or her part) or in which
he or she is acquitted or in connection with any application under any statute for relief from liability in respect of any such act or
omission in which relief is granted to him or her by the court. However, any such indemnity shall not be made in respect of any claim,
issue or matter as to which such person shall have been adjudged to be liable for fraud or dishonesty in the performance of his or her
duty to the Company unless and only to the extent that the courts of Ireland or the court in which such action or suit was brought shall
determine upon application that despite the adjudication of liability, but in view of all the circumstances of the case, such person
is fairly and reasonably entitled to indemnity for such expenses as the court shall deem proper.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the closing of the Business Combination, the Company entered into indemnification agreements with each of its directors to provide contractual
indemnification providing for indemnification and advancements by the Company of certain expenses and costs relating to claims, suits
or proceedings arising from his or her service to the Company, and to Lionheart if applicable or, at Lionheart&#8217;s request, service
to other entities, as officers or directors occurring at or prior to the Business Combination, to the maximum extent permitted by applicable
law.</FONT></P>

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


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

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Company maintains standard policies of insurance under which coverage is provided (1) to its directors and officers against loss arising
from claims made by reason of breach of duty or other wrongful act, while acting in their capacity as directors and officers of the Company,
and (2) to the Company with respect to payments which may be made by the Company to such officers and directors pursuant to any indemnification
provision contained in the Company&#8217;s Amended and Restated Memorandum and Articles of Association or otherwise as a matter of law.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not anticipated that a policy requiring the positions of the Chairperson of the Board and Chief Executive Officer to be separate or
held by the same individual will be implemented by the Board, as the Board&#8217;s determination is expected to be based on circumstances
existing from time to time, based on criteria that are in the Company&#8217;s best interests and the best interests of its stockholders,
including the composition, skills and experience of the Board and its members, specific challenges faced by the Company or the industry
in which it operates and governance efficiency. If the Board convenes for a meeting, it is expected that the non-management directors
will meet in one or more executive sessions, if the circumstances warrant. The Board may consider appointing a lead independent director,
if the circumstances warrant.</FONT></P>

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the consummation of the Business Combination, the Board administered the risk oversight function directly through the Board as a whole,
as well as through its committees, where applicable, monitoring and assessing strategic risk exposure, enterprise risk, and governance
risks. The audit committee has the responsibility to consider and discuss our major financial risk exposures and the steps our management
has taken to monitor and control these exposures. The allocation of risk oversight responsibility may change, from time to time, based
on the evolving needs of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Code
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Board adopted a Code of Ethics applicable to our directors, executive officers and team members that complies with the rules and regulations
of Nasdaq and the SEC. The Code of Ethics is available on the Company&#8217;s website. In addition, the Company intends to post on the
Corporate Governance section of its website all disclosures that are required by law or Nasdaq listing standards concerning any amendments
to, or waivers from, any provision of the Code of Ethics. The reference to the Company&#8217;s website address in this prospectus does
not include or incorporate by reference the information on the Company&#8217;s website into this prospectus.</FONT></P>

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Governance</I></B></FONT></P>

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Company structured its corporate governance in a manner it believes closely aligns its interests with those of its shareholders. Notable
features of this corporate governance include:</FONT></P>

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    until members of a nominating committee have been appointed, director nominees will be selected, or recommended for the Board&#8217;s
    selection, by independent directors constituting a majority of the Board&#8217;s independent directors in a vote in which only independent
    directors participate.</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
this time, the Company does not have on its Audit Committee at least one member who qualifies as an &#8220;audit committee financial
expert&#8221; as defined by the SEC; however, the Company believes that all of the audit committee members are able to read and understand
fundamental financial statements, including the Company&#8217;s balance sheet, income statement, and cash flow statement. Additionally,
at least one member of the audit committee has past employment experience in finance or accounting, requisite professional certification
in accounting, or any other comparable experience or background which results in the individual&#8217;s financial sophistication, and
accordingly believes that the audit committee can properly fulfill its functions and role as if at least one member was an &#8220;audit
committee financial expert&#8221; as defined by the SEC.</FONT></P>

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

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accordance with the Company&#8217;s Amended and Restated Memorandum and Articles of Association, its board of directors shall be divided
into three classes of directors with staggered terms depending on the class. The Board has designated Amir Bader and Thomas Hawkins as
Class I Directors with terms ending in 2026, Roger Meltzer, Pebble Sia Huei-Chieh and Zeren Browne as Class II Directors with terms ending
in 2027, and Haggai Alon and Ophir Sternberg as Class III Directors with terms ending in 2025.</FONT></P>

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

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

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Board has an independent audit committee and a compensation committee; however, there is a vacancy on each of the audit committee and
the compensation committee. Furthermore, until members of a nominating committee have been appointed, director nominees will be selected,
or recommended for the Board&#8217;s selection, by independent directors constituting a majority of the Board&#8217;s independent directors
in a vote in which only independent directors participate.</FONT></P>

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Committees</I></B></FONT></P>

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

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

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audit committee is responsible for, among other things:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
member of the Company&#8217;s audit committee is Thomas Hawkins, Chairperson.</FONT></P>

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

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

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and Nasdaq with respect to audit committee membership. In addition, all audit committee members meet the requirements for financial literacy
under applicable SEC and Nasdaq rules. The audit committee&#8217;s charter is available on the Company&#8217;s website. The reference
to the Company&#8217;s website address in this prospectus does not include or incorporate by reference the information on the Company&#8217;s
website into this prospectus.</FONT></P>

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

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

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

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

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

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compensation committee is responsible for, among other things:</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">making
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">retaining
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
member of the Company&#8217;s compensation committee is Roger Meltzer, Chairperson, who qualifies as an independent director according
to the rules and regulations of the SEC and Nasdaq with respect to compensation committee membership, including the heightened independence
standards for members of a compensation committee. The Company is in the process of identifying an additional Board member to fill the
vacancies for the committee positions that meets applicable Nasdaq and SEC rules and regulations. The compensation committee&#8217;s
charter is available on the Company&#8217;s website. The reference to the Company&#8217;s website address in this prospectus does not
include or incorporate by reference the information on the Company&#8217;s website into this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Nominating
and Corporate Governance Committee</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not yet appointed members of the Board to a nominating committee. Any nominating committee would be responsible for, among
other things:</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying
    individuals qualified to become members of our Board, consistent with criteria approved by our Board;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">periodically
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
members of a nominating committee have been appointed, director nominees will be selected, or recommended for the Board&#8217;s selection,
by independent directors constituting a majority of the Board&#8217;s independent directors in a vote in which only independent directors
participate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
nominating and corporate governance committee charter would be available on the Company&#8217;s website. The reference to the Company&#8217;s
website address in this prospectus does not include or incorporate by reference the information on the Company website into this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Executive
Officer and Director Compensation</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate compensation paid by the Company to the Board for the fiscal year ended December 31, 2024 was approximately $606,109. The compensation
for the year ended December 31, 2024 amount included 2,239 shares and options (post June Reverse Stock Split) that were granted to its
directors as a group, with a value of $606,109.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">aggregate compensation paid by the Company to the Board
for the fiscal year ended December 31, 2023 was approximately $684,000. The compensation for the year ended December 31, 2023 amount
included 16 shares (post June Reverse Stock Split) that were granted to its directors as a group, with a value of approximately $147,996.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate compensation paid by the Company to its senior executive officers for the fiscal years ended December 31, 2024 and December
31, 2023 was approximately $528,687 and $1 million, respectively. In fiscal year 2024, we granted an aggregate of 1,231 restricted stock
units and options (post June Reverse Stock Split) to our executive officers, with a value of approximately $528,687. In fiscal years
2023 and 2022, our predecessor granted stock option awards to its executive officers to acquire an aggregate of 23 of Security Matters
PTY&#8217;s ordinary shares (post June Reverse Stock Split), all of the options are subject to performance condition. In fiscal year
2023, we granted an aggregate of 20 restricted stock units (post June Reverse Stock Split) to our executive officers, with a value of
approximately $88,891.</FONT></P>

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


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interim CFO is not being paid a salary for such services. It is expected that any executive compensation program beyond existing arrangements
will include:</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">long
    term incentive compensation in the form of stock options, restricted stock and stock appreciation awards, among others; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
    regard to key executive officers, formal employment arrangements to include change of control provisions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Independent
Director Compensation</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2024, the independent directors were granted restricted stock units and options in an amount equal
to $218, which fully vested on the grant date (partially subject to conditional acceleration clauses), and were settled in Ordinary Shares,
subject to such director&#8217;s continuous services as a director until such time and earlier vesting due to a change of control. In
addition, each committee chair is entitled to receive an additional grant annually of restricted stock units in an amount equal to $15,000
divided by the closing price on the last trading day of the fiscal year, subject to the same terms listed in the prior sentence. Mr.
Alon and Ms. Browne will not receive any director compensation as their compensation is governed by their individual employment agreements.
The Company&#8217;s directors, other than Mr. Alon and Ms. Browne, were granted an aggregate of 2,329 restricted stock units and options.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2022
Incentive Equity Plan and Other Plan Options</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board and shareholders approved and adopted the SMX Public Limited Company 2022 Incentive Equity Plan (&#8220;2022 Incentive Equity Plan&#8221;),
which was subsequently amended by the Board, which reserved for grant and authorized 5,082,417 Ordinary Shares (pre- 28.5:1, 4.1:1
and 7:1 reverse stock splits). Additionally, pursuant to the 2022 Incentive Equity Plan, the Ordinary Shares reserved for issuance
thereunder will automatically increase annually on the first day of each fiscal year beginning with the 2023 fiscal year, by an amount
equal to 5% of the number of outstanding shares of the Company as of the last day of the prior fiscal year.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 21, 2023, the Company&#8217;s Ordinary Shares began trading on a post-reverse stock split basis, whereby every twenty-two Ordinary
Shares of the Company were automatically combined into one Ordinary Share. Due to this, the Ordinary Shares reserved for issuance pursuant
to the 2022 Incentive Equity Plan was adjusted to 231,019 Ordinary Shares (pre- 28.5:1, 4.1:1 and 7:1 reverse stock splits).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company received stockholder approval at its 2023 annual general meeting of shareholders held on December 21, 2023, which increased the
number of Ordinary Shares by 1,500,000 to a total of 1,731,019 Ordinary Shares (pre- 28.5:1, 4.1:1 and 7:1 reverse stock splits).
The Ordinary Shares reserved for issuance under the 2022 Incentive Equity Plan was automatically increased on January 1, 2024 by 509,295
(an amount equal to 5% of the number of outstanding shares of the Company as of the last day of the 2023 fiscal year) (pre- 28.5:1,
4.1:1 and 7:1 reverse stock splits) for a total reserve of 2,240,313 (pre- 28.5:1, 4.1:1 and 7:1 reverse stock splits).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 29, 2024, the Board approved an aggregate grant of 20,000 (pre- 28.5:1, 4.1:1 and 7:1 reverse stock splits) restricted
stock units to officers, directors and services providers under the 2022 Incentive Equity Plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 15, 2024, the Company&#8217;s Ordinary Shares began trading on a post-reverse stock split basis, whereby every seventy-five Ordinary
Shares of the Company were automatically combined into one Ordinary Share. Due to this, the Ordinary Shares reserved for issuance pursuant
to the 2022 Incentive Equity Plan was adjusted to 29,871 Ordinary Shares (pre- 28.5:1, 4.1:1 and 7:1 reverse stock splits).</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 29, 2024, the Company amended its 2022 Incentive Equity Plan to increase the number of authorized Ordinary Shares under the Incentive
Plan to 1,524,752 from 29,871 (pre- 28.5:1, 4.1:1 and 7:1 reverse stock splits).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ordinary Shares reserved for issuance under the 2022 Incentive Equity Plan was automatically increased on January 1, 2025 by 1,657,794
(an amount equal to 5% of the number of outstanding shares of the Company as of the last day of the 2024 fiscal year), for a total reserve
of 3,182,546 (pre- 28.5:1, 4.1:1 and 7:1 reverse stock splits).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 15, 2025, the Company&#8217;s Ordinary Shares began trading on a post-reverse stock split basis, whereby every 28.5 Ordinary
Shares of the Company were automatically combined into one Ordinary Share. Due to this, the Ordinary Shares reserved for issuance pursuant
to the 2022 Incentive Equity Plan was adjusted to 3,891 Ordinary Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">On February 24,
2025, the Company amended its 2022 Incentive Equity Plan (&#8220;2022 Incentive Equity Plan&#8221;) to increase the number of authorized
Ordinary Shares under the 2022 Incentive Equity Plan to 83,508 from 3,891. Thereafter, the Company granted an aggregate of 42,334 restricted
stock units and 37,282 stock options, to its executive officers and directors, and to certain consultants, employees and advisors to
the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">On March 17, 2025,
the Company amended the 2022 Incentive Equity Plan, to further increase the number of authorized Ordinary Shares under the 2022 Incentive
Equity Plan to 88,211 from 83,508. Thereafter, the Company granted 4,704 stock options to certain consultants of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">On June 17, 2025,
the Company amended its 2022 Incentive Equity Plan, as amended, to increase the number of authorized Ordinary Shares under the 2022 Incentive
Equity Plan to 609,640 from 88,211. Thereafter, the Company granted an aggregate of 330,714 restricted stock units and 190,714 stock
options to its executive officers and directors, and to certain consultants, employees and advisors to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">On July 3, 2025,
the Company amended its 2022 Incentive Equity Plan, as amended, to increase the number of authorized Ordinary Shares under the 2022 Incentive
Equity Plan to 665,354 from 609.640. Thereafter, the Company granted an aggregate of 50,714 restricted stock units and 5,000 stock options
to certain consultants, employe and advisors to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a Foreign Private Issuer, Nasdaq Rule 5615(a)(3) allows the Company to rely on home country corporate governance practices in lieu of
certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d) and, accordingly, the Company so elected to approve the amendment
without stockholder approval. As a foreign private issuer, we are permitted to follow home country corporate governance practices and
from time to time, have amended, and may in the future continue to amend, the 2022 Incentive Equity Plan to increase the number of shares
authorized under the 2022 Incentive Equity Plan without shareholder approval.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2022 Incentive Equity Plan provides for the grant of options, restricted shares units, phantom shares or substitute awards or any combination
of the foregoing including such other awards that may be denominated or payable in, value in whole or in part, by reference to or otherwise
based upon, or related to, shares to our employees, directors, and consultants and any of our affiliates&#8217; employees and consultants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board, or any person or persons or committee to whom decision-making authority with respect to the 2022 Incentive Equity Plan is delegated
by our board of directors (the &#8220;Administrator&#8221;) will administer the 2022 Incentive Equity Plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board and the Administrator have the authority to amend or suspend the 2022 Incentive Equity Plan at any time and from time to time,
including to increase the number of Ordinary Shares authorized thereunder, and our Board has the authority to terminate the 2022 Incentive
Equity Plan provided that such action does not materially impair the existing rights of any participant without such participant&#8217;s
written consent. Certain material amendments also require the approval of our shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, as part of the Business Combination, we assumed an aggregate of 151 (post reverse stock splits) options originally granted
under Security Matters PTY&#8217;s 2018 Share Option Plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, an aggregate of 578,544 restricted stock units or stock options have been granted under the 2022
Incentive Equity Plan that vested or remain reserved for issuance.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_011"></FONT>DESCRIPTION
OF SECURITIES</B></FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a public limited company organized and existing under the laws of Ireland. The Company was formed on July 1, 2022 as a public
limited company incorporated in Ireland under the name &#8220;Empatan Public Limited Company&#8221; and underwent a change of name to
SMX (Security Matters) Public Limited Company on February 15, 2023. The Company&#8217;s affairs are governed by the Company&#8217;s Amended
and Restated Memorandum and Articles of Association, the ICA, and the laws of Ireland.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are summaries of material provisions of the Company&#8217;s Amended and Restated Memorandum and Articles of Association and
the Irish Companies Act of 2014 (the &#8220;ICA&#8221;), insofar as they relate to the material terms of the Ordinary Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
of Ordinary Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are summaries of material provisions of the Company&#8217;s Amended and Restated Memorandum and Articles of Association, and
the ICA, insofar as they relate to the material terms of the Ordinary Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>General</I>.
The authorized share capital of the Company is $100,000,000,000 divided into 348,083,623,693,379,791,533,527 Ordinary Shares with a nominal
value of <FONT STYLE="background-color: white">$0.000000000000287</FONT> each, 200,000,000,000 preferred shares with a nominal value
of $0.0001 each and &#8364;25,000 divided into 25,000 deferred Ordinary Shares with a nominal value each of &#8364;1.00 each.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 2, 2025, the Company&#8217;s shareholders approved the subdivision of its ordinary shares into 1 ordinary share of $0.00000000000001
par value (which was later increased to $0.000000000000041 pursuant to the June Reverse Stock Split) with the same rights as each current
ordinary share, and 470,250,014,886,351 new deferred shares of US$0.00000000000001 par value with the following rights: (i) each new
deferred share shall not entitle the holder thereof to receive notice, attend or vote at general meetings of the Company; (ii) each New
Deferred Share shall not entitle the holder thereof to participate in any dividends declared or paid by the Company; and (iii) on a return
of capital on a winding up or otherwise, each New Deferred Share shall entitle the holder thereof to receive an amount of US$0.00000000000001
on each deferred share after an amount of $1,000,000,000 has been paid in respect of each ordinary share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
prior to consummation of the Business Combination pursuant to the BCA and the SID, the Company had issued and paid-up share capital of
(i) &#8364;25,000 representing 25,000 deferred shares of &#8364;1.00 each and (ii) $0.0001 representing one Ordinary Share of $0.0001 each
in the capital of the Company, in order to satisfy statutory capitalization requirements for all Irish public limited companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Dividends</I>.
The holders of Ordinary Shares are entitled to such dividends as may be declared by the Company&#8217;s board of directors. Dividends
may be declared and paid out of the funds legally available therefor, or any other fund or account which can be authorized for this purpose
in accordance with the ICA.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Voting
Rights</I>. Each Ordinary Share shall be entitled to one vote on all matters subject to the vote at general meetings of the Company.
Voting at any meeting of shareholders is by way of a poll, which shall be taken in such manner as the chairperson of the meeting directs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 75% of the votes cast
attaching to the outstanding Ordinary Shares at a meeting. Where the shareholders wish to act by way of written resolution in lieu of
holding a meeting, unanimous consent of the holders of the Ordinary Shares shall be required. A special resolution will be required for
important matters such as a change of name, reducing the share capital or making changes to the Company&#8217;s Amended and Restated
Memorandum and Articles of Association.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transfer
of Ordinary Shares</I>. Subject to the restrictions contained in the BCA with respect to the Ordinary Shares, and subject to any further
restrictions contained in the Amended and Restated Memorandum and Articles of Association, any shareholder may transfer all or any of
his or her Ordinary Shares by an instrument of transfer in the usual or common form or any other form approved by the Company&#8217;s
Board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Liquidation</I>.
On a return of capital on winding-up or otherwise (other than on conversion, redemption or purchase of Ordinary Shares), assets available
for distribution among the holders of Ordinary Shares shall be distributed among the holders thereof on a pro rata basis. If the Company&#8217;s
assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses
are borne by the Company&#8217;s shareholders proportionately.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>General
Meetings of Shareholders</I>. Shareholders&#8217; meetings may be convened by the board of directors on the requisition of the shareholders
or, if the Board fails to so convene a meeting, such extraordinary general meetings may be convened by the requisitioning shareholders
where the requisitioning shareholders hold not less than 10% of the paid up share capital of the Company. Any action required or permitted
to be taken at any annual or extraordinary general meetings may be taken only upon the vote of the shareholders at an annual or extraordinary
general meeting duly noticed and convened in accordance with the Company&#8217;s Amended and Restated Memorandum and Articles of Association
and the ICA. Unanimous consent of the holders of the Ordinary Shares shall be required before the shareholders may act by way of written
resolution without a meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
of Public Warrants</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
whole Public Warrant shall entitle the holder thereof to purchase one Ordinary Share at an exercise price of $15,520,601.20 per share
(post-7:1 reverse stock split).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms of the BCA, on the consummation of the Business Combination, each Lionheart Public Warrant remained outstanding but was
automatically adjusted to become one Public Warrant. Each such Public Warrant continues to have, and be subject to, the same terms and
conditions set forth in the warrant agreement pursuant to which such Lionheart Public Warrant was issued immediately prior to the consummation
of the Business Combination, except that each Public Warrant is exercisable (or will become exercisable in accordance with its terms)
for that number of whole Ordinary Shares equal to the number of Lionheart Private Shares that were issuable upon exercise of such Lionheart
Public Warrant that was outstanding immediately prior to the consummation of the Business Combination, and subject to adjustment pursuant
to the subsequent reverse stock split. In addition, each Lionheart Private Warrant remains outstanding but is automatically adjusted
to become one Public Warrant, subject to adjustment pursuant to the subsequent reverse stock split (each a &#8220;Parent Founder Warrant&#8221;).
Each such Parent Founder Warrant continues to have, and be subject to the same terms and conditions set forth in the warrant agreement
pursuant to which such Lionheart Private Warrant was issued immediately prior to the consummation of the Business Combination, except
that each Parent Founder Warrant is exercisable (or will become exercisable in accordance with its terms) for that number of whole Ordinary
Shares equal to the number of Lionheart Private Shares that were issuable upon exercise of such Lionheart Private Warrant that was outstanding
immediately prior to the consummation of the Business Combination, subject to adjustment pursuant to the subsequent reverse stock split.
As used herein: (1) &#8220;Lionheart Private Shares&#8221; shall mean the 400,000 shares of Lionheart Class A Common Stock, included
in the units (&#8220;Lionheart Private Units&#8221;) issued in private placements at the time of the consummation of the initial public
offering by Lionheart, which closed on November 8, 2021 (&#8220;IPO&#8221;), including (a) one Lionheart Class A Common Stock and (b)
one-half of a warrant, with whole warrants entitling the holder thereof to purchase one Lionheart Class A Common Stock at an exercise
price of $11.50 per share; (2) &#8220;Lionheart Private Warrants&#8221; shall mean (a) each warrant issued in private placements at the
time of the consummation of the IPO, entitling the holder thereof to purchase one Lionheart Class A Common Stock at an exercise price
of $11.50 per share and (b) each warrant issued as a component of Lionheart Private Units; and (3) &#8220;Lionheart Public Warrants&#8221;
shall mean each warrant issued as a component of the Lionheart Public Units.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is not obligated to deliver any Ordinary Shares pursuant to the exercise of a Public Warrant and will have no obligation to settle
such warrant exercise unless a registration statement under the Securities Act with respect to the Ordinary Shares underlying the Public
Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations described
below with respect to registration. No Public Warrant will be exercisable, and the Company will not be obligated to issue Ordinary Shares
upon exercise of a Public Warrant unless the Ordinary Shares issuable upon such Public Warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants. In the event
that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such
warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will the Company
be required to net cash settle any Public Warrant.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agreed that as soon as practicable, but in no event later than 30 days after the closing of the Business Combination, the Company
would use its best efforts to file with the SEC a registration statement for the registration under the Securities Act of the Ordinary
Shares issuable upon exercise of the Public Warrants and thereafter will use its best efforts to cause the same to become effective within
60 business days following the closing of the Transactions and to maintain a current prospectus relating to the Ordinary Shares issuable
upon exercise of the Public Warrants, until the expiration of the Public Warrants in accordance with the provisions of that certain warrant
agreement between Continental Stock Transfer &amp; Trust Company, as warrant agent, and Lionheart (the &#8220;Warrant Agreement&#8221;).
As a registration statement covering the Ordinary Shares issuable upon exercise of the Public Warrants was not effective by the 60th
business day after the closing of the Transactions, holders of the Public Warrants may, until such time as there is an effective registration
statement and during any period when the Company will have failed to maintain an effective registration statement, exercise Public Warrants
on a &#8220;cashless basis&#8221; in accordance with Section 3(a)(9) of the Securities Act or another exemption. If that exemption, or
another exemption, is not available, holders of the Public Warrants will not be able to exercise their Public Warrants on a cashless
basis. Once the Public Warrants become exercisable, the Company may call the Public Warrants for redemption:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
in whole and not in part;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
at a price of $15,520,601.20 per warrant (post-7:1 reverse stock split);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
upon not less than 30 days&#8217; prior written notice of redemption (the &#8220;30-day redemption period&#8221;) to each warrant holder;
and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
if, and only if, the reported last reported sale price of the Ordinary Shares equals or exceeds $24,293,115 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period
ending three trading days before the Company sends the notice of redemption to the warrant holders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
and when the Public Warrants become redeemable by the Company, the Company may not exercise its redemption right if the issuance of Ordinary
Shares upon exercise of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or
the Company is unable to effect such registration or qualification. The Company will use its best efforts to register or qualify such
shares under the blue sky laws of the state of residence in those states in which the Public Warrants were offered.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has established the last of the redemption criteria discussed above to prevent a redemption call unless there is at the time
of the call a significant premium to the Public Warrant exercise price. If the foregoing conditions are satisfied and the Company issues
a notice of redemption of the Public Warrants, each holder of the Public Warrants will be entitled to exercise its Public Warrant prior
to the scheduled redemption date. However, the price of the Ordinary Shares may fall below the $24,293,115  redemption trigger
price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) as well as the $15,520,601.20 warrant
exercise price (post-7:1 reverse stock split) after the redemption notice is issued.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company calls the Public Warrants for redemption as described above, the Company&#8217;s management will have the option to require
any holder that wishes to exercise its Public Warrant to do so on a &#8220;cashless basis.&#8221; In determining whether to require all
holders to exercise their Public Warrants on a &#8220;cashless basis,&#8221; the Company&#8217;s management will consider, among other
factors, the Company&#8217;s cash position, the number of Public Warrants that are outstanding and the dilutive effect on the Company&#8217;s
shareholders of issuing the maximum number of Ordinary Shares issuable upon the exercise of Public Warrants. If the Company&#8217;s management
takes advantage of this option, all holders of Public Warrants would pay the exercise price by surrendering their Public Warrants for
that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying
the Public Warrants, multiplied by the difference between the exercise price of the Public Warrants and the &#8220;fair market value&#8221;
(defined below) by (y) the fair market value. The &#8220;fair market value&#8221; means the average last reported sale price of the Ordinary
Shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders
of Public Warrants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company&#8217;s management takes advantage of this option, the notice of redemption will contain the information necessary to calculate
the number of Ordinary Shares to be received upon exercise of the Public Warrants, including the &#8220;fair market value&#8221; in such
case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect
of a warrant redemption. The Company believes this feature is an attractive option to the Company if they do not need the cash from the
exercise of the Public Warrants after the closing of the transactions contemplated by the BCA, the SID and the Ancillary Agreements.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
holder of a Public Warrant may notify the Company in writing in the event it elects to be subject to a requirement that such holder will
not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such
person&#8217;s affiliates), to the warrant agent&#8217;s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such
other amount as a holder may specify) of the Ordinary Shares outstanding immediately after giving effect to such exercise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the number of outstanding Ordinary Shares is increased by a stock dividend payable in Ordinary Shares, or by a split-up of Ordinary Shares
or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of Ordinary Shares
issuable on exercise of each Public Warrant will be increased in proportion to such increase in the outstanding Ordinary Shares. A rights
offering to holders of Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the fair market value will
be deemed a stock dividend of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in
such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable
for Ordinary Shares) and (ii) one (1) minus the quotient of (x) the price per share of Ordinary Shares paid in such rights offering divided
by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Ordinary
Shares, in determining the price payable for the Ordinary Shares, there will be taken into account any consideration received for such
rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average
price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the first date on
which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such
rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if the Company, at any time while the Public Warrants are outstanding and unexpired, pays a dividend or makes a distribution
in cash, securities or other assets to the holders of the Ordinary Shares on account of such Ordinary Shares (or other shares of the
Company&#8217;s capital stock into which the Public Warrants are convertible), other than (a) as described above or (b) certain ordinary
cash dividends, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the
amount of cash and/or the fair market value of any securities or other assets paid on each Ordinary Share in respect of such event.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the number of outstanding Ordinary Shares is decreased by a consolidation, combination, reverse stock split or reclassification of Ordinary
Shares or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification
or similar event, the number of Ordinary Shares issuable on exercise of each Public Warrant will be decreased in proportion to such decrease
in outstanding Ordinary Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
the number of Ordinary Shares purchasable upon the exercise of the Public Warrants is adjusted, as described above, the warrant exercise
price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator
of which will be the number of Ordinary Shares purchasable upon the exercise of the Public Warrants immediately prior to such adjustment,
and (y) the denominator of which will be the number of Ordinary Shares so purchasable immediately thereafter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case of any reclassification or reorganization of the outstanding Ordinary Shares (other than those described above or that solely affects
the par value of such Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the
assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved,
the holders of the Public Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the Public Warrants and in lieu of the Ordinary Shares immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that
the holder of the Public Warrants would have received if such holder had exercised their Public Warrants immediately prior to such event.
If less than 70% of the consideration receivable by the holders of Ordinary Shares in such a transaction is payable in the form of Ordinary
Shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter
market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the Public Warrant
properly exercises the Public Warrant within thirty days following public disclosure of such transaction, the Public Warrant exercise
price will be reduced as specified in the Warrant Agreement based on the Black-Scholes value (as defined in the Warrant Agreement) of
the Public Warrant. The purpose of such exercise price reduction is to provide additional value to holders of the Public Warrants when
an extraordinary transaction occurs during the exercise period of the Public Warrants pursuant to which the holders of the Public Warrants
otherwise do not receive the full potential value of the Public Warrants in order to determine and realize the option value component
of the Public Warrant. This formula is to compensate the warrant holder for the loss of the option value portion of the Public Warrant
due to the requirement that the warrant holder exercise the warrant within 30 days of the event. The Black-Scholes model is an accepted
pricing model for estimating fair market value where no quoted market price for an instrument is available.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrant Agreement provides that the terms of the Public Warrants may be amended without the consent of any holder to cure any ambiguity
or correct any defective provision, but requires the approval by the holders of at least 65% of the then outstanding Public Warrants
to make any change that adversely affects the interests of the registered holders of the Public Warrants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Public Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to the Company, for
the number of Public Warrants being exercised. The warrant holders do not have the rights or privileges of holders of Ordinary Share
and any voting rights until they exercise their Public Warrants and receive Ordinary Shares. After the issuance of Ordinary Shares upon
exercise of the Public Warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted
on by Company shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive
a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of Ordinary Shares
to be issued to the warrant holder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed that, subject to applicable law, any action, proceeding or claim against the Company arising out of or relating in
any way to the Warrant Agreement will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and the Company irrevocably submits to such jurisdiction, which jurisdiction will be the exclusive
forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims
under the Exchange Act or any claim for which the federal district courts of the United States of America are the sole and exclusive
forum.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent for the Ordinary Shares is Continental Stock Transfer &amp; Trust Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Comparison
of Irish and Delaware Corporate Governance And Shareholder Rights</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public limited company incorporated under the laws of Ireland, the rights of our shareholders are governed by applicable Irish law,
including the ICA, and not by the law of any U.S. state. As a result, our directors and shareholders are subject to different responsibilities,
rights and privileges than are applicable to directors and shareholders of U.S. corporations. The applicable provisions of the ICA differ
from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain differences between the provisions
of the ICA applicable to us and the General Corporation Law of the State of Delaware relating to shareholders&#8217; rights and protections.
The applicable provisions in respect of the Company under the Company&#8217;s Amended and Restated Memorandum and Articles of Association
is also set out where relevant. This summary is not intended to be a complete discussion of the respective rights and it is qualified
in its entirety by reference to Delaware law and Irish law. You are also urged to carefully read the relevant provisions of the Delaware
General Corporation Law and the ICA for a more complete understanding of the differences between Delaware and Irish law.</FONT></P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Ireland</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Delaware</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal
    Applicable Legislation</B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    ICA</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware
    General Corporation Law, as amended from time to time (&#8220;DGCL&#8221;)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder
    Voting Rights</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    the Amended and Restated Memorandum and Articles of Association, each holder of our Ordinary Shares is entitled to vote for each
    Ordinary Share that he or she holds as of the record date for the meeting. We may not exercise any voting rights in respect of any
    shares held as treasury shares. Any shares held by our subsidiaries will count as treasury shares for this purpose, and such subsidiaries
    cannot therefore exercise any voting rights in respect of those shares.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            stockholder is entitled to one vote for each share of capital stock held by the stockholder,
                                            unless the certificate of incorporation provides otherwise.</FONT></P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    issued, the voting rights of holders of preferred stock will be determined by the certificate of incorporation or the certificate
    of designation with respect to such preferred stock.</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder
    Voting</B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
    where a greater majority is required by the ICA or otherwise prescribed by the Company&#8217;s Amended Memorandum and Articles of
    Association, any question, business or resolution proposed at any general meeting shall be decided by a resolution approved by a
    simple majority of votes cast, in person or by proxy, at a general meeting of the Company shareholders at which a quorum is present
    (referred to under Irish law as an &#8220;ordinary resolution&#8221;).</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
    under Delaware law, unless the certificate of incorporation provides for the vote of a larger portion of the stock, completion of
    a merger, consolidation, sale, lease or exchange of all or substantially all of a corporation&#8217;s assets or dissolution requires:</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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                                            ordinary resolution is needed, among other matters, to appoint a Company director (where
                                            the appointment is by shareholders), to remove a Company director and to provide, vary or
                                            renew the Company&#8217;s directors&#8217; authority to allot relevant securities.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irish
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></P>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            special resolution is needed, among other matters, to amend the Company&#8217;s Amended Memorandum
                                            and Articles of Association, to disapply statutory pre-emption rights on the issuance of
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    the rights attaching to a particular class of shares may only be varied if (a) the holders of seventy five percent (75%) of the nominal
    value of the issued shares of that class consent in writing to the variation, or (b) a special resolution, passed at a separate general
    meeting of the holders of that class, sanctions the variation.</FONT></P></TD>
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    to subscribe for ordinary Shares or preference shares in the capital of the Company in accordance with the terms of such rights plan.
    The Company&#8217;s ability to adopt a rights plan or to take other anti-takeover measures after the Board has received an approach
    which may lead to an offer or has reason to believe an offer is, or may be, imminent would be restricted by the frustrating actions
    prohibition of the Irish Takeover Rules. A number of Irish companies have pre-existing rights plans, which automatically trigger
    in specified circumstances without the need for a target board decision (other than a decision to disarm), although the validity
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    having the right to attend and vote at the meeting and together holding shares representing more than 50% of the votes that may be
    cast by all members at the relevant time shall be a quorum at a general meeting; provided, however, that at any time when the Company
    is a single-member company, one member of the Company present in person or by proxy, at a general meeting of it shall be a quorum.</FONT></TD>
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    proxy of such a registered shareholder, which proxy need not be a shareholder. Where interests in shares are held by a nominee trust
    company, this company may exercise the rights of the beneficial holders on their behalf as their proxy. All proxies must be appointed
    in accordance with the Amended Memorandum and Articles of Association. The Amended Memorandum and Articles of Association permits
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
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    no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A director
    of a Delaware corporation may not issue a proxy representing the director&#8217;s voting rights as a director.</FONT></TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-size: 10pt">Under Irish law, the Company may only pay dividends and make other distributions (and, generally, make share repurchases and redemptions) out of distributable profits. In addition, no dividend may be paid or other distribution, share repurchase or redemption made by the Company unless the net assets of the Company are equal to, or exceed, the aggregate of the Company&#8217;s called-up share capital plus its un-distributable reserves and the dividend or other distribution, share repurchase or redemption does not reduce the Company&#8217;s net assets below such aggregate amount.</FONT></TD>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Under Delaware law, subject to any restriction in the corporation&#8217;s
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">- Surplus of the corporation, which is defined as net assets less
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s Amended Memorandum and Articles
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board may also recommend a dividend to be approved
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    <TD STYLE="width: 2%; text-align: justify">&#160;</TD>
    <TD STYLE="width: 38%; text-align: justify"><FONT STYLE="font-size: 10pt">provided, however, that if the capital of the corporation has been diminished to an amount less than the aggregate amount of capital represented by the issued and outstanding stock of all classes having preference upon the distribution of assets, the board may not declare and pay dividends out of the corporation&#8217;s net profits until the deficiency in the capital has been repaired.</FONT></TD></TR>

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    if the capital of the corporation is impaired as a result of the redemption. A corporation may, however, purchase or redeem out of
    capital shares that are entitled upon any distribution of its assets to a preference over another class or series of its shares if
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
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    annual general meeting; the term of the initial Class II directors shall terminate on the conclusion of the Company&#8217;s 2027
    annual general meeting; and the term of the initial Class III directors shall terminate on the conclusion of the Company&#8217;s
    2025 annual general meeting. Directors are eligible to stand for re-election at the relevant annual general meeting. Directors shall
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    if expressly authorized in a corporation&#8217;s certificate of incorporation.</FONT></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vacancies
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                                            directors or a vacancy that results from the removal of a director in accordance with the
                                            Company&#8217;s Amended and Restated Memorandum and Articles of Association, may be filled
                                            by a majority of the directors then in office or by ordinary resolution of the shareholders
                                            (i.e., a simple majority of the members attending and voting). The replacement director will
                                            hold office until the next annual general meeting at which the director he replaces would
                                            have been subject to retirement by rotation.</FONT></P>
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    the event of a contested election (i.e., where the number of the Company director nominees exceeds the number of the Company directors
    to be elected), each of those nominees shall be voted upon as a separate resolution and the directors of the Company shall be elected
    by a plurality of the votes cast in person or by proxy at any such meeting. &#8220;Elected by a plurality&#8221; means the election
    of those of the Company director nominees equaling in number the number of positions to be filled at the relevant general meeting
    that receive the highest number of votes.</FONT></P></TD>
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    whether arising through death, resignation, retirement, disqualification, removal, an increase in the number of directors or any
    other reason, may be filled by a majority vote of the remaining directors, even if such directors remaining in office constitute
    less than a quorum, or by the sole remaining director. Any newly elected director usually holds office for the remainder of the full
    term expiring at the annual meeting of shareholders at which the term of the class of directors to which the newly elected director
    has been elected expires.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Removal
    of Directors</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
                                            Irish law, the Company&#8217;s shareholders may remove a director without cause by ordinary
                                            resolution before the expiration of his or her period of office by way of ordinary resolution,
                                            provided that at least 28 clear days&#8217; notice of the resolution is given to the Company,
                                            and the shareholders comply with the relevant procedural requirements of the ICA. Under Irish
                                            law, one or more Company shareholders representing not less than 10% of the paid-up share
                                            capital of the Company carrying voting rights may requisition the holding of an extraordinary
                                            general meeting at which a resolution to remove a director and appoint another person in
                                            his or her place may be proposed.</FONT></P>
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    power of removal is without prejudice to any claim for damages for breach of contract (e.g., an employment contract) that the director
    may have against the Company in respect of his or her removal.</FONT></P></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    typical certificate of incorporation and bylaws provide that, subject to the rights of holders of any preferred shares, directors
    may be removed at any time by the affirmative vote of the holders of at least a majority, or in some instances a supermajority, of
    the voting power of all of the then outstanding shares entitled to vote generally in the election of directors, voting together as
    a single class. A certificate of incorporation could also provide that such a right is only exercisable when a director is being
    removed for cause (removal of a director only for cause is the default rule in the case of a classified board).</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    consisting in whole or in part of members of the Board. The composition, function, power and obligations of any such committee will
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment
    of Governing Documents</B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Amended and Restated Memorandum and Articles of Association may only be amended by a special resolution of the shareholders.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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                                            Delaware law, amendments to a corporation&#8217;s certificate of incorporation require the
                                            approval of stockholders holding a majority of the outstanding shares entitled to vote on
                                            the amendment.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    a class vote on the amendment is required by the DGCL, a majority of the outstanding stock of the class is required, unless a greater
    proportion is specified in the certificate of incorporation or by other provisions of the DGCL. Under the DGCL, the board of directors
    may amend bylaws if so authorized in the certificate of incorporation. The stockholders of a Delaware corporation also have the power
    to amend bylaws.</FONT></P></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    and Indemnification of Directors and Officers</B></FONT></TD>
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                                            to exceptions, the ICA does not permit a company to exempt a director or certain officers
                                            from, or indemnify a director against, liability in connection with any negligence, default,
                                            breach of duty or breach of trust by a director in relation to the company.</FONT></P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    exceptions allow a company to (i) purchase and maintain director and officer insurance against any liability attaching in connection
    with any negligence, default, breach of duty or breach of trust owed to the company and (ii) indemnify a director or other officer
    against any liability incurred in defending proceedings, whether civil or criminal (a) in which judgement is given in his or her
    favor or in which he or she is acquitted or (b) in respect of which an Irish court grants him or her relief from any such liability
    on the grounds that he or she acted honestly and reasonably and that, having regard to all the circumstances of the case, he or she
    ought fairly to be excused for the wrong concerned.</FONT></P></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware
    law permits a corporation&#8217;s certificate of incorporation to include a provision eliminating or limiting the personal liability
    of a director to the corporation and its stockholders for damages arising from a breach of fiduciary duty as a director. However,
    no provision can limit the liability of a director for:</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    breach of his or her duty of loyalty to the corporation or its stockholders;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acts
    or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">intentional
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    transaction from which he or she derives an improper personal benefit.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
                                            the Amended and Restated Memorandum and Articles of Association, subject to certain limitations
                                            and so far as may be permitted by the ICA, each director, officer or employee of the Company,
                                            and each person who is or was serving at the request of the Company as a director, officer
                                            or employee of another company, or of a partnership, joint venture, trust or other enterprise,
                                            including service with respect to employee benefit plans maintained or sponsored by the Company
                                            shall be entitled to be indemnified by the Company against all costs, charges, losses, expenses
                                            and liabilities incurred by him or her in the execution and discharge of his or her duties
                                            or in relation thereto, as more particularly described in the section titled &#8220; Limitation
                                            on Liability and Indemnification of Directors and Officers.&#8221;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
    is expected that the Company will purchase and maintain directors and officers insurance on behalf of its directors, secretary, and
    employees.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    the ICA, a director of the Company may be liable to the Company where such director acts in breach of certain of his or her fiduciary
    duties.</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
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                                            an annual general meeting shall be convened by not less than twenty-one clear days&#8217;
                                            notice.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>
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    Company&#8217;s Amended and Restated Memorandum and Articles of Association requires that, subject to the ICA, all extraordinary
    general meetings shall be convened by not less than 21 clear days&#8217; notice except that they may be called by not less than 14
    clear days&#8217; notice where (i) all members, who hold shares that carry rights to vote at the meeting, are permitted to vote by
    electronic means at the meeting; and (ii) a special resolution reducing the period of notice to 14 days has been passed at the immediately
    preceding annual general meeting, or at a general meeting held since that meeting.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;clear
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    given or on which it is to take effect.</FONT></P></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    Delaware law, unless otherwise provided in the certificate of incorporation or bylaws, written notice of any meeting of the stockholders
    must be given to each stockholder entitled to vote at the meeting not less than 10 nor more than 60 days before the date of the meeting
    and shall specify the place, date, hour and purpose or purposes of the meeting.</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Annual
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            are required to hold annual general meetings at intervals of no more than 15 months after
                                            the previous annual general meeting, provided that an annual general meeting is held in each
                                            calendar year following our first annual general meeting, and no more than nine months after
                                            our fiscal year-end.</FONT></P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    only matters which must, as a matter of Irish law, be transacted at an annual general meeting are the consideration of the Irish
    statutory financial statements, the report of the directors, the report of the auditors on those statements and that report and a
    review by the members of our affairs. If no resolution is made in respect of the reappointment of an auditor at an annual general
    meeting, the previous auditor will be deemed to have continued in office.</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Typical
    bylaws provide that annual meetings of shareholders are to be held on a date and at a time fixed by the board of directors.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
    Meeting</B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&#8217;
    meetings may be convened by the board of directors on the requisition of the shareholders or, if the Board fails to so convene a
    meeting, such extraordinary general meeting may be convened by the requisitioning shareholders where the requisitioning shareholders
    hold not less than 10% of the paid up share capital of the Company. Any action required or permitted to be taken at any annual or
    extraordinary general meetings may be taken only upon the vote of the shareholders at an annual or extraordinary general meeting
    duly noticed and convened in accordance with the Company&#8217;s Amended and Restated Memorandum and Articles of Association and
    the ICA. Unanimous consent of the holders of the Ordinary Shares shall be required before the shareholders may act by way of written
    resolution without a meeting.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    Delaware law, a special meeting of shareholders may be called by the board of directors or by any other person authorized to do so
    in the certificate of incorporation or the bylaws.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    Suits</B></FONT></TD>
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                                            Company&#8217;s Amended and Restated Memorandum and Articles of Association provides that
                                            any dispute or claim arising out of or in connection with the Company&#8217;s Amended and
                                            Restated Memorandum and Articles of Association will be governed by, and construed in accordance
                                            with, the laws of Ireland and that the courts of Ireland will have exclusive jurisdiction
                                            to settle any dispute arising out of or in connection with the Company&#8217;s Amended and
                                            Restated Memorandum and Articles of Association.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&#8217;s Amended and Restated Memorandum and Articles of Association separately provides that unless the Company consents
    in writing to the selection of an alternative forum, the federal district courts of the United States of America will be the exclusive
    forum for resolving any complaint asserting a cause of action arising under the Exchange Act or the Securities Act.</FONT></P></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    Delaware law, a stockholder may bring a derivative action on behalf of the corporation to enforce the rights of the corporation.
    An individual also may commence a class action suit on behalf of himself or herself and other similarly situated stockholders where
    the requirements for maintaining a class action under the DGCL have been met. A person may institute and maintain such a suit only
    if such person was a stockholder at the time of the transaction which is the subject of the suit or his or her shares thereafter
    devolved upon him or her by operation of law. Additionally, under Delaware case law, the plaintiff generally must be a stockholder
    not only at the time of the transaction which is the subject of the suit, but also through the duration of the derivative suit. The
    Delaware General Corporation Law also requires that the derivative plaintiff make a demand on the directors of the corporation to
    assert the corporate claim before the suit may be prosecuted by the derivative plaintiff, unless such demand would be futile.</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preemptive
    Rights</B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    Irish law, unless otherwise authorized, when an Irish public limited company issues shares for cash to new shareholders, it is required
    first to offer those shares on the same or more favorable terms to existing shareholders of the company on a pro rata basis, commonly
    referred to as the statutory preemption right. However, we have opted out of these preemption rights in the Amended Memorandum and
    Articles of Association as permitted under Irish law. Because Irish law permits this opt-out to last for a maximum of five years,
    the Amended Memorandum and Articles of Association provides that this opt-out will lapse five years after the adoption of the Amended
    Memorandum and Articles of Association. Such opt-out may be renewed by a special resolution of the shareholders. A special resolution
    requires not less than 75% of the votes cast at a general meeting of our shareholders. If the opt-out is not renewed, shares issued
    for cash must be offered to our preexisting shareholders pro rata before the shares can be issued to any new shareholders. The statutory
    preemption rights do not apply where shares are issued for noncash consideration and do not apply to the issue of non-equity shares
    (that is, shares that have the right to participate only up to a specified amount in any income or capital distribution).</FONT></TD>
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                                            Delaware law, stockholders have no preemptive rights to subscribe to additional issues of
                                            stock or to any security convertible into such stock unless, and except to the extent that,
                                            such rights are expressly provided for in the certificate of incorporation.</FONT></P>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authority
    to Allot</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    the Amended Memorandum and Articles of Association, we may issue shares subject to the maximum authorized share capital contained
    in the Amended Memorandum and Articles of Association. The authorized share capital may be increased or reduced by a resolution approved
    by a simple majority of the votes cast at a general meeting of our shareholders, referred to under Irish law as an &#8220;ordinary
    resolution.&#8221; Our authorized share capital may be divided into shares of such nominal value as the resolution shall prescribe.
    As a matter of Irish law, the directors of a company may issue new ordinary shares without shareholder approval once authorized to
    do so by its constitution or by an ordinary resolution adopted by our shareholders at a general meeting. The authorization may be
    granted for a maximum period of five years, at which point it may be renewed by shareholders by an ordinary resolution. Accordingly,
    the Amended Memorandum and Articles of Association authorizes our Board of Directors to issue new ordinary shares without shareholder
    approval for a period of five years from the date of the adoption of the Amended Memorandum and Articles of Association.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    Delaware law, if the corporation&#8217;s charter or certificate of incorporation so provides, the board of directors has the power
    to authorize the issuance of stock. The board may authorize capital stock to be issued for consideration consisting of cash, any
    tangible or intangible property or any benefit to the corporation or any combination thereof. It may determine the amount of such
    consideration by approving a formula. In the absence of actual fraud in the transaction, the judgment of the directors as to the
    value of such consideration is conclusive.</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<B>Issue
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    the Amended Memorandum and Articles of Association, we may issue shares subject to the maximum authorized share capital contained
    in the Amended Memorandum and Articles of Association. The authorized share capital may be increased or reduced by a resolution approved
    by a simple majority of the votes cast at a general meeting of our shareholders, referred to under Irish law as an &#8220;ordinary
    resolution.&#8221; As a matter of Irish law, the directors of a company may issue new ordinary shares without shareholder approval
    once authorized to do so by its constitution or by an ordinary resolution adopted by our shareholders at a general meeting. The authorization
    may be granted for a maximum period of five years, at which point it may be renewed by shareholders by an ordinary resolution. Accordingly,
    the Amended Memorandum and Articles of Association authorizes our Board of Directors to issue new ordinary shares without shareholder
    approval for a period of five years from the date of the adoption of the Amended Memorandum and Articles of Association.</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    Delaware law, if the company&#8217;s certificate of incorporation so provides, the directors have the power to authorize the issuance
    of additional stock. The directors may authorize capital stock to be issued for consideration consisting of cash, any tangible or
    intangible property or any benefit to the company or any combination thereof.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Different
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    prejudice to any rights attached to any existing shares, we may issue shares with such rights or restrictions as we determine by
    an ordinary resolution approved by our shareholders. As a matter of Irish company law, the directors of a company may issue new ordinary
    shares without shareholder approval once authorized to do so by the constitution or by an ordinary resolution adopted by the shareholders
    at a general meeting. The authorization may be granted for a maximum period of five years, at which point it must be renewed by the
    shareholders by an ordinary resolution (if we wish to issue shares). The Amended Memorandum and Articles of Association authorizes
    our board of directors to issue new ordinary shares without shareholder approval for a period of five years from the date of adoption
    of such constitution, which is expected to be effective as of the completion of the business combination. We may also issue shares
    which are, or are liable to be, redeemed at the option of us or the holder.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
    our share capital is divided into different classes of shares, the special rights attached to any class may be varied or abrogated
    either with the written consent of the holders of 75% in nominal value of the issued shares of the class (excluding shares held as
    treasury shares) or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of the class
    (but not otherwise), and may be so varied or abrogated either while we are a going concern or during or in contemplation of a winding
    up.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    rights conferred upon the holders of any class of shares 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 our purchase or redemption of our own shares
    or by the creation or issue of further shares ranking pari passu therewith or subordinate thereto.</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            duration is unlimited. We may be dissolved and wound up at any time by way of a shareholders&#8217;
                                            voluntary winding up or a creditors&#8217; winding up. In the case of a shareholders&#8217;
                                            voluntary winding up, a special resolution of our shareholders is required. We may also be
                                            dissolved by way of court order on the application of a creditor, or by the Companies Registration
                                            Office as an enforcement measure where we have failed to file certain returns.</FONT></P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    rights of the shareholders to a return of our assets on dissolution or winding up, following the settlement of all claims of creditors,
    are prescribed in the Amended Memorandum and Articles of Association and the ICA.</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    the dissolution of a Delaware corporation, after satisfaction of the claims of creditors, the assets of that corporation would be
    distributed to stockholders in accordance with their respective interests, including any rights a holder of shares of preference
    shares may have to preferred distributions upon dissolution or liquidation of the corporation.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Acquisition
    of Treasury Share and Reduction of Share Capital</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may reduce our authorized but unissued share capital in any manner permitted by the ICA.
                                            We also may, by special resolution (approved by not less than 75% of the votes cast at a
                                            general meeting of our shareholders) and subject to confirmation by the Irish High Court,
                                            reduce our issued share capital in any way permitted by the ICA.</FONT></P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    purposes of Irish law, repurchases of our shares may be effected by a redemption if the repurchased shares are redeemable shares
    or are deemed to be redeemable shares by the Amended Memorandum and Articles of Association.</FONT></P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Amended Memorandum and Articles of Association provides that, unless the board of directors determines otherwise, each of our shares
    shall be deemed to be a redeemable share on, and from the time of, the existence or creation of an agreement, transaction or trade
    between us and any person pursuant to which we acquire or will acquire our shares, or an interest in our shares, from the relevant
    person. Redeemable shares of ours shall have the same characteristics as any other of our shares save that they shall be redeemable
    in accordance with the arrangement.</FONT></P></TD>
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    Delaware law, a corporation, by an affirmative vote of a majority of the board of directors, may reduce its capital by reducing or
    eliminating the capital represented by shares of capital stock which have been retired, by applying to an already authorized purchase
    redemption, conversion or exchange of outstanding shares of its capital stock some or all of the capital represented by shares being
    purchased, redeemed, converted or exchanged or any capital that has not been allocated to any particular class of capital stock or
    by transferring to surplus capital some or all of the capital not represented by any particular class of its capital stock or the
    capital associated with certain issued shares of its par value capital stock. No reduction of capital may be made unless the assets
    of the corporation remaining after the reduction are sufficient to pay any debts for which payment has not otherwise been provided.</FONT></TD></TR>
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    Irish law, our shareholders have the right to: (i) receive a copy of the Amended Memorandum and Articles of Association; (ii) inspect
    and obtain copies of the minutes of our general meetings and resolutions; (iii) inspect and receive a copy of our register of members,
    register of directors and secretaries, register of directors&#8217; interests, register of directors&#8217; service contracts and
    memoranda and other statutory registers that we maintain; (iv) receive copies of balance sheets and directors&#8217; and auditors&#8217;
    reports that have previously been sent to our shareholders prior to an annual general meeting; and (v) receive balance sheets of
    any of our subsidiaries that have previously been sent to our shareholders prior to an annual general meeting for the preceding 10
    years.</FONT></TD>
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                                            law allows any stockholder in person or by attorney or other agent, upon written demand under
                                            oath stating the purpose thereof, during the usual hours for business to inspect for any
                                            proper purpose, and to make copies and extracts from:</FONT></P>
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    the corporation&#8217;s stock ledger, a list of its stockholders, and its other books and records; and</FONT></P>
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    a subsidiary&#8217;s books and records, to the extent that: (a) the corporation has actual possession and control of such records
    of such subsidiary; or (b) the corporation could obtain such records through the exercise of control over such subsidiary, provided
    that as of the date of the making of the demand: (i) the stockholder inspection of such books and records of the subsidiary would
    not constitute a breach of an agreement between the corporation or the subsidiary and a person or persons not affiliated with the
    corporation; and (ii) the subsidiary would not have the right under the law applicable to it to deny the corporation access to such
    books and records upon demand by the corporation.</FONT></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Standard
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    directors of the Company have certain statutory and fiduciary duties as a matter of Irish law. All of the directors have equal and
    overall responsibility for the management of the Company (although directors who also serve as employees may have additional responsibilities
    and duties arising under their employment agreements (if applicable), and it is likely that more will be expected of them in compliance
    with their duties than non-executive directors). The ICA provides specifically for certain fiduciary duties of the directors of Irish
    companies, including duties:</FONT></TD>
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    directors is generally determined by the courts of the State of Delaware. In general, directors have a duty to act without self-interest,
    on a well-informed basis and in a manner they reasonably believe to be in the best interests of the stockholders.</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
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    requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances.
    Under this duty, a director must inform himself of all material information reasonably available regarding a significant transaction.
    The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation.
    He must not use his corporate position for personal gain or advantage. In general, but subject to certain exceptions, 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. Delaware courts have also imposed a heightened standard of conduct upon directors of a Delaware corporation who take any
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    have regard for the interests of the company&#8217;s shareholders.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    statutory duties of directors include ensuring the maintenance of proper books of account, having annual accounts prepared, having
    an annual audit performed, maintaining certain registers, making certain filings and disclosing personal interests. Directors of
    public limited companies will have a specific duty to ensure that the company secretary is a person with the requisite knowledge
    and experience to discharge the role. Directors may rely on information, opinions, reports or statements, including financial statements
    and other financial data, prepared or presented by (1) other directors, officers or employees of the company whom the director reasonably
    believes to be reliable and competent in the matters prepared or presented, (2) legal counsel, public accountants or other persons
    as to matters the director reasonably believes to be within their professional or expert competence or (3) a committee of the board
    of which the director does not serve as to matters within its designated authority, which committee the director reasonably believed
    to merit confidence.</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    addition, under Delaware law, when the board of directors of a Delaware corporation approves the sale or breakup of a corporation,
    the board of directors may, in certain circumstances, have a duty to obtain the highest value reasonably available to the stockholders.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_012"></FONT>CERTAIN
RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 29, 2020, Security Matters PTY signed a shareholders&#8217; agreement with Perth Mint and trueGold. The shareholders&#8217; agreement
and the ancillary agreements discuss the establishment of a new entity-trueGold-by Security Matters PTY and Perth Mint. Security Matters
PTY granted to trueGold, subject to the terms of the trueGold License Agreement, an exclusive, worldwide, perpetual license to use Security
Matters PTY&#8217;s technology for the purpose of commercializing it within the industry comprising gold as a precious metal (as elaborated
below). Security Matters PTY owns any development of its intellectual property and, while trueGold owns all generated data it creates,
trueGold granted to Security Matters PTY a free non-exclusive, irrevocable, perpetual, royalty free license to use the generated data,
subject to regulatory requirements and to the extent that it relates to the Isorad License Agreement technology or Security Matters PTY&#8217;s
technology. The parties agreed that neither Perth Mint or Security Matters PTY are required to provide any funding to trueGold and that
any investment by any of them in trueGold from time to time will be by way of in-kind contributions. Third party equity investors will
contribute the working capital will fund R&amp;D, development capital and other expenses in accordance with the business plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than with the consent of the other shareholders or between affiliates (defined, inter alia, as a related body corporate of a shareholder;
a company in which the shareholder beneficially owns 50% or more of the issued shares) a transfer of shares will be done subject to a
right of first refusal of the other shareholders, whom will also have tag-along rights and a drag-along (as elaborated below). Under
the constitution (as amended in July, 2022, to add the specific right of Security Matters PTY to purchase shares before any other shareholders)
any shareholder wishing to transfer shares must notify the board of directors and, before the board of directors authorize the transfer
of any share or shares, the share or shares must first have been offered to Security Matters PTY (for its own benefit and unless Security
Matters PTY is 50% owned by one entity), and if Security Matters PTY does not notify within 30 days that it wishes to purchase, then
to all other shareholders (including Security Matters PTY) at a price to be agreed on by the transferor and the directors of trueGold.
If the transferor and the directors of trueGold are unable to agree on a price, the price of the relevant shares will be a price which:
represents a fair market price; and is determined by expert determination administered by the Australian Disputes Centre (ADC) in accordance
with the ADC Rules for Expert Determination which are operating at the time the matter is referred to ADC, which Rules are incorporated
into the constitution of trueGold. The determination of such person in relation to the price of the relevant shares will be final and
binding on all shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain terms and conditions, a drag-along right is established under which where shareholders wish to dispose of all of their share
to a third party that wishes to acquire 100% of trueGold and 75% or more of the aggregate number of shares on issue at that time agreed,
the remaining shareholders may be forced to transfer to the third party all of the shares held by each of the remaining shareholders.
In case of a deadlock (defined as a case where the board of directors disagrees on a material matter regarding the fundamental operation
of trueGold or the business and cannot resolve the disagreement within 10 business days of the disagreement first arising), if the shareholders
are unable to reach agreement on any matter, a dispute resolution mechanism was created.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors of trueGold was agreed to consist of not less than three and not more than seven. The board is comprised as follows:
Security Matters PTY may appoint (remove or replace) up to two directors; Zeren Browne; Perth Mint may appoint (remove or replace) up
to two directors; and Hugh Morgan, who is a non-executive, independent chair. A list of resolutions was set, which require a board majority
including at least one Security Matters PTY appointed director and one Perth Mint appointed director. Another list of resolutions was
set, which require a resolution carried by a majority of the shareholders including Security Matters PTY and Perth Mint. trueGold and
Yahaloma (defined below) agreed to bear the payments to Soreq related thereto of 4.2% of its revenues. SMX&#8217;s CEO, Mr. Haggai Alon,
provides CEO services to trueGold and reports to the board of directors of trueGold, and Zeren Browne provides General Manager services
to trueGold.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2023, Security Matters PTY entered into the trueGold Investment Agreement with trueGold. Pursuant to the trueGold Investment
Agreement, the AUD475,000 of indebtedness as of June 30, 2023 trueGold owes to Security Matters PTY was waived by Security Matters PTY
in exchange for the issuance of the trueGold Shares such that Security Matters PTY&#8217;s holdings in trueGold shall be increased to
51.9% of the total issued and outstanding shares of trueGold, making Security Matters PTY the majority owner of trueGold. Additionally,
the trueGold License Agreement was amended to include additional intellectual property of Security Matters PTY to be licensed to trueGold
thereunder. Security Matters PTY shall further supply to trueGold a credit line for research and development work by its employees of
up to AUD1,000,000, free of interest and collateral.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 10, 2024, the Company entered into the PMB LOI with PMB, which in part provided for PMB transferring the 11,833 shares it owned
in trueGold, for 36 Ordinary Shares of the Company. Furthermore, PMB released a pledge of shares
issued by trueGold. As a result, the Company&#8217;s holdings in trueGold increased to 52.9%.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 7, 2023, we consummated the Business Combination. See &#8220;<I>Prospectus Summary &#8211; Our Company - Business Combination</I>,&#8221;
elsewhere in this prospectus, and Note 1.B. to the audited financial statements of the Company on page F-10, included in this prospectus
for a discussion of the Business Combination and the related party transactions with respect to the Business Combination.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
August 2022 to January 2023, Security Matters PTY entered into bridge loan agreements (the &#8220;Bridge Loans&#8221;) with eleven lenders,
including Doron Afik and Jessica Wasserstrom, who lent Security Matters PTY an aggregate amount of $3,860,000. The Bridge Loans have
a maturity date of up to two years and bear an interest rate of 10% per annum.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, the Company signed an addendum to the Bridge Loans agreements which converted $1,350,000 of principal and $1,000,000 of redeemable
warrants into 14 Ordinary Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2023, the Company signed an addendum to the Bridge Loans, which converted $750,000 of principal and $1,450,000 redeemable
warrants into 66 Ordinary Shares. According to the addendum, the Company issued to the lenders an aggregate of 66 warrants
to purchase up to an aggregate of 66 Ordinary Shares at an exercise price of $71,778.70 per share. The warrants were exercisable immediately upon issuance and will expire three years following their issuance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or about January 12, 2024, but effective as of December 31, 2023, the Company issued an aggregate of 66 Ordinary Shares and warrants
to purchase an aggregate of 66 Ordinary Shares, to holders (the &#8220;Note Holders&#8221;) of existing convertible notes (the
&#8220;Existing Notes&#8221;) and Redeemable Warrants (the &#8220;Redeemable Warrants&#8221;), in exchange for the cancellation of an
aggregate of (a) approximately $750,000 owed to the Note Holders under the Existing Notes and (b) $1,450,000 cash value of Redeemable
Warrants. The Company also issued 7 Ordinary Shares to a service provider (the &#8220;Service Provider&#8221;) as payment in full
for $260,000 worth of services previously provided to the Company by the Service Provider.</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2024, the Company issued an aggregate of 11 Ordinary Shares to certain former debtholders of the Company as further consideration
relating to the December 2023 conversion of their indebtedness and related obligations. Furthermore, the Company issued an aggregate
of an additional 18 Ordinary Shares in April 2024 and 4 Ordinary Shares in May 2024 to those same former debtholders, for the
conversion and termination of an aggregate of 156,444 warrants held by them.</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2024, pursuant to a Conversion and Exchange Rights Agreement, the Company issued an aggregate of 14 Ordinary Shares to Kyle
Hoffman upon conversion and settlement of an aggregate of $119,000 of liabilities owed to Hoffman. Furthermore, the Company issued 31
5-year warrants to Hoffman at an exercise price per share of $4.732.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2024, and December 31, 2023, the principal and the accumulated interest of the bridge loans were amounted to $728 thousand
and $1,739 thousand respectively.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>General
Legal Counsel</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 10, 2017, an affiliate of Lionheart&#8217;s Sponsor, Lionheart Equities, LLC (&#8220;Lionheart Equities&#8221;), engaged Jessica
L. Wasserstrom, LLC (&#8220;Wasserstrom&#8221;), to represent Lionheart Capital and its affiliated companies, as corporate general counsel
and otherwise in connection with any corporate and/or transactional matters as requested by Lionheart Equities. The engagement letter
between Lionheart Equities and Wasserstrom is for an indefinite period only subject to termination rights of either party, of which no
termination has occurred since the agreement was executed. Jessica Wasserstrom, the principal of Wasserstrom, currently holds the title
of Chief Legal Officer of Lionheart Equities and its affiliated companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection therewith, Wasserstrom was specifically engaged by Lionheart to provide counsel for general corporate legal matters, including
related to mergers and acquisitions activity and, as such, may be deemed to be a related party of Lionheart. For the year ended December
31, 2023, the Company paid to Wassertrom an aggregate of approximately $300,000, in the form of cash payments, issuance of Ordinary Shares
and issuances of warrants to purchase Ordinary Shares, for legal services provided to Lionheart through the closing of the Business Combination
in March 2023. As of December 31, 2024, an aggregate of $100,000 is remains unpaid and outstanding.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Ophir Sternberg and the Company entered into a Chairman Agreement (the &#8220;Chairman Agreement&#8221;). Pursuant to the Chairman Agreement,
beginning at the closing of the Business Combination, Mr. Sternberg will serve as the Chairman of the Board for so long as he serves
as a member of the Board, unless he is earlier terminated. Besides the RSU grants as described above, Mr. Sternberg will not receive
any cash compensation for his service on the Board nor will he be entitled to participate in any employee benefit plans of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chairman Agreement provides that Mr. Sternberg will be granted restricted stock units of the Company representing 3% of the issued and
outstanding Ordinary Shares as of the grant date in accordance with and subject to the terms and conditions of the Company&#8217;s 2022
Incentive Equity Plan. Mr. Sternberg&#8217;s restricted stock units are subject to time-based vesting, as follows: 20% vest on the grant
date, and the remaining restricted stock units will vest in quarterly installments thereafter over a period of three years subject to
his continued service on the Board as of each vesting date subject to earlier vesting as forth below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of the expiration or termination of the Chairman Agreement for any reason other than termination for Cause (as defined in the
Chairman Agreement), any unvested outstanding equity awards held by Mr. Sternberg will immediately vest and become nonforfeitable. In
the event of the termination of the Chairman Agreement by the Company for Cause, all unvested outstanding equity awards will be cancelled
and forfeited, and Mr. Sternberg will not be entitled to any payment in connection therewith.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chairman Agreement states that Mr. Sternberg will honor his confidentiality obligations after the termination of his services.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Independent
Contractor Agreement</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Faquiry Diaz Cala and the Company entered into an independent contractor agreement (the &#8220;Independent Contractor Agreement&#8221;).
The Independent Contractor Agreement provides for an initial term of three years that automatically renews for one-year terms thereafter,
so long as Ophir Sternberg is the Chairman of the Board. Notwithstanding the foregoing, the Independent Contractor Agreement is terminable
by either party at any time, with or without Cause (as defined in the Independent Contractor Agreement), effective upon notice to the
other party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
exchange for his services, Mr. Diaz Cala will be compensated and reimbursed in the total amount of $84,000, annually, payable in twelve
equal monthly payments. In addition, the Independent Contractor Agreement provides that Mr. Diaz Cala will be granted restricted stock
units of the Company representing 1% of the issued and outstanding Ordinary Shares as of the grant date in accordance with and subject
to the terms and conditions of the Company&#8217;s 2022 Incentive Equity Plan. Mr. Diaz Cala&#8217;s restricted stock units are subject
to time-based vesting, as follows: 20% vest on the grant date, and the remaining restricted stock units will vest in quarterly installments
thereafter over a period of three years subject to his continued service on the Board as of each vesting date subject to earlier vesting
as set forth below.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of the termination of the Independent Contractor Agreement by the Company without Cause or upon a Change in Control (each such
term as defined in the Independent Contractor Agreement), any unvested outstanding equity awards held by Mr. Diaz Cala will immediately
vest and become nonforfeitable. In the event of the termination of the Independent Contractor Agreement for Cause by the Company or for
any reason by Mr. Diaz Cala, all unvested outstanding equity awards will be cancelled and forfeited without consideration.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Independent Contractor Agreement also contains non-solicitation and non-competition covenants, generally prohibiting Mr. Diaz Cala from
(i) soliciting or hiring employees or business contacts during the one-year period that follows the termination of the Independent Contractor
Agreement and (ii) directly or indirectly competing with the Company during the term of the Independent Contractor Agreement. In addition,
the Independent Contractor Agreement states that Mr. Diaz Cala will honor his confidentiality obligations after the termination of his
services.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Borrowings
From Related Parties</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2015, SMX Israel signed an agreement to receive a loan of ILS 2 Million ($512,558 at 2015) from Kibbutz Ketura, and Kibbutz Degania A,
an entity associated with Mr. Bader on back-to-back terms from a third party (the Kamea Fund). The loan bears an interest at an annual
rate of 4%. The loan was fully repaid in August 2022. The balance as of December 31, 2021 was $269,311 (including provision for bonus
at the amount $87,311), and as of December 31, 2020 was $279,939. The balance includes interest and there was no change in the interest
rate<B>.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration with providing the funding, SMX Israel agreed to provide, as additional consideration, a bonus payment on the occurrence
of an exit or major liquidity event. The bonus payment is capped at ILS 3 Million (approximately $965,000) per each of Kibbutz Ketura
and Kibbutz Degania A (together, the &#8220;Bonus Payments&#8221;). The Bonus Payments are intended to operate in one of the two trigger
events: (i) dividend distributions by Security Matters Ltd.; or (ii) the sale of shares by either Kibbutz Ketura and Kibbutz Degania
A in SMX Israel (either in the event of a takeover or otherwise). Only if the aggregate amounts of one of the two trigger events exceeds
the investment of Kibbutz Ketura and Kibbutz Degania A in SMX Israel (by loan or shares), the either party would be entitled to the Bonus
Payment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into an Amended and Restated Promissory Note dated as of March 7, 2023 in the principal amount of $549,000, in favor of Lionheart
Management, LLC and Lionheart Equities, LLC, which are affiliates of Ophir Sternberg, our Chairman of the Board, Such note was amended
in April 2023 to extend the maturity date thereunder to June 10, 2024; however, we prepaid the note in full in May 2023. Such note amended
and restated a Promissory Note, executed by Lionheart in favor of the holders, in the original aggregate principal amount of $549,000,
to reflect the assumption of all rights and responsibilities of Lionheart by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2022, the Company signed an addendum to the Loan agreement that reduces the amount of the Bonus payment for both lenders to a
total fixed amount of ILS 2.5 million ($710,000) that was to be paid upon the completion of the Business Combination. On March 2, 2023,
the Bonus payment date was postponed to March 31, 2024 and on April 28, 2023 it was further postponed to June 1, 2024.</FONT></P>

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

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September 19, 2023, the Company amended the loan agreements dated September 7, 2015, by and between SMX Israel, the Company&#8217;s shareholders
and Kamea Fund. Pursuant to the amendment to the loan agreements, Kamea agreed to convert $657,000 of indebtedness under the loan agreements
into 16,978 Ordinary Shares of the Company, as payment in full for such indebtedness; provided
however, that in the event the proceeds received from Kamea with respect to any sales of the shares are not at least equal to the indebtedness
amount, the Company will remain liable to Kamea for the balance of the indebtedness amount. In accordance with management estimation
the fair value of this indebtedness as of December 31, 2024 amounted to $21 thousand.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proof
Of Concept Projects Paid By Affiliated Companies</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is engaged in Proof of Concept (POC) agreements according to which it receives funds for financing research and development expenses
from prospective customers and affiliated companies. Affiliated companies paid for reimbursement of POC projects the amount of $1,154,000
in 2024 and $858,000 in 2023.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a related party transaction policy that requires the review and, if applicable, approval or ratification of any related party transaction
by the Audit Committee.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_013"></FONT>SECURITIES
ACT RESTRICTIONS ON RESALE OF SECURITIES</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Rule 144 under the Securities Act (&#8220;Rule 144&#8221;), a person who has beneficially owned restricted shares of our Ordinary
Shares or our warrants for at least six months would be entitled to sell their securities provided that (1) that person is not deemed
to have been an affiliate of us at the time of, or at any time during the three months preceding, a sale and (2) we are subject to the
Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required reports under Section
13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding the sale.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
who have beneficially owned restricted shares of our Ordinary Shares or our warrants for at least six months but who are affiliates of
us at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such
person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1%
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
by our affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current
public information about us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Restrictions
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule
144 is generally not available for the resale of securities initially issued by shell companies or issuers that have been at any time
previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are
met:</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we were formed as a shell company, since the completion of the Business Combination we are no longer a shell company, and so, once the
conditions set forth in the exceptions listed above are satisfied, Rule 144 will become available for the resale of the above noted restricted
securities.</FONT></P>

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


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OWNERSHIP OF SECURITIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security
Ownership of Certain Beneficial Owners and Management of the Company</B></FONT></P>

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

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following table sets forth the information regarding the beneficial ownership of the Ordinary Shares as of August 25, 2025:</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person known by the Company to be the beneficial owner of more than 5% of the Company&#8217;s Ordinary Shares; and </FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, and includes shares underlying warrants and
options, as applicable, that are currently exercisable or convertible or exercisable or convertible within 60 days. Ordinary Shares that
may be acquired within 60 days of August 25, 2025 pursuant to the exercise of warrants or options are deemed to be outstanding
for the purpose of computing the percentage ownership of such holder but are not deemed to be outstanding for computing the percentage
ownership of any other person or entity shown in the table.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, we believe that all persons named in the table below have sole voting and investment power with respect to the Ordinary
Shares beneficially owned by them.</FONT></P>

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

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percentage of Ordinary Shares beneficially owned is computed on the basis of 1,326,936 (post-7:1 reverse stock split) Ordinary
Shares on a fully diluted basis, outstanding on August 25, 2025.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">Name and Address of Beneficial Owners</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of <BR> Ordinary Shares</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage of <BR> Total Voting Power</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
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    <TD STYLE="width: 64%; text-align: left">Haggai Alon</TD><TD STYLE="width: 2%">&#160;</TD>
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    <TD>Ophir Sternberg(1)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">42,703</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3.22</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Amir Bader</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">11,579</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Zeren Browne(2)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">25,809</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1.91</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Pebble Sia Huei-Chieh (3)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">22,968</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1.7</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Thomas Hawkins(4)</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1.7</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Roger Meltzer(5)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">22,969</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1.7</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">229,221</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">*Less
than 1%</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Ophir Sternberg, Lionheart&#8217;s Chairman, President
    and Chief Executive Officer, is the member of the Sponsor. Mr. Sternberg disclaims beneficial ownership over any securities owned
    by the Sponsor in which he does not have any pecuniary interest. Include 104 fully vested options that settle into Ordinary Shares
    upon paying exercise price of $2,396.45 per option.</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Includes 19,821 fully vested options that settle
    into Ordinary Shares upon paying exercise price of $31.64 per option. Includes -2,613 fully vested options that settle into Ordinary
    Shares upon paying exercise price of $71.176 per option. Include 63 fully vested options that settle into Ordinary Shares upon paying
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Includes 17,679 fully vested options that settle
    into Ordinary Shares upon paying exercise price of $31.64 per option. Includes 2,613 fully vested options that settle into Ordinary
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Includes 17,679 fully vested options that settle
    into Ordinary Shares upon paying exercise price of $31.64 per option. Includes 2,613 fully vested options that settle into Ordinary
    Shares upon paying exercise price of $71.176 per option. Include 63 fully vested options that settle into Ordinary Shares upon paying
    exercise price of $2,396.45 per option.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_015"></FONT>SELLING
STOCKHOLDERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus relates to the resale of up to 22,590,361 Ordinary Shares by the Selling Stockholders. We are registering the Ordinary
Shares in order to permit the selling shareholders to offer the Ordinary Shares for resale from time to time. Except for the ownership
of the Ordinary Shares, the selling shareholders have not had any material relationship with us within the past three years.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below lists the selling shareholders and other information regarding the beneficial ownership of the Ordinary Shares by each of
the selling shareholders. The second column lists the number of Ordinary Shares beneficially owned by each selling shareholder, based
on its ownership of the Ordinary Shares, as of August 25, 2025. The third column lists the Ordinary Shares being offered by this
prospectus by the selling shareholders.</FONT></P>

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

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a Selling Stockholder may dispose of all, none or some portion of its securities, no estimate can be given as to the number of securities
that will be beneficially owned by the Selling Stockholder upon termination of this offering. For purposes of the table below, however,
we have assumed that after termination of this offering none of the securities covered by this prospectus will be beneficially owned
by the Selling Stockholder and further assumed that the Selling Stockholder will not acquire beneficial ownership of any additional securities
during the offering. In addition, the Selling Stockholder may have sold, transferred or otherwise disposed of, or may sell, transfer
or otherwise dispose of, at any time and from time to time, our securities in transactions exempt from the registration requirements
of the Securities Act after the date on which the information in the table is presented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe,
based on the information furnished to us, that the Selling Stockholder has sole voting and investment power with respect to all Ordinary
Shares, that it beneficially owns, subject to applicable community property laws. To our knowledge, the Selling Stockholder is not a
broker-dealer or an affiliate of a broker-dealer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may amend or supplement this prospectus from time to time in the future to update or change this Selling Stockholder list and the securities
that may be resold.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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 STYLE="border-bottom: Black 1pt solid; font-weight: bold">Name of Selling Stockholder</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Number of<BR>
 Ordinary<BR>
 Shares Owned<BR>
 Prior to<BR>
 Offering</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold">&#160;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Maximum<BR>
 Number of<BR>
 Ordinary<BR>
 Shares to be<BR>
 Sold Pursuant<BR>
 to this<BR>
 Prospectus</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold">&#160;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Number of<BR>
 Ordinary<BR>
 Shares Owned<BR>
 After Offering<BR>
 (1)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Secure Net Capital LLC(2)</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;-(4 ) </FONT></TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
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    <TD STYLE="text-align: left">Target Capital 16 LLC(3)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;-(4 ) </FONT></TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Less than 1%</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
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    voting and dispositive power for Secure Net Capital LLC is held by Alois Rubenbauer. The business address of Secure Net Capital LLC
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_016"></FONT>CERTAIN
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</B></FONT></P>

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

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following is a discussion of certain material U.S. federal income tax considerations generally applicable to the acquisition, ownership,
and disposition of the Ordinary Shares by a &#8220;U.S. Holder.&#8221; This discussion applies only to the Ordinary Shares that are held
by a U.S. Holder as &#8220;capital assets&#8221; within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended
(the &#8220;Code&#8221;) (generally, property held for investment). This discussion does not describe all U.S. federal income tax considerations
that may be relevant to a U.S. Holder in light of such U.S. Holder&#8217;s particular circumstances, nor does it address any state, local,
or non-U.S. tax considerations, any non-income tax (such as gift or estate tax) considerations, the alternative minimum tax, the special
tax accounting rules under Section 451(b) of the Code, the Medicare contribution tax on net investment income, or any tax consequences
that may be relevant to U.S. holders that are subject to special tax rules, including, without limitation:</FONT></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;controlled
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporations
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds the Ordinary Shares,
the tax treatment of a partner in such partnership generally will depend on the status of the partner and the activities of the partnership
and the partner. Partnerships holding the Ordinary Shares should consult their tax advisors regarding the tax consequences in their particular
circumstances.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based on the Code, the U.S. Treasury regulations promulgated thereunder, administrative rulings, and judicial decisions,
all as currently in effect and all of which are subject to change or differing interpretation, possibly with retroactive effect. Any
such change or differing interpretation could alter the tax consequences described herein. Furthermore, there can be no assurance that
the IRS will not challenge the tax considerations described herein and that a court will not sustain such challenge.</FONT></P>

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

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purposes of this discussion, a &#8220;U.S. Holder&#8221; is a beneficial owner of the Ordinary Shares, that is, for U.S. federal income
tax purposes:</FONT></P>

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

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    individual who is a U.S. citizen or resident of the United States;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under
    the laws of the United States, any state thereof, or the District of Columbia;</FONT></TD></TR>
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    estate the income of which is subject to U.S. federal income taxation regardless of its source; or</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    trust (i) if a court within the United States is able to exercise primary supervision over the administration of the trust and one
    or more &#8220;United States persons&#8221; within the meaning of Section 7701(a)(30) of the Code have the authority to control all
    substantial decisions of the trust or (B) that has in effect a valid election under applicable U.S. Treasury regulations to be treated
    as a United States person.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
DISCUSSION IS FOR GENERAL INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING
THE TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF THE ORDINARY SHARES IN THEIR PARTICULAR CIRCUMSTANCES.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Distributions
on the Ordinary Shares</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed below under &#8220;-<I>Passive Foreign Investment Company Rules</I>,&#8221; distributions on the Ordinary
Shares generally will be taxable as a dividend for U.S. federal income tax purposes to the extent paid from our current or accumulated
earnings and profits, as determined under U.S. federal income tax principles. Such distributions in excess of our current and accumulated
earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. Holder&#8217;s
adjusted tax basis in its Ordinary Shares. Any remaining excess will be treated as gain realized on the sale or other taxable disposition
of the Ordinary Shares and will be treated as described below under &#8220;-<I>Sale or Other Taxable Disposition of the Ordinary Shares.</I>&#8221;
The amount of any such distributions will include any amounts required to be withheld by us (or another applicable withholding agent)
in respect of any non-U.S. taxes. Any such amount treated as a dividend will be treated as foreign-source dividend income. Any such dividends
received by a corporate U.S. Holder generally will not qualify for the dividends-received deduction generally allowed to U.S. corporations
in respect of dividends received from other U.S. corporations. With respect to non-corporate U.S. Holders, any such dividends generally
will be taxed at currently preferential long-term capital gains rates only if (i) the Ordinary Shares are readily tradable on an established
securities market in the United States or we are eligible for benefits under an applicable tax treaty with the United States, (ii) we
are not treated as a PFIC with respect to the applicable U.S. Holder at the time the dividend was paid or in the preceding year, and
(iii) certain holding period and other requirements are met. Any such dividends paid in a currency other than the U.S. dollar generally
will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of actual or constructive receipt,
regardless of whether the payment is in fact converted into U.S. dollars at that time. A U.S. Holder may have foreign currency gain or
loss if the dividend is converted into U.S. dollars after the date of receipt.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above and subject to applicable limitations, taxing jurisdictions other than the United States may withhold taxes from distributions
on the Ordinary Shares, and a U.S. Holder may be eligible for a reduced rate of withholding to the extent there is an applicable tax
treaty between the applicable taxing jurisdiction and the United States and/or may be eligible for a foreign tax credit against the U.S.
Holder&#8217;s U.S. federal income tax liability. The foreign tax credit rules are complex and U.S. Holders should consult their tax
advisers regarding the application of such rules, including the creditability of foreign taxes, in their particular circumstances.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Sale
or Other Taxable Disposition of the Ordinary Shares</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed below under &#8220;-<I>Passive Foreign Investment Company Rules</I>,&#8221; upon any sale or other taxable
disposition of the Ordinary Shares, a U.S. Holder generally will recognize gain or loss in an amount equal to the difference, if any,
between (i) the sum of (A) the amount of cash and (B) the fair market value of any other property received in such sale or disposition
and (ii) the U.S. Holder&#8217;s adjusted tax basis in the Ordinary Shares. Any such gain or loss generally will be capital gain or loss
provided the Ordinary Shares were held for investment and will be considered long-term capital gain or loss if the U.S. Holder&#8217;s
holding period for such Ordinary Shares exceeds one year. Long-term capital gain recognized by non-corporate U.S. Holders generally will
be taxed at currently preferential long-term capital gains rates. The deductibility of capital losses is subject to limitations. For
foreign tax credit purposes, any such gain or loss generally will be treated as U.S. source gain or loss.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the consideration received by a U.S. Holder upon a sale or other taxable disposition of the Ordinary Shares is not paid in U.S. dollars,
the amount realized will be the U.S. dollar value of such payment calculated by reference to the exchange rate in effect on the date
of such sale or disposition. A U.S. Holder may have foreign currency gain or loss to the extent of the difference, if any, between (i)
the U.S. dollar value of such payment on the date of such sale or disposition and (ii) the U.S. dollar value of such payment calculated
by reference to the exchange rate in effect on the date of settlement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders should consult their tax advisors regarding the tax consequences of a sale or other taxable disposition of the Ordinary Shares,
including the creditability of foreign taxes imposed on such sale or disposition by a taxing jurisdiction other than the United States,
in their particular circumstances.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Information
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries are subject
to information reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient
or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is
not subject to backup withholding.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit
against the U.S. Holder&#8217;s U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the required
information is timely furnished to the IRS.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
DISCUSSION IS FOR GENERAL INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING
THE TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF THE ORDINARY SHARES, INCLUDING THE IMPACT OF ANY POTENTIAL CHANGE
IN LAW, IN THEIR PARTICULAR CIRCUMSTANCES.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms of each Public Warrant provide for an adjustment to the number of Ordinary Shares for which the Public Warrant may be exercised
or to the exercise price of the Public Warrant in certain events, as discussed in Exhibit 2.1 to our Annual Report on Form 20-F, originally
filed with the SEC on May 14, 2025, entitled &#8220;<I>Description of Securities</I>.&#8221; An adjustment which has the effect of preventing
dilution generally is not taxable. A U.S. holder of a Public Warrant would, however, be treated as receiving a constructive distribution
from the Company if, for example, the adjustment increases the holder&#8217;s proportionate interest in the Company&#8217;s assets or
earnings and profits (e.g., through an increase in the number of Ordinary Shares that would be obtained upon exercise of such warrant)
as a result of a distribution of cash to the holders of the Ordinary Shares which is taxable to the U.S. holders of such shares as described
under the section entitled &#8220;<I>-Distributions on the Ordinary Shares</I>&#8221; above. Such constructive distribution would be
subject to tax as described under that section in the same manner as if the U.S. holder of such warrant received a cash distribution
from the Company equal to the fair market value of such increased interest. The rules regarding constructive distributions are complex.
U.S. holders should consult their own tax advisors regarding the application of the rules to them in light of their own circumstances.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Passive
Foreign Investment Company Rules</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Generally.
</I>The treatment of U.S. holders of the Ordinary Shares could be materially different from that described above if the Company is treated
as a PFIC, for U.S. federal income tax purposes. A PFIC is any foreign corporation with respect to which either: (i) 75% or more of the
gross income for a taxable year constitutes passive income for purposes of the PFIC rules, or (ii) 50% or more of such foreign corporation&#8217;s
assets in any taxable year (generally based on the quarterly average of the value of its assets during such year) is attributable to
assets, including cash, that produce passive income or are held for the production of passive income. Passive income generally includes
dividends, interest, certain royalties and rents, annuities, net gains from the sale or exchange of property producing such income and
net foreign currency gains. The determination of whether a foreign corporation is a PFIC is based upon the composition of such foreign
corporation&#8217;s income and assets (including, among others, its proportionate share of the income and assets of any other corporation
in which it owns, directly or indirectly, 25% (by value) of the stock), and the nature of such foreign corporation&#8217;s activities.
A separate determination must be made after the close of each taxable year as to whether a foreign corporation was a PFIC for that year.
Once a foreign corporation qualifies as a PFIC it is, with respect to a shareholder during the time it qualifies as a PFIC, and subject
to certain exceptions, always treated as a PFIC with respect to such shareholder, regardless of whether it satisfied either of the qualification
tests in subsequent years.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the projected composition of the Company&#8217;s income and assets, including goodwill, the Company does not expect to be classified
as a PFIC for its taxable year that includes the date of the Business Combination. The tests for determining PFIC status are applied
annually after the close of the taxable year, and it is difficult to predict accurately future income and assets relevant to this determination.
The fair market value of the assets of the Company is expected to depend, in part, upon (a) the market value of the Ordinary Shares,
and (b) the composition of the assets and income of the Company. Further, because the Company may value its goodwill based on the market
value of the Ordinary Shares, a decrease in the market value of the Ordinary Shares and/or an increase in cash or other passive assets
(including as a result of the Business Combination) would increase the relative percentage of its passive assets. Moreover, any interest
income that the Company earns on its cash deposits would generally be treated as passive income and increase the risk that the Company
would be treated as a PFIC. The application of the PFIC rules is subject to uncertainty in several respects and, therefore, no assurances
can be provided that the IRS will not assert that the Company is a PFIC for the taxable year that includes the date of the Business Combination,
the Company&#8217;s current taxable year or in a future year.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company is or becomes a PFIC during any year in which a U.S. holder holds Ordinary Shares, there are three separate taxation regimes
that could apply to such U.S. holder under the PFIC rules, which are the (i) excess distribution regime (which is the default regime),
(ii) mark-to-market regime and (iii) QEF regime (as defined below). A U.S. holder who holds (actually or constructively) stock in a foreign
corporation during any year in which such corporation qualifies as a PFIC is subject to U.S. federal income taxation under one of these
three regimes. The effect of the PFIC rules on a U.S. holder will depend upon which of these regimes applies to such U.S. holder. However,
dividends paid by a PFIC are generally not eligible for the lower rates of taxation applicable to qualified dividend income (&#8220;QDI&#8221;)
under any of the foregoing regimes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Excess
Distribution Regime.</I> If a U.S. holder does not make a mark-to-market election, as described below, the U.S. holder will be subject
to the default &#8220;excess distribution regime&#8221; under the PFIC rules with respect to (i) any gain realized on a sale or other
disposition (including a pledge) of Ordinary Shares, and (ii) any &#8220;excess distribution&#8221; received on Ordinary Shares (generally,
any distributions in excess of 125% of the average of the annual distributions on Ordinary Shares during the preceding three years or
the U.S. holder&#8217;s holding period, whichever is shorter). Generally, under this excess distribution regime:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    gain or excess distribution will be allocated ratably over the period during which the U.S. holder held Ordinary Shares;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to the current taxable year, will be treated as ordinary income; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to prior taxable years will be subject to the highest tax rate in effect for that taxable 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>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax liability for amounts allocated to years prior to the year of disposition or excess distribution will be payable generally without
regard to offsets from deductions, losses and expenses. In addition, gains (but not losses) realized on the sale of Ordinary Shares cannot
be treated as capital gains, even if you hold the shares as capital assets. Further, no portion of any distribution will be treated as
QDI.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Mark-to-Market
Regime.</I> Alternatively, a U.S. holder may make an election to mark marketable shares in a PFIC to market on an annual basis. PFIC
shares generally are marketable if: (i) they are &#8220;regularly traded&#8221; on a national securities exchange that is registered
with the Securities and Exchange Commission or on the national market system established under Section 11A of the Securities Exchange
Act of 1934; or (ii) they are &#8220;regularly traded&#8221; on any exchange or market that the Treasury Department determines to have
rules sufficient to ensure that the market price accurately represents the fair market value of the stock. It is expected that Ordinary
Shares, which are expected to be listed on Nasdaq, will qualify as marketable shares for the PFIC rules purposes, but there can be no
assurance that Ordinary Shares will be &#8220;regularly traded&#8221; for purposes of these rules. Pursuant to such an election, a U.S.
holder would include in each year as ordinary income the excess, if any, of the fair market value of such stock over its adjusted basis
at the end of the taxable year. A U.S. holder may treat as ordinary loss any excess of the adjusted basis of the stock over its fair
market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the election
in prior years. A U.S. holder&#8217;s adjusted tax basis in the PFIC shares will be increased to reflect any amounts included in income,
and decreased to reflect any amounts deducted, as a result of a mark-to-market election. Any gain recognized on a disposition of Ordinary
Shares will be treated as ordinary income and any loss will be treated as ordinary loss (but only to the extent of the net amount of
income previously included as a result of a mark-to-market election). A mark-to-market election only applies for the taxable year in
which the election was made, and for each subsequent taxable year, unless the PFIC shares ceased to be marketable or the IRS consents
to the revocation of the election. U.S. holders should also be aware that the Code and the Treasury Regulations do not allow a mark-to-market
election with respect to stock of lower-tier PFICs that is non-marketable. There is also no provision in the Code, Treasury Regulations
or other published authority that specifically provides that a mark-to-market election with respect to the stock of a publicly traded
holding company (such as the company) effectively exempts stock of any lower-tier PFICs from the negative tax consequences arising from
the general PFIC rules. U.S. holders should consult their own tax advisors to determine whether the mark-to-market tax election is available
to them and the consequences resulting from such election. In addition, U.S. holders of Public Warrants will not be able to make a mark-to-market
election with respect to their Public Warrants.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>QEF
Regime.</I> Alternatively, a U.S. holder of a PFIC may avoid the adverse PFIC tax consequences described above in respect of stock of
the PFIC (but not warrants) by making and maintaining a timely and valid qualified electing fund (&#8220;QEF&#8221;) election (if eligible
to do so) to include in income its <I>pro rata</I> share of the PFIC&#8217;s net capital gains (as long-term capital gain) and other
earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed, in the first taxable year of
the U.S. Holder in which or with which the PFIC&#8217;s taxable year ends and each subsequent taxable year. In order to comply with the
requirements of a QEF election, a U.S. Holder must receive a PFIC Annual Information Statement from the PFIC. The company does not presently
intend to provide a PFIC Annual Information Statement in order for U.S. Holders to make or maintain a QEF election. However, as described
above, the company does not expect to be classified as a PFIC for the taxable year that includes the Business Combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>PFIC
Reporting Requirements.</I> A U.S. holder of Ordinary Shares will be required to file an annual report on IRS Form 8621 containing such
information with respect to its interest in a PFIC as the IRS may require. Failure to file IRS Form 8621 for each applicable taxable
year may result in substantial penalties and result in the U.S. holder&#8217;s taxable years being open to audit by the IRS until such
Forms are properly filed.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. holders holding specified foreign financial assets with an aggregate value in excess of the applicable dollar thresholds are required
to report information to the IRS relating to Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares
held in accounts maintained by U.S. financial institutions), by attaching a complete IRS Form 8938 to their tax return, for each year
in which they hold Ordinary Shares. Substantial penalties apply to any failure to file IRS Form 8938, unless the failure is shown to
be due to reasonable cause and not willful neglect. Also, in the event a U.S. holder does not file IRS Form 8938 or fails to report a
specified foreign financial asset that is required to be reported, the statute of limitations on the assessment and collection of U.S.
federal income taxes of such U.S. holder for the related taxable year may not close before the date which is three years after the date
on which the required information is filed. U.S. holders should consult their tax advisors regarding the effect, if any, of these rules
on the ownership and disposition of Ordinary Shares.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. holders may be required to file an IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) to report a transfer
of property to the company. Substantial penalties may be imposed on a U.S. holder that fails to comply with this reporting requirement
and the statute of limitations on the assessment and collection of U.S. federal income taxes will be extended in the event of any such
failure to comply.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Non-U.S.
Holders</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section applies to non-U.S. holders. For purposes of this discussion, a &#8220;non-U.S. holder&#8221; means a beneficial owner (other
than a partnership or an entity or arrangement so characterized for U.S. federal income tax purposes) of Ordinary Shares or Public Warrants
that is not a U.S. holder, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    foreign estate or trust;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">but,
generally, does not include an individual who is present in the United States for 183 days or more in the taxable year of disposition.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Ownership
and Disposition of Ordinary Shares and Public Warrants by Non-U.S. Holders. </I>A non-U.S. holder of Ordinary Shares will generally not
be subject to U.S. federal income tax or, subject to certain reporting or withholdings, U.S. federal withholding tax on any dividends
received on Ordinary Shares or any gain recognized on a sale or other disposition of Ordinary Shares (including, any distribution to
the extent it exceeds the adjusted basis in the non-U.S. holder&#8217;s Ordinary Shares) unless the dividend or gain is effectively connected
with the non-U.S. holder&#8217;s conduct of a trade or business in the United States and, if required by an applicable tax treaty, is
attributable to a permanent establishment maintained by the non-U.S. holder in the United States. In addition, special rules may apply
to a non-U.S. holder that is an individual present in the United States for 183 days or more during the taxable year of the sale or disposition,
and certain other requirements are met. Such holders should consult their own tax advisors regarding the U.S. federal income tax consequences
of the sale or disposition of Ordinary Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and gains that are effectively connected with a non-U.S. holder&#8217;s conduct of a trade or business in the United States (and, if
required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally
will be subject to U.S. federal income tax at the same regular U.S. federal income tax rates applicable to a comparable U.S. holder and,
in the case of a non-U.S. holder that is a corporation for U.S. federal income tax purposes, also may be subject to an additional branch
profits tax at a 30% rate or a lower applicable tax treaty rate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_017"></FONT>CERTAIN
MATERIAL IRISH TAX CONSIDERATIONS TO NON-IRISH HOLDERS</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the anticipated material Irish tax consequences of the acquisition, ownership and disposal of Ordinary Shares
and Public Warrants. The summary is based upon Irish tax laws and the practice of the Irish Revenue Commissioners in effect on the date
of this prospectus and submissions made to the Irish Revenue Commissioners. Changes in law and/or administrative practice may result
in a change in the tax consequences described below, possibly with retrospective effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&#8220;<FONT STYLE="text-decoration: underline">Non-Irish Holder</FONT>&#8221; is an individual who beneficially owns their Ordinary Shares and/or Public Warrants, that is neither
a resident nor ordinarily resident in Ireland for Irish tax purposes and does not hold their Ordinary Shares and/or Public Warrants,
in connection with a trade carried on by such person through an Irish branch or agency.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary does not constitute tax advice and is intended only as a general guide. The summary is not exhaustive and securityholders should
consult their tax advisors about the Irish tax consequences (and tax consequences under the laws of other relevant jurisdictions) of
the acquisition, ownership and disposal of Ordinary Shares and Public Warrants. The summary applies only to Non-Irish Holders who own
their Ordinary Shares and/or Public Warrants, as capital assets and does not apply to other categories of Non-Irish Holders, such as
dealers in securities, trustees, insurance companies, collective investment schemes and Non-Irish Holders who acquired, or are deemed
to have acquired, their Ordinary Shares and/or Public Warrants by virtue of an Irish office or employment (performed or carried on to
any extent in Ireland).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
summary does not, except where expressly stated, consider the position of Non-Irish Holders who hold their Ordinary Shares and/or Public
Warrants directly (and not beneficially through a broker or custodian (through DTC)). The Irish tax consequences of transactions in Ordinary
Shares and/or Public Warrants held directly are generally negative when compared with Ordinary Shares and/or Public Warrants held through
DTC. Any Non-Irish Holder contemplating holding their Ordinary Shares and/or Public Warrants directly should consult their personal tax
advisors as to the Irish tax consequences of acquiring, owning and disposing of such Ordinary Shares and/or Public Warrants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Irish
Tax on Chargeable Gains (Irish CGT)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current rate of tax on chargeable gains (where applicable) in Ireland is 33%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Irish
Holders will not be within the territorial scope of a charge to Irish CGT on a disposal of their Ordinary Shares and/or Public Warrants,
provided that such Ordinary Shares and/or Public Warrants neither (a) were used in or for the purposes of a trade carried on by such
Non-Irish Holder through an Irish branch or agency, nor (b) were used, held or acquired for use by or for the purposes of an Irish branch
or agency.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rate of stamp duty (where applicable) on transfers of shares or warrants of Irish incorporated companies is 1% of the greater of the
price paid or market value of the shares or warrants acquired. Where Irish stamp duty arises it is generally a liability of the transferee.
However, in the case of a gift or transfer at less than fair market value, all parties to the transfer are jointly and severally liable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irish
stamp duty may be payable in respect of transfers of Ordinary Shares and Public Warrants, depending on the manner in which the Ordinary
Shares and Public Warrants are held. The Company entered into arrangements with DTC to allow the Ordinary Shares and Public Warrants
to be settled through the facilities of DTC. As such, the discussion below discusses separately the securityholders who hold their shares
through DTC and those who do not.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ordinary
Shares or Public Warrants Held Through DTC</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Irish Revenue Commissioners have confirmed to the Company that transfers of Ordinary Shares and Public Warrants effected by means of
the transfer of book entry interests in DTC will not be subject to Irish stamp duty.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ordinary
Shares or Public Warrants Held Outside of DTC or Transferred Into or Out of DTC</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
transfer of Ordinary Shares or Public Warrants where any party to the transfer holds such Ordinary Shares or Public Warrants outside
of DTC may be subject to Irish stamp duty.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Ordinary Shares or Public Warrants wishing to transfer their Ordinary Shares or Public Warrants into (or out of) DTC may do so without
giving rise to Irish stamp duty provided that:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
    is no change in the beneficial ownership of such shares as a result of the transfer; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    transfer into (or out of) DTC is not effected in contemplation of a sale of such shares or warrants by a beneficial owner to a third
    party.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Withholding
Tax on Dividends (DWT)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
made by the Company will, in the absence of one of many exemptions, be subject to DWT, currently at a rate of 25%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
DWT and Irish income tax purposes, a distribution includes any distribution that may be made by the Company to holders of Ordinary Shares,
including cash dividends, non-cash dividends and additional stock taken in lieu of a cash dividend. Where an exemption from DWT does
not apply in respect of a distribution made to a holder of Ordinary Shares, the Company is responsible for withholding DWT prior to making
such distribution.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irish
domestic law provides that a non-Irish resident holder of Ordinary Shares is not subject to DWT on distributions received from the Company
if such holder of Ordinary Shares is beneficially entitled to the distribution and is either (for a List of Relevant Territories for
DWT purposes see Exhibit 15.3 to this prospectus):</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    person (not being a company) resident for tax purposes in a Relevant Territory (including the United States) and is neither resident
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    company that is wholly owned, directly or indirectly, by two or more companies where the principal class of shares of each of such
    companies is substantially and regularly traded on a stock exchange in Ireland, a recognized stock exchange in a Relevant Territory
    or on such other stock exchange approved by the Irish Minister for Finance;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
provided, in all cases noted above (but subject to &#8220;<I>-Ordinary Shares Held by U.S. Resident Shareholders</I>&#8221; below), the
Company or, in respect of Ordinary Shares held through DTC, any qualifying intermediary appointed by the Company, has received from the
holder of such Ordinary Shares, where required, the relevant DWT Forms prior to the payment of the distribution. In practice, in order
to ensure sufficient time to process the receipt of relevant DWT Forms, a holder of Ordinary Shares, where required, should furnish
the relevant DWT Form to:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">its
    broker (and the relevant information is further transmitted to any qualifying intermediary appointed by the Company) before the record
    date for the distribution (or such later date before the distribution payment date as may be notified to the holder of Ordinary Shares
    by the broker) if its Ordinary Shares are held through DTC; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Company&#8217;s transfer agent before the record date for the distribution if its Ordinary Shares are held outside of DTC.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Links
to the various DWT Forms are available at: http://www.revenue.ie/en/tax/dwt/forms/index.html. The information on such website does not
constitute a part of, and is not incorporated by reference into, this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
non-Irish resident holders of Ordinary Shares that cannot avail themselves of one of Ireland&#8217;s domestic law exemptions from DWT,
it may be possible for such holder of Ordinary Shares to rely on the provisions of a double tax treaty to which Ireland is party to reduce
the rate of DWT.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ordinary
Shares Held by U.S. Resident Shareholders</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
paid in respect of Ordinary Shares that are owned by a U.S. resident and held through DTC will not be subject to DWT provided the address
of the beneficial owner of such Ordinary Shares in the records of the broker holding such Ordinary Shares is in the United States (and
such broker has further transmitted the relevant information to a qualifying intermediary appointed by the Company). It is strongly recommended
that such holders of Ordinary Shares ensure that their information is properly recorded by their brokers (so that such brokers can further
transmit the relevant information to a qualifying intermediary appointed by the Company).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any holder of Ordinary Shares that is resident in the United States receives a distribution from which DWT has been withheld, the holder
of Ordinary Shares should generally be entitled to apply for a refund of such DWT from the Irish Revenue Commissioners, provided the
holder of Ordinary Shares is beneficially entitled to the distribution.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ordinary
Shares Held by Residents of Relevant Territories Other Than the United States</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Ordinary Shares who are residents of Relevant Territories, other than the United States, must satisfy the conditions of one of the
exemptions referred to above under the heading &#8220;<I>-General Exemptions</I>&#8221;, including the requirement to furnish valid DWT
Forms, in order to receive distributions without suffering DWT. If such holders of Ordinary Shares hold their Ordinary Shares through
DTC, they must provide the appropriate DWT Forms to their brokers (so that such brokers can further transmit the relevant information
to a qualifying intermediary appointed by the Company) before the record date for the distribution (or such later date before the distribution
payment date as may be notified to holder of Ordinary Shares by the broker). If such holders of Ordinary Shares hold their Ordinary Shares
outside of DTC, they must provide the appropriate DWT Forms to the Company&#8217;s transfer agent before the record date for the distribution.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any holder of Ordinary Shares who is resident in a Relevant Territory receives a distribution from which DWT has been withheld, the holder
of Ordinary Shares may be entitled to a refund of DWT from the Irish Revenue Commissioners provided the holder of Ordinary Shares is
beneficially entitled to the distribution.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Shares
Held by Other Persons</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Ordinary Shares that do not fall within any of the categories specifically referred to above may nonetheless fall within other exemptions
from DWT. If any holders of Ordinary Shares are exempt from DWT, but receive distributions subject to DWT, such holders of Ordinary Shares
may apply for refunds of such DWT from the Irish Revenue Commissioners.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
paid in respect of Ordinary Shares held through DTC that are owned by a partnership formed under the laws of a Relevant Territory and
where all the underlying partners are resident in a Relevant Territory will be entitled to exemption from DWT if all of the partners
complete the appropriate DWT Forms and provide them to their brokers (so that such brokers can further transmit the relevant information
to a qualifying intermediary appointed by the Company) before the record date for the distribution (or such later date before the distribution
payment date as may be notified to the holder of Ordinary Shares by the broker). If any partner is not a resident of a Relevant Territory,
no part of the partnership&#8217;s position is entitled to exemption from DWT.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to paying any distribution, the Company will put in place an agreement with an entity that is recognized by the Irish Revenue Commissioners
as a &#8220;qualifying intermediary,&#8221; which will provide for certain arrangements relating to distributions in respect of Ordinary
Shares that are held through DTC, which are referred to as the &#8220;Deposited Securities.&#8221; The agreement will provide that the
qualifying intermediary shall distribute or otherwise make available to Cede &amp; Co., as nominee for DTC, any cash dividend or other
cash distribution with respect to the Deposited Securities after the Company delivers or causes to be delivered to the qualifying intermediary
the cash to be distributed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will rely on information received directly or indirectly from its qualifying intermediary, brokers and its transfer agent in
determining where holders of Ordinary Shares reside, whether they have provided the required U.S. tax information and whether they have
provided the required DWT Forms. Holders of Ordinary Shares that are required to file DWT Forms in order to receive distributions free
of DWT should note that such forms are generally valid, subject to a change in circumstances, until December 31 of the fifth year after
the year in which such forms were completed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Additional
Anti-Avoidance Measures</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the above stated exemptions, payments of distributions to associated entities in jurisdictions that are on the EU list of non-cooperative
jurisdictions or zero-tax jurisdictions may be subject to DWT on payment. Association for these purposes generally means a 50% ownership
connection (assessed on the basis of share ownership, voting power or entitlement to profits on a distribution) or the ability to participate
in the board of directors in a manner that causes, or could cause, the affairs of the company to be conducted in accordance with that
person&#8217;s wishes.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Income
Tax on Dividends Paid on Ordinary Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irish
income tax may arise for certain persons in respect of distributions received from Irish resident companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-Irish Holder that is entitled to an exemption from DWT will generally have no Irish income tax or universal social charge liability
on a distribution from the Company. A Non-Irish Holder that is not entitled to an exemption from DWT, and therefore is subject to DWT,
generally will have no additional Irish income tax liability or liability to universal social charge. The DWT deducted by the Company
discharges the Irish income tax liability and liability to universal social charge.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Capital
Acquisitions Tax (CAT)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAT
comprises principally gift tax and inheritance tax on property situated in Ireland for CAT purposes or otherwise within the territorial
scope of CAT. CAT could apply to a gift or inheritance of Ordinary Shares and Public Warrants because Ordinary Shares and Public Warrants
are regarded as property situated in Ireland for CAT purposes. The person who receives the gift or inheritance has primary liability
for CAT.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAT
is currently levied at a rate of 33% on the value of any taxable gift or inheritance above certain tax-free thresholds. The appropriate
tax-free threshold depends upon (1) the relationship between the donor and the donee and (2) the aggregation of the values of previous
taxable gifts and inheritances received by the donee from persons within the same group threshold. Gifts and inheritances passing between
spouses are exempt from CAT, as are gifts to certain charities. Children have a lifetime tax-free threshold of &#8364;400,000 in respect
of taxable gifts or inheritances received from their parents. There is also a &#8220;small gift exemption&#8221; from CAT whereby the
first &#8364;3,000 of the taxable value of all taxable gifts taken by a donee from any one donor, in each calendar year, is exempt from
CAT and is also excluded from any future aggregation. This exemption does not apply to an inheritance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
IRISH TAX CONSIDERATIONS SUMMARIZED ABOVE ARE FOR GENERAL INFORMATION ONLY AND ARE NOT INTENDED TO PROVIDE ANY DEFINITIVE TAX REPRESENTATIONS
TO HOLDERS. EACH SECURITYHOLDER SHOULD CONSULT HIS OR HER TAX ADVISOR AS TO THE PARTICULAR CONSEQUENCES THAT MAY APPLY TO SUCH SECURITYHOLDER.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_018"></FONT>PLAN
OF DISTRIBUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are registering an aggregate of 22,590,391 Ordinary Shares held by the Selling Stockholders, to permit the resale of these Ordinary
Shares by the Selling Stockholders from time to time after the date of this prospectus. We will not receive any of the proceeds from
the sale by the Selling Stockholders of the shares of Ordinary Shares. We will bear all fees and expenses incident to our obligation
to register the Ordinary Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Selling Stockholder of the securities and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any
or all of their securities covered hereby on the principal Trading Market or any other stock exchange, market or trading facility on
which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling Shareholder may
use any one or more of the following methods when selling securities:</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
    brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available,
rather than under this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in
excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or
markdown in compliance with FINRA Rule 2121.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be &#8220;underwriters&#8221;
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company
has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under
the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling Stockholders
without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for
the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar
effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule
of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable
state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is
complied with.</FONT></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the Ordinary Shares for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the
Ordinary Shares by the Selling Stockholders or any other person. We will make copies of this prospectus available to the Selling Stockholders
and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_019"></FONT>EXPENSES
RELATED TO THE OFFERING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    dollar</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Registration Fee</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,748.54</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 78%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Fees and
    Expenses</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 18%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000.00</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Fees and Expenses</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing Expenses</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous
    Expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,751.46</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45,000.00</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_020"></FONT>SERVICE
OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES UNDER U.S. SECURITIES LAWS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is incorporated in Ireland and conducts a majority of its operations through its subsidiary, Security Matters PTY, located outside
the United States. The majority of the Company&#8217;s assets are located outside the United States. A majority of the Company&#8217;s
officers reside outside the United States and a substantial portion of the assets of those persons are located outside of the United
States. As a result, it could be difficult or impossible for you to bring an action against the Company or against these individuals
outside of the United States in the event that you believe that your rights have been infringed under the applicable securities laws
or otherwise. Even if you are successful in bringing an action of this kind, the laws outside of the United States could render you unable
to enforce a judgment against the Company&#8217;s assets or the assets of the Company&#8217;s officers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_021"></FONT>LEGAL
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of our Ordinary Shares has been passed upon by Arthur Cox LLP, Irish counsel to the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_022"></FONT>EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Company as of December 31, 2024 and 2023 and for each of the years in the three year period
ended December 2024, included in this Registration Statement on Form F-1 have been so included in reliance on the report of Ziv Haft,
BDO Member Firm, an independent registered public accounting firm, appearing elsewhere herein and in this registration statement,
given on the authority of said firm as experts in auditing and accounting. The report on the consolidated financial statements contains
an explanatory paragraph regarding the Company&#8217;s ability to continue as a going concern.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT ID="SL_023"></FONT>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under
the Securities Act with respect to the Ordinary Shares offered in this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration
statement or the exhibits and schedules filed therewith. For further information with respect to us and our securities offered hereby,
reference is made to the registration statement and the exhibits and schedules filed therewith. Statements contained in this prospectus
regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily
complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed
as an exhibit to the registration statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the periodic reporting and other information requirements of the Exchange Act as applicable to a &#8220;foreign private
issuer,&#8221; and we will file annual reports and other information from time to time with the SEC in accordance with such requirements.
Our SEC filings will be available to the public on the internet at a website maintained by the SEC located at <I>www.sec.gov</I>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also maintain an Internet website at https://smx.tech. We will make available on our website, free of charge, the following documents
as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC: our Annual Reports on Form 20-F;
our reports on Form 6-K; amendments to these documents; and other information as may be required by the SEC. The information contained
on, or that may be accessed through, our website is not part of, and is not incorporated into, this prospectus.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT ID="sw_013"></FONT>INDEX TO FINANCIAL STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT STYLE="text-decoration: underline">SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT STYLE="text-decoration: underline">CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT STYLE="text-decoration: underline">AS OF DECEMBER 31, 2024 </FONT></B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.75in"><B>Page</B></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#f_001">Report of independent registered public accounting firm</A> PCAOB #1185</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-2</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#f_002">Consolidated statements of financial position</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-3</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#f_003">Consolidated statements of comprehensive loss</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-4</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#f_004">Consolidated statements of changes in equity</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-5 - F-7</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#f_005">Consolidated statements of cash flows</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-8 - F-9</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#f_006">Notes to the consolidated financial statements</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-10 - F-54</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The amounts are stated in thousands of U.S. Dollars</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT ID="f_001"></FONT>Report of Independent Registered Public Accounting
Firm</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT STYLE="text-decoration: underline">SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>Opinion on the Consolidated Financial Statements
</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We have audited the accompanying consolidated statements
of financial position of SMX (Security Matters) Public Limited Company and subsidiaries (the &#8220;Company&#8221;) as of December 31,
2024, and 2023, the related consolidated statements of comprehensive loss, changes in equity and cash flows for each of the three years
in the period ended December 31, 2024, and the related notes (collectively, the &#8220;consolidated financial statements&#8221;). In our
opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December
31, 2024, and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31,
2024, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The accompanying consolidated
financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1.D to the
consolidated financial statements, the Company has suffered recurring losses and negative cash flows from operations since
inception, and as of December 31, 2024, the Company incurred accumulated losses of $82 million. Further, as discussed in note 1.D,
the Company was noncompliant with Nasdaq Listing Rule with respect to the bid price of the Company&#8217;s ordinary shares on the
Nasdaq Capital Market. The Company&#8217;s operations have been funded substantially through the issuance of shares and warrants,
and convertible notes. These factors and the Company&#8217;s dependency on external funding for its operations, raises
substantial doubts about the Company&#8217;s ability to continue as a going concern. Management&#8217;s evaluation of the events and
conditions and management&#8217;s plans regarding these matters are described in Note 1.D. The consolidated financial statements do
not include any adjustments that might result from the outcome of these uncertainties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These consolidated financial statements are the responsibility
of the Company&#8217;s management. Our responsibility is to express an opinion on these consolidated financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (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-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.</P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel-Aviv,
    Israel</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Ziv Haft</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    14, 2025, except for Notes 28.13 and 28.14 as to which date is June 20, 2025 and August 13, 2025, respectively</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certified
    Public Accountants (Isr.)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BDO
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT ID="f_002"></FONT>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</B></P></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, <BR>2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, <BR>2023</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Note</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">US$ in thousands</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 54%; text-align: left">Cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">2,343</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">168</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other current receivables</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,993</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">634</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">4,336</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">802</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Intangible assets, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">3,7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right">12,328</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,486</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Goodwill</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">3,7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right">26,144</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">32,957</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Property, plant and equipment, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">268</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">411</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Right of use assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">348</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">389</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Investment in associated company</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">105</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">115</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">39,193</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">50,358</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">43,529</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">51,160</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Trade payables</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,432</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,515</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Other payables</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,350</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,483</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Short term loan</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Convertible notes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,651</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">377</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Warrants - derivative financial liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,384</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,143</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Pre-paid advance</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">700</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">337</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">89,976</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Transaction with non-controlling interest reserve</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">258</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Accumulated losses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(50,934</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 25%; text-align: center"><I>/s/
    Amir Bader</I></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%; text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 23%; text-align: center"><I>/s/
    Haggai Alon</I></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%; text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 25%; text-align: center"><I>/s/
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%; text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><FONT STYLE="font-size: 10pt">May
    14, 2025</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>The accompanying notes are an integral part of the
financial statements.</B></P>

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


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

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

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

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Equity holders of the Company</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right">(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">The
                                            share and per share information in these financial statements reflects the 1-for-22,
                                            1-for-75,
                                            1-for-28.5,
                                            1-for-4.1
                                            and 1-for-7 reverse share splits became effective on August 21, 2023, July 15, 2024, January
                                            15, 2025, June 16, 2025, and August 7, 2025, respectively of the Company&#8217;s issued
                                            and outstanding Ordinary Shares (the &#8220;Reverse Stock Splits&#8221;). See also Notes
                                            17.4, 1.F, 1.G, 28.13, and 28.14.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right">(2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Restated as a result of the SPAC transaction and after giving effect to the Reverse Stock
Splits. See also Note 1.B.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>The accompanying notes are an integral part of the
consolidated financial statements.</B></P>

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


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

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 interest</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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 translation <BR> reserve</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(31,092</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,309</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,306</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,306</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>The accompanying notes are an integral part of the
consolidated financial statements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

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 translation <BR> &#160;reserve</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total comprehensive loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,837</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,837</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,837</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,008</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,008</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,008</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exercise of warrants B into ordinary shares, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">888</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">888</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">888</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Issuance of warrants B after reset</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">865</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">865</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">865</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(491</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>The accompanying notes are an integral part of the
consolidated financial statement</B>s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>The accompanying notes are an integral part of the
consolidated financial statements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>


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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1,561</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
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                         (SECURITY MATTERS) PUBLIC LIMITED COMPANY</B></FONT></P>
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                         STATEMENTS OF CASH FLOWS</B></FONT></P></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 15%"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31,<BR>
 2024</P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31,<BR>
 2023</P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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2022</P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,510</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>The accompanying notes are an integral part of
the consolidated financial statements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT ID="f_006"></FONT>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 1 - GENERAL:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">A.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">SMX (Security Matters)
    Public Limited Company (&#8220;Security Matters&#8221; or the &#8220;Company&#8221; and together with its subsidiaries, the
    &#8220;Group&#8221; or the &#8220;consolidated entity&#8221;) was incorporated on July 1,
    2022 under the laws of Ireland with registered number 722009 and its registered office at Mespil Business Center, Mespil House,
    Sussex Road, Dublin 4, Ireland, D04 T4A6. The Company was incorporated in 2022 as part of the Business Combination (see Note 1.B). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group provides one solution to solve
both authentication and track challenges in order to uphold supply chain integrity and provide quality assurance and brand accountability
to producers of goods. Its technology works as a track and trace system using a marker, a reader and an algorithm to identify embedded
sub-molecular particles in order to track and trace different components along a production process (or any other marked good along a
supply chain) to the end producer. Its proprietary marker system embeds a permanent or removable (depending on the needs of the customer)
mark on solid, liquid or gaseous objects or materials. Each marker is comprised of a combination of marker codes such that each marker
is designed to be unique and unable to be duplicated. The marker system is coupled with an innovative patented reader that responds to
signals from the marker and, together with a patented algorithm, captures the details of the product retrieved and stored on a blockchain
digital ledger. Each marker can be stored, either locally on the reader and on private servers, cloud servers or on a blockchain ledger,
to protect data integrity and custody.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">B.</TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">On March 7, 2023 (the &#8220;Closing Date&#8221;)
the Company completed its SPAC transaction (the &#8220;Business Combination&#8221;) with Lionheart III Corp (&#8220;Lionheart&#8221;),
following that Lionheart and Security Matters PTY Ltd. (formerly named Security Matters Limited, which was incorporated in May 2018 under
Australian law) became the Company&#8217;s wholly-owned subsidiaries and the Company listed its ordinary shares and public warrants on
the NASDAQ stock market under the tickers SMX and SMXWW, respectively. On July 26, 2022, Security Matters PTY Ltd. and Lionheart, a publicly
traded special purpose acquisition company (SPAC), entered into a business combination agreement (the &#8220;BCA&#8221;) and accompanying
scheme implementation deed (&#8220;SID&#8221;). Under the BCA, the existing Lionheart stockholders received the Company&#8217;s shares
and warrants in exchange for their existing Lionheart shares and warrants and all shares existed in Security Matters PTY Ltd. were cancelled
in return for the Company&#8217;s shares and resulting in Security Matters PTY Ltd. becoming a wholly owned subsidiary of the Company.
Security Matters PTY Ltd. shareholders received consideration of 1 ordinary share per 10.3624 Security Matters PTY Ltd. shares, having
an implied value of $10.00 per ordinary share and the Company became the holder of all of the issued shares in Security Matters PTY Ltd.
and Lionheart, with Security Matters PTY Ltd. being delisted from the Australian Stock Exchange.</P>

</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Business Combination resulted in 97.58%
redemption by Lionheart&#8217;s public shareholders which resulted in leaving $3,061 of funds remaining in the trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">C.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">On October 3, 2023, the Company signed an agreement with True Gold Consortium Pty Ltd.&#8217;s (&#8220;TrueGold&#8221;) shareholders to acquire an additional 7.5% which increased the Company&#8217;s holdings to 51.9% in TrueGold and resulted in the Company&#8217;s gaining control over TrueGold. In July 2024, the Company&#8217;s ownership percentage in TrueGold increased from 51.9% to 52.9%. See also note 3.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt">&#160;</P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">D.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">As of December 31, 2024,
the Company incurred accumulated losses of $82 </FONT><FONT STYLE="font-size: 10pt">million
and continued to incurred operating losses and negative cash flows from operating activities during to date of this financial statements.
The Company has not yet generated revenues and is required to obtain additional financing in order to continue to operate. In addition,
as of December 31, 2024, the Company was noncompliant with Nasdaq Listing Rule with respect to the bid price of the Company&#8217;s ordinary
shares on the Nasdaq Capital Market. The accompanying consolidated financial statements have been prepared assuming that the Company
will continue as a going concern. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(US$ in thousands except share and per share data)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 1 &#8211; GENERAL (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the period, the
Company entered into funding agreements of up to $5,350
and convertible securities in the amount of $747.5
and $194.5
in addition to restructuring of debt of $800
and $500
in convertible and non-convertible notes, respectively, and received a short-term loan in the amount of $1,000.
The Company plans to continue the issuance of shares and warrants and secure convertible notes and other funding sources. There are
no assurances, however, that the Company will be able to obtain an adequate level of financial resources that are required for the
Company&#8217;s long-term business plan. Considering the above, the Company&#8217;s dependency on external funding for its
operations raises a substantial doubt about the Company&#8217;s ability to continue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">E.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company operates primarily with 8 wholly owned subsidiaries and two majority owned subsidiaries, all of which
have been consolidated in these consolidated financial statements</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -14.2pt">&#160;</P>

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OF COMPANIES SUBSIDIARIES</FONT></P>

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 2024</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In addition, the Company&#8217;s has the following
investments in associated company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The proportion of ownership interest is equal to the
proportion of voting power held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 14.2pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right">*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Owned
by Security Matters PTY Ltd. (formerly - Security Matters Limited). In July 2024, ownership in the subsidiary increased from 51.9%
to 52.9%.
See also note 3.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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                                                                              incorporated in Dubai Multi Commodities Centre Authority, United Arab Emirates. See also note 28.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 1 &#8211; GENERAL (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">F.</FONT></TD>
    <TD STYLE="width: 0.25in">A.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; direction: ltr; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">On July 15, 2024, the Company&#8217;s Ordinary Shares began trading on
the Nasdaq Capital Market post-reverse stock split of 75:1 under the symbol &#8220;SMX,&#8221; with a new CUSIP number of G8267K208 and
ISIN code IE000IG23NR9. Approved by shareholders and Board of Directors on June 11, 2024. This reverse split consolidated every 75 shares
into one new ordinary share and was aimed at meeting Nasdaq&#8217;s minimum bid price requirement of $1.00 per share, reducing the number
of outstanding shares from approximately 44.8 million to approximately 597 thousand. Fractional shares resulting from the split were aggregated
and sold at market prices. Additionally, the par value of the Ordinary Shares increased from $0.0022 to $0.165. The Company&#8217;s options,
warrants, and convertible securities were adjusted proportionately, and the Public Limited Company Constitution was amended to reflect
these changes. All share,s options and warrants amount in these December 31, 2024, financial statements are presented post this reverse
stock split. See note 22.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">G.</FONT></TD>
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Ordinary Shares began trading on the Nasdaq Capital Market post-reverse stock split of 28.5:1 under the symbol &#8220;SMX,&#8221; with
a new CUSIP number of G8267K158 and ISIN code IE000WZ90ZV5. Approved by shareholders and Board of Directors on December 10, 2024. This
reverse split consolidated every 28.5 shares into one new ordinary share and was aimed at meeting Nasdaq&#8217;s minimum bid price requirement
of $1.00 per share, reducing the number of outstanding shares from approximately 33,155 thousand to approximately 1,163 thousand. Fractional
shares resulting from the split were aggregated and sold at market prices. Additionally, the par value of the Ordinary Shares increased
from $0.165 to $4.70250014886352. The Company&#8217;s options, warrants, and convertible securities were adjusted proportionately, and
the Public Limited Company Constitution was amended to reflect these changes. All share, options and warrants amount in these December
31, 2024, financial statements are presented post this reverse stock split. See note 22. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING
JUDGMENTS, ESTIMATES AND ASSUMPTIONS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The significant accounting policies followed in the
preparation of the financial statements, on a consistent basis, are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Basis of preparation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).
The financial statements have been prepared under the historical cost convention except for certain financial liabilities which are measured
at fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Principles of consolidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Subsidiaries are all those entities over which the
Company has control. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully
consolidated from the date on which control is obtained by the Company and until the date that control is lost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Intercompany transactions between entities in the
consolidated entity are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of the impairment of
the asset transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Investments in associated companies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Investments in associated companies are accounted
under the equity method and are initially recognized at cost. The investment&#8217;s cost includes transaction costs. The consolidated
financial statements include the Group&#8217;s share in net income or loss, in other comprehensive income or loss, and in the net assets
of associated companies accounted by the equity method from the date when significant influence or joint control materialized, until the
date on which the conditions for significant influence or joint control are no longer met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Losses of an associate in amounts which exceed its
equity are recognized by the Company to the extent of its investment in the associate plus any losses that the Company may incur as a
result of a guarantee or other financial support provided in respect of the associate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Reverse acquisition transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The result of the merger between the Company and Security
Matters PTY Ltd. as described in Note 1.B is that legally the Company owns the entire share capital of Security Matters PTY Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Accordingly, for financial reporting purposes, Security
Matters PTY Ltd. (the legal subsidiary) is the accounting acquirer, and the Company (the legal parent) is the accounting acquiree. The
consolidated financial statements prepared following the reverse acquisition are issued under the name of the Company, but they are a
continuation of the financial statements of Security Matters PTY Ltd. and reflect the fair values of the assets and liabilities of the
Company (the acquiree for accounting purposes), together with a deemed issuance of shares by Security Matters PTY Ltd. at fair value based
on the quoted opening share price of the Company in its first trading day following the closing of the business combination transaction
($11,599), and a recapitalization of its equity. This deemed issuance of shares is in fact both an equity transaction under IAS 32 (receiving
the net assets of the Company) and an equity-settled share-based payment transaction under IFRS 2 (receiving the listing status of the
Company). The difference, in the amount of $16,802, between the fair value of the shares deemed to have been issued by Security Matters
PTY Ltd. and the fair value of the Company&#8217;s identifiable net assets represent a payment for the service of obtaining a stock exchange
listing for its shares and it is therefore expensed immediately to profit or loss at the closing date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<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"><B>(US$
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING
JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company is initially consolidated in the financial
statements from the closing date of the Business Combination. Substantially all of the assets and liabilities of the Company were comprised
of marketable securities held in a trust account ($4,921) and trade and other payables and warrants ($10,127) respectively, with fair
values that were equivalent to their carrying amounts. Below are the implications of the accounting treatment on the financial statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Foreign currency </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The consolidated financial statements are prepared
in US Dollars, which is the functional and presentation currency of the Company. The Company&#8217;s functional currency is US
Dollar. The functional currency of Lionheart III Corp is US Dollar. The functional currency of SMX Fashion and Luxury is EURO. The functional
currency of True Silver SMX Platform is Canadian Dollars. The functional currency of SMX (Security Matters) Ireland Limited is US Dollar.
The functional currency of SMX Circular Economy Platform PTE, Ltd. is Singapore Dollar. Security Matters Pty Ltd.&#8217;s functional currency
is Australian Dollars. The functional currency of Security Matters Ltd. (Israel) is New Israeli Shekels. The functional currency of Security
Matters Canada Ltd. is Canadian Dollars. The functional currency of SMX Beverages Pty Ltd. is Australian Dollar. The functional currency
of True Gold is Australian Dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Transactions and balances in foreign currencies are
converted into US Dollars in accordance with the principles set forth by International Accounting Standard (IAS) 21 (&#8220;The Effects
of Changes in Foreign Exchange Rates&#8221;). Accordingly, transactions and balances have been converted as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.7pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Assets and liabilities &#8211; at the rate of exchange applicable at the reporting date.</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Expense items &#8211; at annual average rate at the statements of financial position date. </FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Share capital, capital reserve and other capital movement items were at the rate of exchange as of the date of recognition of those items.</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Exchange gains and losses from the aforementioned conversion are recognized in the statement of other comprehensive losses in the Foreign Currency Translation Reserve.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING
JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Issue of a unit of financial instruments </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The issue of a unit of financial instruments such
as a financial liability (e.g., a loan) and free-standing derivative (e.g. warrants) involves the allocation of the proceeds received
(before issuance costs) to financial derivatives and other financial instruments measured at fair value in each period and to financial
liabilities that are measured at amortized cost, with residual allocated to equity instruments. Issuance costs are allocated to each component
pro rata to the amounts determined for each component in the unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Governmental grants </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Government grants received for the use of research
and development activities, for which the Group undertook to pay royalties to the state, contingent on future sales arising from this
financing, were treated as forgivable loans. The grant was recognized as a liability in the financial statements, except when there is
reasonable assurance that the Group will comply with the conditions for the forgiveness of the loan, then it would be recognized as a
government grant. When the loan bears a below-market rate of interest, the liability is recognized at its fair value in accordance with
the market interest rate prevailing at the time of receiving the grant. The difference between the consideration received and the liability
recognized at inception was treated as a government grant and recognized as a reimbursement of research expenses. The repayment of the
liability to the state is reviewed every reporting period, with changes in the liability resulting from a change in the expected royalties
recognized in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Fair value measurement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Fair value is the price that would be received when
selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">A.</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The principal or the most advantageous market must
be accessible to the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The fair value of an asset or a liability is measured
using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in
their economic best interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A fair value measurement of a non-financial asset
takes into account a market participant&#8217;s ability to generate economic benefits by using the asset in its highest and best use or
by selling it to another market participant that would use the asset in its highest and best use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Classification of financial instruments by fair
value hierarchy </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The financial instruments presented in the statements
of financial position at fair value are grouped into classes with similar characteristics using the following fair value hierarchy which
is determined based on the source of input used in measuring fair value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">Level 1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Level 2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Level 3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">-</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Financial assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group classifies its financial assets into one
of the following categories, depending on the purpose for which the asset was acquired. The Group&#8217;s accounting policy for each category
is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Other receivables: These assets are non-derivative
financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision
of goods and services, but also incorporate other types of contractual monetary asset. These assets are carried at amortized cost less
any provision for impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group has no financial assets classified at fair
value through profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING
JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Financial liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>financial liabilities measured at amortized cost:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Financial liabilities are initially recognized at
fair value less transaction costs that are directly attributable to the issue of financial liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">After initial recognition, the Group
measures all financial liabilities at amortized cost using the effective interest rate method, which ensures that any interest
expense over the period is at a constant interest rate on the balance of the liability carried in the statement of financial
position, except for financial liabilities which are measured at fair value through profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>measured at fair value through profit or loss:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These financial liabilities comprise of derivatives
that are options which are to be settled in equity instruments but nevertheless do not meet the definitions of equity instruments. The
Group measures those financial liabilities at fair value. Transaction costs are recognized in profit or loss. After initial recognition,
changes in fair value are recognized in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Impairment of non-financial assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Intangible assets and goodwill that have an indefinite
useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances
indicate that they might be impaired. Other non-financial assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset&#8217;s carrying
amount exceeds its recoverable amount. Recoverable amount is the higher of an asset&#8217;s fair value less costs of disposal and value-in-use.
The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific
to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to
form a cash-generating unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Property, plant and equipment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Items of property, plant and equipment are initially
recognized at cost. Cost includes directly attributable costs and the estimated present value of any future costs of dismantling and removing
items. Depreciation is computed by the straight-line method, based on the estimated useful lives of the assets, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;<FONT STYLE="display: none">SCHEDULE OF DEPRECIATION RATES OF PROPERTY, PLANT AND EQUIPMENT</FONT>&#160;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: justify">Computers</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Furniture and office equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Leasehold improvements</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Leasehold improvements are depreciated over the term
of the expected lease including optional extension, or the estimated useful lives of the improvements, whichever is shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Reimbursement of research and development expenses
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Reimbursements in proof of concept (POC) agreements
of expenditures on research and development in order to achieve commercial agreement once this activity is successful, are offset in profit
or loss against the related expenses (research and development expenses). Any IP generated from this activity remains at the ownership
of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Right-of-use assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">All leases are accounted for by recognizing a right-of-use
asset and a lease liability, excluding leases where the lease term is 12 months or less, or where the underlying asset is of low-value.
These leases expenditures are recognized on a straight-line basis over the lease term. A right-of-use asset is recognized at the commencement
date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for,
as applicable, any lease payments made at or before the commencement date net of any lease incentives received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Right-of-use assets are depreciated
on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter.
Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated
useful life. Right-of-use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 85%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SMX
                         (SECURITY MATTERS) PUBLIC LIMITED COMPANY</B></FONT></P>
                         <P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTES
                         TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></P>
                         <P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(US$
                         in thousands)</B></FONT></P></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 15%"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES,
ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Lease liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">All leases are accounted for by recognizing a right-of-use
asset and a lease liability. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the
lease term, with the discount rate determined by reference to the rate implicit in the lease unless (as is typically the case) this is
not readily determinable, in which case the Group&#8217;s incremental borrowing rate on commencement of the lease is used. Variable lease
payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement
of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are
expensed in the period to which they relate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On initial recognition, the carrying value of the
lease liability also includes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">amounts expected to be payable under any residual value guarantee.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the exercise price of any purchase option granted in favor of the Group if it is reasonably certain to exercise that option.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Subsequent to initial measurement lease liabilities
increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Lease
liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate or when there is
a change in the assessment of the term of any lease the remeasurement being recognized in front of the right of use assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Capitalized technology development costs </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Expenditures on research activities are recognized
in profit or loss as incurred. Expenditures on internally developed products are mainly employee salaries and legal fees for filing of
patents and are capitalized when the Group demonstrates all the following criteria:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">c.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The ability to use or sell the intangible asset.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">d.</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">e.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">f.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The ability to measure reliably the expenditures attributable to the intangible asset during its development.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The recognition criteria above are considered by the
Group at each stage of development to determine when the criteria have been initially met in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The technical feasibility criteria is determined to
be met when a the milestone of initial marking and reading capabilities is satisfied. The milestone&#8217;s identification occurs only
following a detailed broad mapping of the raw material characteristics and establishing the formula for the chemical marker architecture
to be embedded into the raw material based on industry standards and regulations. The result is the initial evidence that the x-ray algorithm
of the designated reader is in a stage that can identify the marker and convey information. At this stage, the Group believes that the
technical feasibility of completing the development for use is probable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group notes that technical feasibility has been
established and the achieved technology is ready for the next stage which consists of performing a proof-of-concept pilot with an industry
partner, in order to adapt the technology for the relevant industry and adjust the development to meet the industry&#8217;s needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(US$ in thousands)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING
JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Capitalized technology development costs (Cont.)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Currently, the Group&#8217;s capitalized development
activities focus on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Development of marker architecture to be embedded topically or in-situ (application) for each material/product within the optimal industrial manufacturing phase, based on industry standards and regulations.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Development of a digital platform to support the end-to-end traceability from raw material to final product to recycling.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group&#8217;s management has the full intention
to complete the development of the technology and ultimately to sell it. This intention is demonstrated by initiating partnerships with
industry market leaders and continuing the development into the next phase. The Group&#8217;s intention is also reflected in the Group&#8217;s
approved budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group&#8217;s management intends
to concentrate its future sales and marketing efforts in the U.S. and Asia Pacific markets, including, but not limited to, recruitment of sales and
marketing personnel. It plans to advance successful proof-of-concept pilots performed with industry leading partners, and further
advance its innovative technology and commercialization efforts and collaborations in the segments relevant to its technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group&#8217;s business model targets leading brands
and manufacturers in order to create a new market standard for circular economy solutions, brand authentication and supply chain integrity.
The Group&#8217;s technology is applicable for multiple industries such as gold, fashion, electronics and circular economy &#8211; plastic
and rubber. The Group is able to provide an adaptive solution for multiple market segments, based on a unified technology solution, through
collaborative relationships with leading market companies which provide it with access to various potential entities to sell its solution.
This is part of the Group&#8217;s strategy to create strategic partnerships with market leaders across its main segments of activity.
The Group believes that this close collaboration with market leaders, and developing a product that meets their requests, suggest that
there is a strong potential market for its development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Adequate technical and financial resources are available
to complete the development; the development will be completed by the Group&#8217;s technology team which consists of professional experienced
scientists and engineers, with a track record in the industrial sector and with financial resources successfully raised through the issuance
of ordinary shares and loans. The Group has already accomplished its core technology development and is currently focused on development
of specific adjustments for different market segments. This stage is focused and short-termed, therefore, management believes that limited
financial resources are required for completing the development and that there is high probability for commencing commercial agreements
following the successful proof-of-concept pilots.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group has financial systems in place that allow
it to maintain records in sufficient detail that enable it to measure reliably the expenditures attributable to the intangible asset during
its development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Development expenditures not satisfying all the above
criteria are recognized in the consolidated statement of comprehensive income as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>Subsequent measurement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In subsequent periods, capitalized development expenditures
are measured at cost less accumulated amortization and accumulated impairment losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">An asset is ready for its intended use, when the developed
technology becomes operational and the Group completes an initial customization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING
JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Capitalized technology development costs (Cont.)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Intangible assets with a finite useful life are amortized
over their estimated useful lives and reviewed for impairment whenever there is an indication that the asset may be impaired. The amortization
period and the amortization method for intangible assets are reviewed at least at each year end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The carrying amount of these assets is reviewed whenever
events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the asset is considered to
be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired
asset. An expenditure incurred in development activities, including the Group&#8217;s software development is capitalized only where it
clearly increases the economic benefits to be derived from the asset to which it relates, the expenditure will lead to new or substantially
improved products, the products are technically and commercially feasible and the Group has sufficient resources to complete the development
and reach the stage for which the product is ready for use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">All other expenditure, including those incurred in
order to maintain an intangible assets current level of performance, is expensed as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Share-based compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group measures the share-based expense and the
cost of equity-settled transactions with employees and service providers by reference to the fair value of the equity instruments at the
date at which they are granted. The Group selected the Black-Scholes model as the Group&#8217;s option pricing model to estimate the fair
value of the Group&#8217;s options awards. The model is based on share price, grant date and on assumptions regarding expected volatility,
expected life of the options, expected dividend, and a no risk interest rate. As for granted options which are settled in equity instruments,
the fair value of the options at the grant date is charged to the statement of comprehensive loss over the vesting period. Non-market
vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that,
ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>New standards, interpretations and amendments adopted
from January 1, 2024 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following amendments are effective for the period
beginning January 1, 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.25in">&#160;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Non-current Liabilities with Covenants (Amendments to IAS 1).</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These amendments to various IFRS Accounting Standards
are mandatorily effective for reporting periods beginning on or after January 1, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>Supplier Finance Arrangements (Amendments to IAS
7 &amp; IFRS 7) </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On May 25, 2023, the IASB issued Supplier
Finance Arrangements, which amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures. The amendments require
entities to provide certain specific disclosures (qualitative and quantitative) related to supplier finance arrangements. The amendments
also provide guidance on characteristics of supplier finance arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><B>NOTE 2 - SIGNIFICANT
ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>Classification of Liabilities as Current or Non-Current
and Non-current Liabilities with Covenants </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>(Amendments </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The IASB issued amendments to IAS 1 in January 2020
Classification of Liabilities as Current or Non-current and subsequently, in October 2022 Non-current Liabilities with Covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The amendments clarify the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These amendments have no effect on the measurement
of any items in the consolidated financial statements of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>New standards, interpretations and amendments not
yet effective </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">There are a number of standards, amendments to standards,
and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not
to adopt early.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following amendments are effective for the period
beginning January 1, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following amendments are effective for the period
beginning January 1, 2026:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following standards and amendments are effective
for the annual reporting period beginning January 1, 2027:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">IFRS 19 Subsidiaries without Public Accountability: Disclosures.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group is currently assessing the effect of these
new accounting standards and amendments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>IFRS 18 Presentation and Disclosure in Financial
Statements</I>, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in major consequential amendments to IFRS
Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting
Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial
statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include categorization
and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined
performance measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group does not expect to be eligible to apply
for IFRS 19.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in">NOTE 2 - SIGNIFICANT ACCOUNTING
POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>The significant accounting judgments, estimates
and assumptions followed in the preparation of the financial statements, on a consistent basis, are:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In the process of applying the
significant accounting policies, the Group has made the following judgments which have the most significant effect on the amounts
recognized in the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The preparation of the consolidated
financial statements requires management to make estimates and assumptions that have an effect on the application of the accounting
policies and on the reported amounts of assets, liabilities and expenses. Changes in accounting estimates are reported in
the period of the change in estimate. The key assumptions made in the financial statements are discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Share based compensation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group has a share-based remuneration scheme for
employees. The fair value of share options is estimated by using the Black-Scholes model, which was derived to model the value of the
firm&#8217;s equity over time. The simulation model was designed to take into account the unique terms and conditions of the performance
shares and share options, as well as the capital structure of the firm and the volatility of its assets, on the date of grant based on
certain assumptions. Those conditions are described in the share-based compensation note and include, among others, the dividend growth
rate, expected share price volatility and expected life of the options. The fair value of the equity settled options granted is charged
to the statement of profit or loss over the vesting period of each tranche and the credit is taken to equity, based on the consolidated
entity&#8217;s estimate of shares that will eventually vest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Intangible assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group capitalizes costs for its developed projects
when specific criteria are met. Initial capitalization of costs is based on management&#8217;s judgement that technological and economic
feasibility is achievable, usually when a product development project has reached a defined milestone according to an established project
management model. The management makes assumptions regarding the expected future economic benefit to be derived from the intangible asset
and therefore whether the capitalized costs are expected to be recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This amount of capitalized costs includes significant
investment in the development of marking and reading capabilities in the subject material. Prior to being marketed, the Group will obtain
a proof-of-concept pilot with an industry leading partner. The innovative nature of the product gives rise to some judgement as to whether
the proof-of-concept will be successful such that it will lead to obtaining commercial contracts with customers. See also note 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Management bases its estimates on
historical experience, assumptions, and information currently available and deemed to be reasonable at the time the consolidated
financial statements are prepared. However, actual amounts may differ from the estimated amounts as more detailed information
becomes available. Estimates and assumptions are reviewed on an ongoing basis and, if necessary, changes are recognized in the
period in which the estimate is revised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Impairment of goodwill and intangible
assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group reviews goodwill for impairment at least once a year or more frequently if events or changes in circumstances
indicate that there is impairment. Goodwill is tested for impairment by assessing the recoverable amount of the cash-generating unit to
which the goodwill has been allocated. This requires management to make an estimate of the projected future cash flows from the continuing
use of the cash-generating unit to which the goodwill is allocated and also to choose a suitable discount rate for those cash flows. See
more information in note 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The carrying values of the long-lived intangible assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset may no longer be recoverable. If any indication exists, then the asset&#8217;s
recoverable amount is estimated. Determining the recoverable amount is subjective and requires management to estimate project future cash
flows, among other factors. Future events and changing market conditions may impact on the assumptions as to prices, costs or other factors
that may result in changes to the estimates of future cash flows. If the Group concludes that a definite or indefinite long-lived intangible
asset is impaired, the Group recognize a loss in an amount equal to the excess of the carrying value of the asset over its fair value
at the date of impairment. The fair value at the date of the impairment becomes the new cost basis and will result in a lower depreciation
expense than for periods before the asset&#8217;s impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Financial liabilities at fair value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The fair value of financial liabilities at fair value
was estimated by using a Black Scholes model and Monte-Carlo simulation approach, which was aimed to model the value of the Group&#8217;s
assets over time. The simulation approach was designed to take into account the terms and conditions of the financial liabilities, which
are described in notes 8, 9 and 11, as well as the capital structure of the Group and the volatility of its assets. The valuation
was performed based on management&#8217;s assumptions and projections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 3 &#8211; TRUE GOLD BUSINESS COMBINATION:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On July 29, 2020, the Group (through Security Matters Limited) signed a shareholders&#8217; agreement with W.A. Mint Pty
Ltd. and TrueGold. The purpose of the agreement is to set the framework for TrueGold&#8217;s activity. TrueGold&#8217;s goal is to establish
an industry standard with the development of an innovative system that can invisibly mark (at a molecular level), track and trace gold
bars and gold through every stage of the supply chain with blockchain technology, using the Company&#8217;s advanced next-generation technology.
Under the terms of the agreement, TrueGold will be equally held by the above two-mentioned entities, with the goal of adding other shareholders.
Management has assessed the transaction and reached the conclusion that the new entity is jointly controlled by Security Matters Limited,
and W.A. Mint Pty Ltd. The Company&#8217;s management has further determined that the contractual arrangement provides the parties to the joint
arrangement with rights to the net assets of the arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The contractual arrangement establishes each party&#8217;s share in the profit or loss relating to the activities
of the arrangement. The arrangement is a joint venture and the Company&#8217;s interests in this joint venture is accounted for using the equity
method of accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On October 3, 2023 (acquisition date), the Company (through its wholly owned subsidiary - Security Matters Limited)
signed an agreement with TrueGold shareholders to acquire an additional 7.5% which increased the Company&#8217;s holdings to 51.9% in TrueGold and resulted in the Company gaining control over TrueGold. This strategic transaction to gain control
of TrueGold diversifies the Company&#8217;s operations into TrueGold&#8217;s pioneering ventures in research and development and future revenue commercialization.
In July 19, 2024, the Company&#8217;s ownership percentage (through its wholly owned subsidiary - Security Matters Limited) in TrueGold
increased from 51.9% to 52.9% as part of the PMB transaction described below in note 17(19), to exchange its shares in TrueGold for 1,022 Company shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company previously held 44.4% of the shares of TrueGold which, up to the acquisition date and the beginning of consolidation, were treated as an
investment in a joint venture which accounted for under the equity method. At the time the transaction was completed and control was obtained,
the balance of the investment was remeasured at fair value of $22,164 and a gain was recognized in the amount of $22,164, which was recorded in the statement of comprehensive loss (the carrying amount of the previous investment in TrueGold
was approximately nil). This fair value amount was added to the consideration transferred for the calculation of goodwill, as described
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company has elected to measure the non-controlling
interests in TrueGold at full fair value which includes also the non-controlling interests&#8217; share in the entire goodwill of TrueGold.
The fair value of the non-controlling interests in TrueGold was based on the fair value of TrueGold as a whole, as described above, and
was estimated using the discounted cash flow method of the income approach, as TrueGold is a private company and therefore quoted market
prices of its share were unavailable. The fair value has been determined by management with the assistance of a valuation performed by
an external and independent valuation specialist using valuation techniques and assumptions as to estimates of projected net future cash
flows of TrueGold and estimate of the suitable discount rate for these cash flows. The significant assumptions used in estimating the
fair value of TrueGold are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">After-tax net cash flow discount rate (weighted average cost of capital) of 24.8%.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Terminal value cash flow multiple of 4.59 and terminal growth rate of 3%.</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Discount for lack of marketability of 25.2% (or $11.17), resulting in a fair value of $33.12 per ordinary share of True Gold).</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The total cost of the business
combination comprised a full forgiveness of the outstanding payables from TrueGold to Security Matters Limited which amounted to AUD 475
thousand (approximately $307)
at acquisition date. The calculation of the goodwill upon acquisition included also the fair value of the previous investment in
TrueGold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(US$ in thousands)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 3 &#8211; TRUE GOLD BUSINESS COMBINATION (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The fair value of the identifiable assets and liabilities
of TrueGold on the acquisition date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;<FONT STYLE="display: none">SCHEDULE OF FAIR VALUE OF THE IDENTIFIABLE ASSETS AND LIABILITIES</FONT>&#160;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">&#160;<FONT STYLE="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value of identifiable assets and liabilities</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">22,471</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The only intangible asset identified in the purchase
price allocation, and recognized as shown in the table above, represents a core technology license that reflects the existence of underlying
technology that has value through its continued use or re-use in many products or many generations of a singular product (that is, a product
family). As mentioned above, this core technology license represents the current right of TrueGold to use the Group&#8217;s intellectual property of
technology under a license agreement signed in 2020. For the purpose of the purchase price allocation, this right was treated as a reacquired
right and accordingly was recognized separately from goodwill and valued on the basis of the remaining contractual term of the related
contract, regardless of whether market participants would consider potential contractual renewals. After acquisition, this intangible
asset should be amortized in according to its economic useful life. See also note 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The goodwill arising from this
acquisition is attributed to the expected benefits from the synergies of the combination of the activities of the Group and
TrueGold. The goodwill recognized is not expected to be deductible for income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 4 - OTHER CURRENT RECEIVABLES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE OF OTHER CURRENT RECEIVABLES</FONT>&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31,</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">2024</P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31,</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">2023</P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify">Receivable in respect of exercise of warrants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1,510</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">Tax authorities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">305</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">257</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">Prepaid expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">102</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">142</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">Proof of concept receivables</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">148</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">87</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,993</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">634</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>


<!-- Field: Page; Sequence: 154; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(US$ in thousands)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 5 - PROPERTY, PLANT AND EQUIPMENT, NET:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT</FONT>&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Leasehold<BR>
 improvements</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Machines<BR>
 and<BR>
 Equipment</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Furniture<BR>
 and Office<BR>
 Equipment</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Computers</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="18" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Cost</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 35%; text-align: left">At January 1, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,146</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">69</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">102</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,392</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Additions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">135</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">163</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Currency translation adjustments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">At December 31, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,162</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">102</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,410</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Accumulated depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">At January 1, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">832</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">88</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">981</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">135</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">163</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Currency translation adjustments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Leasehold<BR>
 improvements</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD COLSPAN="18" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Cost</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">102</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,377</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Additions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">151</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Currency translation adjustments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(16</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">At December 31, 2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,146</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">69</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">102</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,392</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Accumulated depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">411</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>


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<!-- Field: Split-Segment; Name: 001 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY</B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 6 - INVESTMENTS IN ASSOCIATED COMPANY:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE OF INVESTMENTS IN ASSOCIATED COMPANIES</FONT>&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Entity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Country of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Incorporation</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Canada</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The proportion of ownership interest
is equal to the proportion of voting power held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="text-decoration: underline">Yahaloma Technologies Inc</FONT><B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On April 30, 2019, Security Matters Ltd. signed an
agreement with Trifecta Industries Inc. (&#8220;Trifecta&#8221;) for the commercialization of Security Matters Ltd.&#8217;s trace technology
in the diamonds and precious stone industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Under the terms of the agreement, Security Matters
Ltd. and Trifecta established a new entity &#8211; Yahaloma Technologies Inc. (&#8220;Yahaloma&#8221;), which is equally held by Security
Matters Limited and Trifecta.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Yahaloma has the exclusive rights
and responsibility to commercialize the Group&#8217;s intellectual property in the area of diamonds or precious stone. Management
has assessed the transaction and reached the conclusion that the new entity is jointly controlled by Security Matters Limited and
Trifecta. Management has further determined that the contractual arrangement provides the parties to the joint arrangement with
rights to the net assets of the arrangement. The contractual arrangement establishes each party&#8217;s share in the profit or loss
relating to the activities of the arrangement. The arrangement is a joint venture and the Company&#8217;s interests in this joint
venture is accounted for using the equity method of accounting.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE
7 - INTANGIBLE ASSETS, NET AND GOODWILL</B><B>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;<FONT STYLE="display: none">SUMMARY OF INTANGIBLE ASSETS NET</FONT>&#160;</P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 7 - <FONT STYLE="font-variant: small-caps">INTANGIBLE
ASSETS, NET</FONT> AND GOODWILL (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Capitalized development cost</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Currency translation adjustments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">As of December 31, 2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost,
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,342</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Accumulated amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">As of December 31, 2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">124</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">124</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">10,449</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">16,486</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Intangible assets as of December 31, 2024 and 2023 consist of capitalized development costs of the Group&#8217;s technology,
the cost of the exclusive license intellectual property and core technology license raised from the TrueGold business combination that
reflects the existence of underlying technology that has value through its continued use or re-use in many products or many generations
of a singular product (that is, a product family). See also note 3. The capitalized development costs and purchased license are amortized
in accordance with its useful life of 5.5 years. The Core Technology License is amortized in accordance with its useful life of 4 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Goodwill and impairment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. The recoverable
amount is determined based on value in use calculations. The use of this method requires an estimation of future cash flows and the determination
of a discount rate in order to calculate the present value of the cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year, the Group did not meet its revenue forecast. This had an adverse impact on the projected value in
use of the operation and consequently resulted in an impairment to goodwill of $6,813. The (pre-tax) discount rate used to measure the CGU&#8217;s value in use was 29.6%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The carrying amount of
goodwill is $26,144 as of December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The recoverable amount has been determined from value in use calculations based on cash flow projections from Company
approved budgets.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SMX
                                            (SECURITY MATTERS) PUBLIC LIMITED COMPANY</B></FONT></P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTES
                                            TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(US$
                                            in thousands)</B></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 8 - CONVERTIBLE NOTES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On January 25, 2023, the Company received an amount of <FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>$250 in consideration for issuance of a convertible note (the &#8220;LP Convertible Note&#8221;) and two types of warrants, to Lee Pinkerton (&#8220;LP&#8221;). The LP Convertible Note&#8217;s principal amount is <FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>$250 and the maturity date is the earlier of December 31, 2024, and the date of any change in control (excluding the Business Combination). The Convertible Note has an interest rate of 15% per annum and shall be converted into ordinary shares at LP&#8217;s discretion, at a fixed conversion price of $470,250 per ordinary share. In addition, the Company has the right to satisfy the payment of the principal amount of the LP Convertible Note through the issuance of the Company&#8217;s ordinary shares at a 20% discount to the 20 trading day VWAP preceding the maturity date.</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">As part of the LP Convertible Note transaction, the LP was granted two types of warrants:</P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify">(i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Bonus Warrants &#8211; 0.27
warrants to purchase ordinary shares of the Company at an exercise price of $541
per share. The Bonus Warrants term is five
years commencing upon the Business Combination.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify">(ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Redeemable Warrants &#8211; <FONT STYLE="color: #231F20">0.26</FONT> <FONT>warrants
                                                       to purchase ordinary shares of the Company at a purchase price of $541</FONT> <FONT>per
                                                       share. The Redeemable Warrants term is five
                                                       years</FONT> <FONT>commencing upon the Business Combination. 50</FONT><FONT>%
                                                       of the Redeemable Warrants shall be redeemable on a non-cumulative basis at the option of the holder, according to a schedule for
                                                       $235.125</FONT> <FONT STYLE="color: #231F20">per
                                                       warrant. </FONT>The
                                                       LP has the option to decide that the Company will satisfy any or each redemption through the issuance of ordinary shares of the
                                                       Company based upon a 20%
                                                       discount to the 20-trading day VWAP preceding each such anniversary.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The LP Convertible Note is recorded in accordance with its fair value. The Redeemable Warrants are accounted as a
derivative financial liability measured at fair value through profit or loss. Management utilized a third-party appraiser to assist them
in valuing the LP Convertible Note and Redeemable Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The fair value of the Redeemable Warrants was calculated using the Monte-Carlo simulation model. As of December 31,
2024 and 2023, the expected volatility that was used was 53.94%
and 73.74%, respectively, and the risk-free interest rate used was 4.27% and 3.91%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024, and 2023 the
fair value of the Redeemable Warrants was <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT>55 and $73, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In order to calculate the fair
value of the LP Convertible Note, the Company discounted the payment schedule by a discount rate of 22.9%.
as of December 31, 2024, and a discount rate of 32.2%
as of December 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024, and 2023 the fair value of the LP Convertible Note was $336
and $304,
respectively. All of the principal and accrued interest under the LP Convertible Note is due and owing as of the date of the authorization
of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">B.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">In May 2022, Security Matters PTY Ltd. issued 828,240 convertible notes (the &#8220;2022 Convertible Notes&#8221;), with a face value of AUD 1.00 ($0.7)
                                                                                                                                                    per each 2022 Convertible Note, for an aggregate amount of AUD 828 thousand
                                                                                                                                                    ($569). The original
                                                                                                                                                    terms of the 2022 Convertible Notes were amended on July 2022, when Security Matters PTY Ltd. entered into the BCA that was subject
                                                                                                                                                    to de-listing of Security Matters PTY Ltd. from the Australian Stock Exchange. The issuance price per share was calculated at a 20%
                                                                                                                                                    discount to the 5-21 day volume weighted average price to December 31, 2022, as such term is defined in the Convertible Notes
                                                                                                                                                    agreement, subject to a cap of no lower than AUD 0.15 ($0.11) per share, and on December 31, 2022 the investors will also be issued
                                                                                                                                                    unlisted two year options on a 1:2 basis with an exercise price of AUD 0.45 ($0.32) per share. As of December 31, 2022, the 2022
                                                                                                                                                    Convertible Note amounted to $563. In July
                                                                                                                                                    2022, an amendment to the 2022 Convertible Notes agreements was signed between Security Matters PTY Ltd. and the investors which
                                                                                                                                                    prescribes a cancellation of the 2022 Convertible Notes and replaced them with the issuance of 1,000,000 ordinary
                                                                                                                                                    shares of Security Matters PTY Ltd. (with the occurrence of the Business Combination as described in Note 1.B). On March 7, 2023,
                                                                                                                                                    the 2022 Convertible Notes were converted to 1,000,000 ordinary
                                                                                                                                                    shares of Security Matters PTY Ltd.</TD></TR></TABLE>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 8 - CONVERTIBLE NOTES  (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">C.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On September 6, 2023, the Company entered into a Securities Purchase Agreement to issued and sold to an
institutional investor, Generating Alpha Ltd. (&#8220;Alpha&#8221;), a convertible promissory note (the &#8220;Alpha September 2023 Note&#8221;) with a fixed conversion price of $3,501,
1,838 warrants A&#8217;s and 1,225 warrants B&#8217;s, for gross proceeds of approximately $2,574, before deducting fees and other offering
expenses payable by the Company to their service providers. The warrant A&#8217;s were exercisable into 1,838 ordinary shares at an exercise
price of $4.7025 per share subject to customary adjustments and may be exercised at any time until the five year anniversary. The warrant
B&#8217;s were exercisable into 1,225 ordinary shares at an exercise price of $3,501 per share, subject to customary adjustments and may
be exercised at any time until the five-year anniversary. The warrant A&#8217;s and the warrant B&#8217;s meet the fixed-for-fixed criterion
of IAS 32, resulting in being classified as equity. The Alpha September 2023 Note is in the principal amount of $4,290. The actual amount
loaned by the investor is $2,574 after a 40% original issue discount. The maturity date of the Alpha September 2023 Note is the 12-month anniversary of the
Effective Date, and is the date upon which the principal amount, as well as any accrued and unpaid interest and other fees, shall be due
and payable. Interest accrues in the amount of 12% per year and shall be payable on the maturity date or upon acceleration or by prepayment
or otherwise. The investor has the right, at any time, to convert all or any portion of the then outstanding and unpaid principal amount
and interest (including any costs, fees and charges) into the Company&#8217;s ordinary shares, at a fixed conversion price of $3,501 per
share. Any such conversion is subject to customary conversion limitations set forth in the Purchase Agreement, so the investor beneficially
owns less than 4.99% of the Company&#8217;s ordinary shares. Additionally, the Company has the right to convert in whole or in part the
Alpha September 2023 Note into ordinary shares; provided that in no case shall the Company so convert the Alpha September 2023 Note if the result of the issuance of Ordinary Shares
thereby would result in the beneficial ownership of the investor of ordinary shares in excess of 4.99%</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Alpha September 2023 Note was recognized in accordance with
the amortized cost method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024, the investor converted
all of the principal amount of the Alpha September 2023 Note into an aggregate of 1,225 Ordinary Shares and exercised all warrant A&#8217;s
and B&#8217;s into Ordinary Shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2023, the Alpha September 2023 Note&#8217;s
principal amounted to $1,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">D.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On
February 24, 2024, the Company issued to Steven Wallitt (&#8220;SW&#8221;) a convertible security with a face value of $407 in consideration
of $350, bearing 0% interest and maturing in 6 months. SW ranks senior but is subordinated to ClearThink Asset Management (&#8220;CTAM&#8221;),
the Company advisors, in case of any new debt issuance, including subordinated debt or redeemable preferred stock, except for instruments
already negotiated with CTAM. In such cases, the Company is obligated to direct at least 15% of the net proceeds from any new debt to
repay the convertible security, unless SW waives this requirement. SW can convert all or part of the face value of the convertible security
into ordinary shares at a conversion price of $513 per share, with no conversion limitations. Additionally, the Company issued SW 100,000
warrants, exercisable for 60 months at an exercise price of $0.05 per share, without price-based anti-dilution adjustments.</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            August 24, 2024, the Company extended the previous convertible security maturity date to
                                            February 24, 2025. In addition, SW will have the right to convert at his option all or a
                                            portion of the face value amount including OID or a maximum of $407 into ordinary shares
                                            at a conversion price under exactly the same terms of a new qualified financing for at least
                                            $1.5 million from any source.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
following a private placement transaction on October 28, 2024, the Company adjusted the conversion price to $0.49.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 16, 2024, the SW converted $23 of the convertible security into 793 ordinary shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
convertible security is accounted in accordance with the amortized cost model, and amounted to $337 as of December 31, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conversion option was accounted as a derivative financial liability and measured at fair value through profit or loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2024, the fair value of the conversion option was estimated at $129 by using Monte Carlo model with volatility of 39.78%
and a risk-free interest rate of 4.37%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of these financial statements the principal and accrued interest payments according to the SW convertible security agreement
are due and owing.</FONT></P></TD></TR></TABLE>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 8 - CONVERTIBLE NOTES  (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">E.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On
April 11, 2024, the Company entered into Securities Purchase Agreements for the issuance of promissory note and warrants to Alpha, as
follows:</P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Unsecured note (the &#8220;Alpha April Note&#8221;) in the principal amount of $2,250. The Alpha April Note carries an original issue
discount (OID) of 10%, bears 12% interest per year, and its maturity date is in 12 months from issue date. Alpha has the right to convert
the outstanding principal and interest into Ordinary Shares at $513 per share, with certain adjustments. If the Company is no longer restricted
from variable rate transactions, the investor may convert at a 15% discount based on the lowest weighted average price during the 15 trading
days before conversion. Any such conversion is subject to customary conversion limitations set forth in the Alpha April Note so the investor
beneficially owns less than 4.99% of the Company&#8217;s Ordinary Shares. Additionally, the Company has the right to convert in whole
or in part the Alpha April Note into Ordinary Shares; provided that in no case shall the Company so convert the Alpha April Note if the
result of the issuance of Ordinary Shares thereby would result in the beneficial ownership of the investor of Ordinary Shares in excess
of 4.99%. A daily fee of $2 is applied if the Company fails to deliver shares upon conversion. If an event of default occurs, the Alpha
April Note&#8217;s outstanding principal and interest increase by 120%, or 500% in specific default situations, with default interest
at the lesser of 24.5% or the maximum legal rate. The Alpha April Note also includes restrictions against variable security transactions.</TD></TR>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
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is a 4.99% ownership limit on the exercise of this warrant, and the Company must pay a &#8220;Buy-In&#8221; amount if shares are not delivered
timely. Alpha may elect to choose cashless exercise mechanism.</TD></TR>
                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">3.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Inducement offer which amends the Company&#8217;s existing warrants B&#8217;s held by Alpha issued in September 2023 (see note 8.C)
to a reduced exercise price of $4.7025 per share. Alpha immediately exercised these warrants B&#8217;s in full.</TD></TR>
                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">4.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Alpha April Note is a financial liability which is measured in accordance with the amortized cost method and its conversion option
is a derivative financial liability measured at fair value through profit or loss.</TD></TR>
                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of April 11, 2024, the Alpha April Note amounted to $220 and the Conversion Option fair value amounted to $656.</TD></TR>
                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of April 11, 2024 the fair value of the conversion option was calculated by estimating the Alpha April Note using Monte Carlo model
with expected volatility of 52.08% and the risk-free interest rate used is 5.17%.</TD></TR>
                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">During the period, the investor converted approximately $2,110 of the principal amount into 467,424 ordinary shares. (see also note 17(13)).</TD></TR>
                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of December 31, 2024, the Alpha April Note amounted to $72 and the Conversion Option fair value amounted to $48. As of December 31,
2024, the fair value of the Conversion Option was calculated by estimating the Alpha April Note using Monte Carlo model with expected
volatility of 39.78% and the risk-free interest rate used is 4.37%.</TD></TR>
                      </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
April Warrants were classified as a derivative financial liability measured at fair value through profit or loss. After initial recognition,
at each cut off, the April Warrants will be measured in accordance with their fair value and all changes in fair value will be recognized
through profit or loss. As of April 11, 2024, the April Warrants&#8217; fair value amounted to $1,090.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 11, 2024, the fair value of the April Warrants was calculated using the Black-Scholes model with expected volatility of 73.43%
and the risk-free interest rate used is 4.61%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2024, Alpha exercised all the April Warrants into Ordinary Shares of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(US$ in thousands)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 8 - CONVERTIBLE NOTES  (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">F.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On July 10, 2024, the Company entered into a Letter of
                                                                                                                                                    Intent with PMB Partners, LP (&#8220;PMB&#8221;), as part of the Company&#8217;s ongoing efforts to satisfy its existing liabilities
                                                                                                                                                    while conserving cash. Although the Letter of Intent was binding, the Letter of Intent provided that the Company and PMB negotiate
                                                                                                                                                    in good faith the drafting and execution of the exchange of a $1,000 senior secured note (originally due May 31, 2024) for a $800
                                                                                                                                                    Convertible Note due December 31, 2024 (&#8220;the $800 Convertible Note&#8221;), and a $500 non-convertible promissory note due
                                                                                                                                                    December 31, 2024 (&#8220;the $500 Non-Convertible Promissory Note&#8221; and, together with the $800 Convertible Note, the
                                                                                                                                                    &#8220;Senior Promissory Notes&#8221;) and other ancillary documents, contracts, or agreements to give effect to the terms of the
                                                                                                                                                    Letter of Intent not otherwise satisfied at or as of the Effective Date (the &#8220;Definitive Agreements&#8221;). See note 1.D.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Definitive Agreements, consisting of a Subscription Agreement,
a Notes Exchange Agreement, a Share Exchange Agreement, the $800 Convertible Note and the $500 Non-Convertible Promissory Note, with terms
consistent with the Letter of Intent, were all dated as of September 4, 2024. The Senior Promissory Notes carry an annual interest of
15%. PMB has the right to convert the $800 Convertible Note and accumulated interest into 2,673 ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The $800 Convertible Note is a financial
liability which measured on the initial day at fair value recognized financial expenses or income through profit and loss. In the subsequent
measurement the $800 Convertible Note is with accordance with the amortized cost method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The conversion option meet the conditions
for equity classification according to IAS 32 and recorded as equity instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The $500 Non-Convertible
Promissory Note is a liability which measured on the initial day at fair value recognized financial expenses or income through profit
and loss. In the subsequent measurement, the $500 Non-Convertible Promissory Note measured in accordance with the amortized cost method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024, the $800 Convertible Note
and the $500 Non-Convertible Promissory Note amounted to $1,360. Pursuant to amendments to the Senior Promissory Notes, the maturity dates
have been extended to November 30, 2025.</P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(US$ in thousands)</B></P></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 8 - CONVERTIBLE NOTES  (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">G.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On July 19, 2024 the Company entered into Securities Purchase Agreement issued and sold to Alpha, a promissory note (the &#8220;Alpha
July Note&#8221;) and warrants (the &#8220;July Warrants&#8221;), for gross proceeds of $747.5, before deducting fees and other offering
expenses payable by the Company. The Alpha July Note is in the principal amount of $1,150 (the &#8220;Principal Amount&#8221;) and carries
an original issue discount of 35%. The maturity date of the Alpha July Note is the 12-month anniversary of the issuance date. The Alpha
has the right, at any time, to convert all or any portion of the outstanding and unpaid principal amount and interest (including any costs,
fees and charges) into the Company&#8217;s Ordinary Shares, at a conversion price equal to the lesser of $174 or 80% of the lowest volume
weighted average price of the Company&#8217;s ordinary shares during the twenty trading days prior to the conversion, subject to customary
adjustments as provided in the Alpha July Note including for fundamental transactions (the &#8220;Conversion option&#8221;) Any such conversion is
subject to customary conversion limitations set forth in the Alpha July Note so the Alpha beneficially owns less than 4.99% of the Company&#8217;s
Ordinary Shares. Any principal amount on the Alpha July Note which is not paid when due shall bear interest at the rate of the lesser
of (i) 24.5% per annum and (ii) the maximum amount permitted by law during the Event of Default. Upon the occurrence of any Event of Default,
the principal amount then outstanding plus accrued interest (including any costs, fees and charges) increases to 120% of such amount through
the date of full repayment, as well as all costs of collection.</TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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an exercise price of $178 per share, subject to customary adjustments and certain price-based anti-dilution protections, and may be exercised
at any time for 5.5 years from issuance. The July Warrants also may be exercised pursuant to a cashless or net exercise provision. The
exercise of the July Warrants is subject to a beneficial ownership limitation of 4.99% of the number of Ordinary Shares outstanding immediately
after giving effect to such exercise.</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">The July Warrants were classified as a derivative financial liability measured at fair value through profit or loss. After initial recognition,
at each cut-off, the July Warrants will be measured in accordance with its fair value and all changes in fair value will be recognized
through profit or loss.</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of July 19, 2024, the July Warrants fair value amounted to $741. The July Warrants were calculated using Black-Scholes model with expected
volatility of 59.6% and the risk-free interest rate used is 4.16%.</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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is a derivative financial liability measured at fair value through profit or loss.</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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with expected volatility of 61.67% and the risk-free interest rate used is 4.85%.</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                         <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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2024, the fair value of the Conversion Option was calculated by estimating the Alpha July Note using the Monte Carlo model with expected
volatility of 58.7% and the risk-free interest rate used is 4.28%.</TD></TR>
                                                                         </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">H.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On August 30, 2024, the Company entered into a Securities Purchase Agreement
with 1800 Diagonal Lending LLC (&#8220;1800 Diagonal&#8221;), to issue and sell a promissory note, for gross proceeds to the Company of
$194.5, before deducting fees and other offering expenses payable by the Company (&#8220;the 1800 Diagonal Promissory Note&#8221;). The
1800 Diagonal Promissory Note is in the principal amount of $223.7, which includes an original issue discount of $29.2. A one-time interest
charge of 10%, or $22.4 was applied to the principal. The maturity date of the 1800 Diagonal Promissory Note is June 30, 2025. The accrued,
unpaid interest and outstanding principal, subject to adjustment, shall be paid in five payments as follows: (1) on February 28, 2025,
$123; (2) on March 30, 2025, $30.7; (3) on April 30, 2025, $30.7; (4) on May 30, 2025, $30.7 and (5) on June 30, 2025, $30.7. Through
February 26, 2025, the Company may prepay the 1800 Diagonal Promissory Note in full at a 2% discount The 1800 Diagonal Promissory Note
contains customary Events of Default for transactions similar to the transactions contemplated by the Purchase Agreement and the Note.
In the event of an Event of Default, (i) the 1800 Diagonal Promissory Note shall become immediately due and payable, (ii) the principal
and interest balance of the note shall be increased by 150% and (ii) the 1800 Diagonal Promissory Note may be converted into Ordinary
Shares of the Company at the sole discretion of the 1800 Diagonal. The conversion price shall equal the lowest closing bid price of the
Ordinary Shares during the prior ten trading day period multiplied by 75% (representing a 25% discount). Any such conversion is subject
to customary conversion limitations set forth in the 1800 Diagonal Promissory Note so the 1800 Diagonal beneficially owns less than 4.99%
of the Company&#8217;s Ordinary Shares. The 1800 Diagonal shall be entitled to deduct $1.5 from the conversion amount in each Notice of
Conversion to cover Holder&#8217;s deposit fees associated with each Notice of Conversion.</P>
                                                                                                                                                                                                                              <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On July 10, 2024, the Company entered into a Letter of Intent with PMB Partners, LP &#8220;PMB&#8221;), as part of the Company&#8217;s ongoing efforts to satisfy its existing liabilities while conserving cash. Although the Letter of Intent was binding, the Letter of Intent provided that the Company and PMB negotiate in good faith the drafting and execution exchange a $1,000 senior secured note (originally due May 31, 2024 for a $800 Convertible Note due December 31, 2024 (&#8220;the $800 Convertible Note&#8221;), and a $500 non-convertible promissory note due December 31, 2024 (&#8220;the $500 Non-Convertible Promissory Note&#8221;), or together (the &#8220;Senior Promissory Note&#8221;) and other ancillary documents, contracts, or agreements to give effect to the terms of the Letter of Intent not otherwise satisfied at or as of the Effective Date (the &#8220;Definitive Agreements&#8221;).</P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Definitive Agreements, consisting of
a Subscription Agreement, a Notes Exchange Agreement, a Share Exchange Agreement, the Convertible Note and the Senior Promissory Note,
with terms consistent with the Letter of Intent were all dated as of September 4, 2024.. The convertible note and the non-convertible
promissory note carries an annual intertest of 15%. The investor has the right to convert the $800 convertible note and accumulated interest
into 2,673 ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The $800 Convertible
Note is a financial liability which measured on the initial day at fair value recognized financial expenses or income through profit
and loss. In the subsequent measurement the $800 Convertible Note is with accordance with the amortized cost method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The conversion option meet the
conditions for equity classification according to IAS 32 and recorded as equity
instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The $500 Non-Convertible Promissory
Note is a liability which measured on the initial day at fair value recognized financial expenses or income through profit and loss.
In the subsequent measurement, the $500 Non- Convertible Promissory Note measured in accordance with the amortized cost method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024, the
$800
Convertible Note and the $500
Non-Convertible Promissory Note amounted to $1,360. All of the principal and accrued interest under the $800 Convertible Note and the $500 Convertible Note are due and
owing as of the date of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white">&#160;</P>


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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(US$ in thousands)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 9 - BRIDGE LOANS LIABILITIES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Between August 2022 to January 2023, Security Matters PTY Ltd. entered into bridge loan agreements (the &#8220;Bridge
Loans&#8221;) with eleven lenders, which lent Security Matters PTY Ltd. an aggregate amount of <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT>3,860.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -35.25pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Part of the lender received also bonus warrants
and redeemable warrants as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Bridge Loans have a maturity date of
up to two years and bear an interest rate of 10% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The loan components were accounted in accordance
with the amortized cost method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024 and December 31,
2023, the principal and the accumulated interest of the bridge loans were amounted to $728 and $1,739, respectively.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As part of the Bridge Loans agreements, some of the
lenders were granted two types of warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.75pt; text-align: justify">Bonus Warrants - 0.32 warrants to purchase ordinary shares of the Company at an exercise
price of $541 per share and a first priority security interest in the shares of Security Matters PTY&#8217;s interest in TrueGold Consortium
Pty Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Bonus Warrants term is five years
commencing upon the BCA.<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Management valuing the Bonus Warrants using the Black and Scholes model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024 and December 31, 2023, the fair value of the Bonus Warrants was nil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.75pt; text-align: justify">Redeemable Warrants Type 1 &#8211; 0.13 warrants to purchase ordinary shares of SMX PLC at a purchase
price of $541 per share. The Redeemable Warrants Type 1 term is five years commencing upon the BCA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">50.00% of the Redeemable Warrants Type 1 shall be redeemable on a non-cumulative basis at the option of
the holder, during the 30 days following the Business Combination for $235.125 per warrant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">25.00% of the Redeemable Warrants Type 1 shall be redeemable on a non-cumulative basis at the option of
the holder for the 30 days following the third anniversary of the Business Combination for $235.125 per warrant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">25.00% of the Redeemable Warrants Type 1 shall be redeemable on a non-cumulative basis at the option of
the holder for the 30 days following the fourth anniversary of the Business Combination for $235.125 per warrant .</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Management utilized a third-party appraiser
to assist them in valuing the Redeemable Warrants Type 1. The fair value of the Redeemable Warrants Type 1 was calculated using the Monte-Carlo
simulation model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024 and December
31, 2023, the fair value of the Redeemable Warrants Type 1 was $34 and $72, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(iii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Redeemable Warrants Type 2 &#8211; 0.53 warrants to purchase ordinary shares of SMX PLC at a purchase
price of $541 per share. The Redeemable Warrants Type 2 term is five years commencing upon the SPAC transaction (see also Note 1B).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">50.00% of the Redeemable Warrants Type 2 shall be redeemable on a non-cumulative basis at the option of
the holder, during the 30 days following the first anniversary of the Business Combination for $235.125 per warrant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">50.00% of the Redeemable Warrants Type 2 shall be redeemable on a non-cumulative basis at the option of
the holder, during the 30 days following the second anniversary of the Business Combination for $235.125 per warrant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Management utilized a third-party appraiser
to assist them in valuing the Redeemable Warrants Type 2. The fair value of the Redeemable Warrants Type 2 was calculated using Monte-Carlo
simulation model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024 and December
31, 2023, the fair value of the Redeemable Warrants Type 2 was $140 and $421, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(US$ in thousands)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 9 - BRIDGE LOANS LIABILITIES
(CONT.):</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Each investor has the option to decide
that the Company will satisfy any or each redemption through the issuance of ordinary shares of the Company based upon a 20% discount
to the 20-trading day VWAP preceding each such anniversary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The main assumptions used in the three
valuation models as of December 31, 2024 described above were:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">risk free rate 4.27%; (2) volatility of assets 53.94%; and (3) expected terms of the warrants 3.18 years.<BR></P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">All warrants were classified as a derivative financial liability and are re-measured each reporting date, with changes in fair value recognized in finance expense (income), net.</P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The main assumptions used in the three
valuation models as of December 31, 2023 described above were:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">(1) risk free rate 3.91%; (2) volatility
of assets 73.74%; and (3) excepted terms of the warrants 4.18 years.<BR>
All warrants were classified as a derivative financial liability and are re-measured each reporting date, with changes in fair value recognized
in finance expense (income), net.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Conversions during the reporting period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">In March 2023, the Company signed an addendum to the Bridge Loans agreements which convert principal amount
of $1,350 and redeemable warrants at the amount of $1,000 into 408 ordinary shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On December 31, 2023, the Company signed an addendum to the Bridge Loans agreements which convert principal
amount of $750 and redeemable warrants at the amount of $1,450 into 1,886 ordinary shares. According to the addendum the company has issued
to the lenders an aggregate of fully paid 1,886 warrants to purchase up to an aggregate of 1,886 ordinary shares at an exercise price
of $2,501 per share. The Warrants were exercisable immediately upon issuance and will expire three years following their issuance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The warrants include a cashless
exercise mechanism, according to the terms specified in the addendum and it&#8217;s according to the lender election (the
&#8220;Cashless Warrants&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Therefore, the Company accounted the Cashless Warrants
as financial liability instruments that measured at fair value and recognized financial expenses or income through profit and loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2023, the Cashless Warrants fair
value was $1,023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company valued each Cashless Warrants at $0.25
per warrant by using the Black-Scholes option-pricing model. The key inputs that were used in the Cashless Warrants fair value as of December
31, 2023 were:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">risk-free interest rate 4.13%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected volatility 70.39%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected dividend yield of 0%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected term of warrants &#8211; 3 years</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">3.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">During the twelve-month period ended December 31, 2024 all the Cashless Warrants were fully exercised
in cashless and converted into 472 ordinary shares. In addition, the company issued another 290 ordinary shares according to an amendment
to the agreement with those investors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">4.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT>On June 27, 2024, the Company converted $119 debt to 11,699
ordinary shares and issued 900 warrants at an exercise price of $0.165 per warrant.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">5.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On September 4, 2024, the Company converted $1,300 debt and accumulated interest into Senior Promissory
Note (see note 8.H).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE
10 &#8211; ALPHA SPA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On April 19, 2024, the Company entered into a
Stock Purchase Agreement (&#8220;SPA&#8221;) with Alpha, committing Alpha to purchase
up to $30 million
of the Company&#8217;s ordinary shares, subject to the SPA&#8217;s terms. The Company may direct Alpha to purchase ordinary shares
at its discretion after a three-month period, with a minimum purchase (&#8220;Put&#8221;) of $20 and a maximum of $833 in any 30-day
period, subject to certain pricing conditions based on market price. The Company has the right to terminate the SPA at no cost or
penalty upon five trading days&#8217; prior written notice to Alpha, provided that there are no outstanding Put notices for which
ordinary shares need to be issued and the Company has paid all amounts owed to Alpha pursuant to the SPA and any indebtedness the
Company otherwise owes to Alpha or its affiliates. As of December 31, 2024, and as of the date of the authorization of these consolidated financial statements no withdrawal
was carried out from this credit line. On May 9, 2025, after the balance sheet date, the Company terminated the SPA.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: center">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 11 &#8211; WARRANTS &#8211; DERIVATIVE FINANCIAL
LIABILITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On September 11, 2024, the Company entered
into a private placement transaction (the &#8220;Private Placement&#8221;), pursuant to a Securities Purchase Agreement and a
Registration Rights Agreement with certain institutional investors (the &#8220;Purchasers&#8221;), which under certain circumstances
could result in an aggregate gross proceeds of up to $5.350
million, before deducting fees to the placement agents and other expenses payable by the Company in connection with the Private
Placement before deducting fees to the placement agents. 20%
of the gross proceeds, or $1,072
was held in escrow and repaid to the Purchasers pursuant to certain circumstances during the terms of the Series A Common Warrants
issued in the Private Placement. The Company was unable to satisfy certain of the specified circumstances and did not receive the
$1,072
from Escrow and adjustments were made to the Warrants issued as described below. As such, the Company received gross proceeds of
$4,278 excluding
transaction costs. Aegis Capital Corp. (&#8220;Aegis&#8221;), acted as the lead placement agent and ClearThink Securities acted as a
co-placement agent for the Private Placement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The offering consisted of the sale of 187,719 Common
Units, each consisting of one Ordinary Share or Pre-Funded Warrant, two Series A Common Warrants each to purchase one Ordinary Share per
warrant at an exercise price of $28.5, subject to adjustment, and one Series B Common Warrants to purchase such number of Ordinary Shares
as determined in the Series B Warrant. The public offering price per Common Unit was $28.5 (or $28.49 for each Pre-Funded Unit, which
is equal to the public offering price per Common Unit to be sold in the offering minus an exercise price of $0.00285 per Pre-Funded Warrant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Pre-Funded Warrants were immediately exercisable
and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of Common Units in
the offering will be decreased on a one-for-one basis. During the offering the company issued 55,789 ordinary shares and 131,930 Pre-Funded
Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The initial exercise
price of each Series A Common Warrant is $1.00
per Ordinary Share. The Series A Common Warrants are exercisable immediately subject to registration and expire by March 12, 3030.
Post-adjustment, the number of securities issuable under the Series A Common Warrants in the aggregate is 766,201.
The post-adjustment exercise price of each Series A Common Warrant is $13.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The initial exercise price of each Series B Common
Warrant is $0.00285 per Ordinary Share. The number of Ordinary Shares issuable under the Series B Warrant, if any, is subject to adjustment
to be determined pursuant to the trading price of the Ordinary Shares following the effectiveness of a resale registration statement that
the Company has undertaken to file on behalf the Purchasers. Post-adjustment, the number of securities issuable under the Series B Common
Warrant is 195,381. As of the date of the financial statements all the Series B Common Warrants have been exercised into ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Pre-Funded Warrants, Series B Common Warrants
and Series A Common Warrant all meets the definition of a derivative financial liability and measured at fair value through profit and
loss on initial recognition and subsequent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of October 28, 2024, the fair value of the Pre-Funded
Warrants was $1,809 regarding the share price as of October 28, 2024, that represent the Pre-Funded Warrants fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024, all the Pre-Funded warrants
were converted into ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of October 28, 2024, the fair value of the Series
B Common Warrant was $2,680 regarding the share price as of October 28, 2024, that represents the Series B Common Warrant fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024, all the Series B Common Warrant
were converted into ordinary shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of October 28, 2024, the fair value of the Series
A Common Warrant was $5,845 which is recognized on a systematic basis over the period the time-value of Warrant A decays, on a straight-line
basis &#8211; the Company expects this period to be approximately five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Management utilized a third-party appraiser to assist
them in valuing the Series A Common Warrant by using the Black-Scholes model. The key inputs that were used to estimate the fair value
as of October 28, 2024, were:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">risk-free interest rate 4.11%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected volatility 59.1%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected dividend yield of 0%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected term of warrants &#8211; 5.4 years</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024, 277,439 Series A Common Warrants
have been exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: center">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 11 &#8211; WARRANTS &#8211; DERIVATIVE FINANCIAL
LIABILITY (CONT.):</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The outstanding 488,762
Series A Common Warrants have been valued at the fair value of <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT>4,921,
by using the Black-Scholes model and the balance as of December 31, 2024, was $1,322. The key inputs that were used to estimate the fair value as of December 31, 2024, were:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">risk-free interest rate 4.38%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected volatility 58.9%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected dividend yield of 0%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected term of warrants &#8211; 5.2 years</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company also entered into a Placement Agent Agreement
with Aegis as the lead placement agent, The Company agreed to pay Aegis a cash placement fee equal to 10.0% of the gross cash proceeds
received in the Private Placement, a 3% commission of the proceeds from any cash exercise of the Warrants, and to pay ClearThink Securities
a cash placement fee equal to 2.0% of the gross cash proceeds received in the Private Placement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The transaction cost amounted to $1,113 and allocated to the financial
instruments issued that measured at fair value through profit and loss and recorded as expenses incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The placement agent fee includes liable to pay 3%
of the proceeds from the cash exercise of Series A Common Warrants (&#8220;the 3% Provision&#8221;). The 3% Provision accounted for financial
liability at fair value through profit and loss on initial recognition and subsequent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Management utilized a third-party appraiser to assist
them in valuing the 3% Provision by using the Black-Scholes model. The key inputs that were used to estimate the fair value as of October
28, 2024, were:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected volatility 59.1%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected dividend yield of 0%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected term of warrants &#8211; 5.4 years</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of October 28, 2024, the fair value of the 3% Provision
was $76.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The key inputs that were used to estimate the fair
value as of December 31, 2024, were:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">risk-free interest rate 4.38%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected volatility 58.9%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected dividend yield of 0%</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">expected term of warrants &#8211; 5.2 years</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024, the fair value of the 3%
provision was $59.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 12 - SHORT TERM LOAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On December 28, 2024, the Company
entered into a Loan Agreement, dated as of December 27, 2024 (the &#8220;Abri Loan Agreement&#8221;), with Arbi Advisors Ltd.
(&#8220;Abri&#8221;), pursuant to which the Company borrowed $1,000
from Abri. Pursuant to the Abri Loan Agreement, the Company agrees to pay to Abri at the June
30, 2025 maturity date, $1,400,
which represents an original issue discount of 28.577%,
plus interest on such amount at an absolute rate of 15%.
During the period when any amounts under the Abri Loan Agreement are outstanding and remain due and payable, the Company shall not
issue any other form of debt instrument ranking senior or pari passu to or with the obligations under the Abri Loan Agreement,
whether in terms of payment or collateral, without the express prior written consent of Abri. Additionally, during the period when
any amounts under the Abri Loan Agreement are outstanding and remain due and payable, if the Company undertakes, completes, agrees
to complete, commits to complete, or otherwise sells any equity, or other securities fungible in any way into equity, warrants,
options, preferred shares, convertible preferred shares, or any other form of equity-related instrument of the Company (a
&#8220;Financing&#8221;), then the Company shall repay twenty percent (25.0%)
of the then Loan Balance within three business days from the closing date of the Financing (a &#8220;Financing Repayment&#8221;). A
Financing Repayment shall not reduce or otherwise diminish the amount due under the Abri Loan Agreement at the maturity of the loan,
irrespective of the date of the Financing Repayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Abri Loan Agreement contains
customary Events of Default for transactions similar to the transactions contemplated by the Abri Loan Agreement. In the event of an
Event of Default, subject to a three-day cure period, the loan balance due plus any Refinancing Repayment that may be due, then
multiplied by 150%,
shall become immediately due and payable by the Company to Abri (the &#8220;Default Payment Amount&#8221;). The Default Payment
Amount shall compound interest at a monthly rate of 5.0%
from the date it becomes due and payable up and until the date of payment. The Abri Loan Agreement contains representations and
warranties made by each of the Company and Abri. As of 31 December 2024, the loan amount is $1,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt">&#160;</FONT></B></P>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 13 - PRE-PAID ADVANCE:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In February 2023 the Company entered in into a Standby
Equity Purchase Agreement (&#8220;SEPA&#8221;) to raise up to $25,000 in consideration of the issuance of ordinary shares over the course
of 36 months with YA II PN, Ltd. (Yorkville&#8221;).
According to the SEPA, the Company may issue <FONT STYLE="background-color: white">Yorkville</FONT> the ordinary shares at a purchase
price as one of two options (i) equal to 96% of the weighted average price (&#8220;VWAP&#8221;) of the common stock during the applicable
pricing period (ii) equal to 97% of the lowest VWAP of the common stock during a pricing period of 3 consecutive trading days commencing
on the relevant period. <FONT STYLE="background-color: white">Yorkville advanced to the Company an aggregate principal amount of </FONT>$<FONT STYLE="background-color: white">3,500
(the &#8220;Pre-Paid Advance&#8221;). The Pre-Paid Advance was disbursed in two separate installments evidenced as convertible loans,
the first for </FONT>$<FONT STYLE="background-color: white">1,500 at the closing of the Business Combination, and the second, as subsequently
amended, for </FONT>$<FONT STYLE="background-color: white">2,000 upon the effectiveness of the Initial Yorkville Registration Statement.
The purchase price for the Pre-Paid Advance is 92.0% of the Pre-Paid Advance. Such Pre-Paid Advances will be offset upon the issuance
of ordinary shares to Yorkville at a price per share equal to the lower of (a) 100% of the daily VWAP of the ordinary shares on The Nasdaq
Stock Market as of the trading day immediately prior to the date of the disbursement of the Pre-Paid Advance (the &#8220;Fixed Price&#8221;)
(in the case of the first Pre-Paid Advance, $3.65), or (b) 93.0% of the lowest daily VWAP of the Ordinary Shares on Nasdaq during the
seven trading days immediately prior to each purchase (the &#8220;Variable Price&#8221; and the lower of the Fixed Price and the Variable
Price shall be referred to as the &#8220;Purchase Price&#8221;); however, in no event shall the Purchase Price be less than $1.10 (the
&#8220;Floor Price&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="background-color: white">On July 27,
2023, the Company amended the promissory note evidencing the remaining Pre-Paid Advance to decrease the Floor Price to $1.10 (as adjusted
for reverse stock split which occurred on August 21, 2023), after the Company was required to repay in cash </FONT>$<FONT STYLE="background-color: white">500
of principal amount as a result of the Company&#8217;s share price being below the original Floor Price. The Company made additional changes
to the Yorkville agreement which effectively eliminates the floor price. The maturity date will be 12-months after the initial closing
of each Pre-Paid Advance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In February 2024, the Company entered into a Letter
Agreement with Yorkville dated February 1, 2024 (the &#8220;Letter Agreement&#8221;), which amends the SEPA. Pursuant to the Letter Agreement,
the Company agreed to make payments to Yorkville, which include proceeds of Advances under the SEPA, to repay the amounts outstanding
under the Pre-Paid Advance plus payment premium. The Company agreed to pay a fee to Yorkville equal to $200. The company paid in cash
$423 to Yorkville and issued 1,251 Ordinary Shares. The Yorkville SEPA was terminated on April 19, 2024. Additionally, the Company agreed
to issue a 5-year warrant to purchase 117 Ordinary Shares at an exercise price of $4.7025 per share to Yorkville. These warrants meet
the fixed-for-fixed criterion of IAS 32, resulting in being classified as equity. On June 21, 2024, Yorkville exercised the warrants
into 117 ordinary shares at an exercise price of $4.7025 per warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
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    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"><B>NOTE 14 - LEASES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group has lease contracts for office facilities
(including a lab) and motor vehicles used in its operations. Leases of office and lab facilities generally have lease terms of 12 years,
motor vehicles generally have lease terms of 3 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Set out below are the carrying amounts of right-of-use
assets recognized and the movements during the period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;<FONT STYLE="display: none">SCHEDULE OF RIGHT OF USE ASSETS</FONT></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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                                                                                                                                                                                                                                                                                                                                                                                                                                                         <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"><B>vehicles</B></FONT></P> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 52%; text-align: left">As of January 1, 2023,</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Depreciation expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(45</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Information on leases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;<FONT STYLE="display: none">SCHEDULE OF INFORMATION ON LEASES</FONT></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">For an analysis of maturity dates of lease liabilities,
see Note 22 on liquidity risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 15 - OTHER PAYABLES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE OF OTHER PAYABLES</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2023</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify">Excise Tax</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1,569</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1,569</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,596</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,008</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">726</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">177</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Related party</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">2,483</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: center">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
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share and per share data</FONT>)</B></P></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 16 - BORROWINGS FROM RELATED PARTIES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A. In 2015,
the Group signed an agreement to receive a loan of ILS 2 million (approximately $513) from certain shareholders. These
loan bears interest at an annual rate of 4%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;<FONT STYLE="display: none">SCHEDULE OF BORROWINGS FROM RELATED PARTIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 60%; text-align: left">Balance at January 1,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Exchange rate differences</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In consideration of providing funding as a seed capitalist,
the Company agreed to provide, as additional consideration, a bonus payments (the &#8220;Bonus Payments&#8221;) on the occurrence of an
exit or major liquidity event. In any way, the Bonus Payments are capped at ILS 3 million (approximately 965) per each of the two lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Bonus Payments are intended to operate in one
of the two trigger events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">dividend distributions paid by the Company; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">the sale of shares by a lender in Security Matters Ltd. (either in the event of a takeover or otherwise)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Only if the aggregate amounts of one of the two trigger
events exceeds the investment of the lenders in the Company (in a way of loan or shares), then the lender would be entitled the Bonus
Payments based on a formula set forth in the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The amount of the Bonus Payments is the amount that
exceeds the aggregate sum invested in the Company (in a way of loan or shares) by the lender divided by several factors according to the
formula as set forth in the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">There is no time limit to pay the Bonus Payments.
Once the Company has paid each Bonus Payment in its entirety (i.e., the cap of ILS 3 million has been paid to each Lender), then the Company
has fulfilled its obligations. When the Bonus Payments are not expected to be made, the resulting cash flows will not affect profit and
loss until the point in which the Company estimates that the liquidity events will take place. As of December 31, 2021, the Company estimated
that is more likely than not that the shareholders will sell their shares in 2022 which will entitle them to the Bonus Payments. The amount
of the Bonus Payment is subject to assumptions that were made with the assistance of external appraisal. As a result, the increase in
the carrying amount of the liability was charged as expense of $87 to profit and loss in 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In August 2022 the loan from related party has been
fully repaid and the Company signed an addendum to the loan agreement that reduces the total amount of the Bonus Payments to ILS 2.5 million
(approximately $710), to be paid upon the completion of the business combination. As of December 31, 2022, the liability was $710.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On September 19, 2023, the Company
amended its loan agreements dated September 7, 2015, by and between the Company, its shareholders and Kamea Fund (the &#8220;Kamea
Loan Agreements&#8221;). Pursuant to the amendment to the Kamea Loan Agreements, Kamea agreed to convert $657
of indebtedness under the Kamea Loan Agreements (the &#8220;Indebtedness Amount&#8221;) into 487,281
ordinary shares (post Reverse Stock Split) of the Company, as payment in full for the Indebtedness Amount; provided however, that in
the event the proceeds received from Kamea with respect to any sales of such shares are not at least equal to the Indebtedness
Amount, the Company will remain liable to Kamea for the balance of the Indebtedness Amount. In accordance with management estimation
the fair value of this Indebtedness is $21.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
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share and per share data</FONT>)</B></P></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 17 - SHAREHOLDERS&#8217; EQUITY</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt; width: 0.25in"><B>A.</B></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt"><B>Share capital:</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE
OF SHARE CAPITAL</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number of shares</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ordinary
share</I></B></FONT><B><I>s</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Ordinary shares entitle the holder to participate
in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The
fully paid ordinary shares have a par value per share of $4.7025 and the Company does not have a limited amount of authorized capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>Preferred shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Preferred shares with such designation, rights and
preferences as may be determined from time to time by the Company&#8217;s Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>Deferred shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Deferred Ordinary Shares are non-voting shares and
do not convey upon the holder the right to be paid a dividend or to receive notice of or to attend, vote or speak at a general meeting.
The Deferred Shares confer the right on a return of capital, on winding-up or otherwise, only to the repayment of the nominal value paid
up on the Deferred Shares after repayment of the nominal value of the Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><B>B.</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><B>Changes in Share capital</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -0.25in"><B>&#160;</B></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On March 7, 2023 (the &#8220;Closing Date&#8221;), the Company consummated the Business Combination as
described in Note 1B. Beginning on the day immediately prior to the Closing Date and ending on the day immediately after the Closing Date,
the following transactions occurred:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.15pt">&#160;</P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">The AUD 828,240 of the 2022 Convertible Notes have been cancelled in consideration for the issuance of
1,000,000 ordinary shares in Security Matters PTY Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">b)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Security Matters PTY Ltd. performed acceleration of vesting for all unvested warrants and options, the
expense for the acceleration amounted to $186.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">c)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">32,211,716 warrants and options have been exercised on a cashless basis to 24,568,773 shares in Security
Matters PTY Ltd.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">d)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">848,784 (post reverse stock split) ordinary shares of the Company have been issued to Security Matters
PTY Ltd.&#8217;s shareholders in return for their 193,500,379 ordinary shares in Security Matters PTY Ltd. that were cancelled. Security
Matters PTY Ltd.&#8217;s shareholders received as consideration 1 ordinary share of the Company per 10.3624 Security Matters PTY Ltd.&#8217;s
ordinary shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">e)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">The
Company issued 160,227
ordinary shares, <FONT STYLE="background-color: white">2,200,000
</FONT><FONT STYLE="background-color: white">private warrants and 6,250,000
</FONT><FONT STYLE="background-color: white">public warrants</FONT> to Lionheart&#8217;s stockholders, in exchange for their existing
Lionheart shares and warrants. <FONT STYLE="background-color: white">The warrants exercise price is $11.5
</FONT><FONT STYLE="background-color: white">per share, expiring in March 2028. The warrants are considered to be a derivative
financial </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">f)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">liability and measured at fair value, which is the market price as of the end of the period, amounted to
$0.0204 per warrant.</TD></TR>
                                                                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">g)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company issued 303,053 ordinary shares for an aggregate of $3,110 net proceeds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">h)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company issued 872,418 ordinary shares for the conversion of bridge loan at principal amount of $1,350
and 200,000 redeemable warrants ($5 per warrant, 5 years, exercise price of $11.5 per share).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">During 2023, the Company issued 579 ordinary shares (2 shares as commitment fees) to Yorkville for an
aggregate of $1,979 net proceeds (see also note 13).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.15pt">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 17 - SHAREHOLDERS&#8217; EQUITY (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.15pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">3.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On June 22, 2023, the Company entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;)
with EF Hutton, LLC (the &#8220;Underwriter&#8221;) relating to the public offering of (i) 284 ordinary shares of the Company, at a subscription
price per share of $11,286 (the &#8220;Firm Shares&#8221;), (ii) 284 warrants in the form of Warrant A to subscribe for 284 ordinary shares,
at an exercise price of $513 per share (&#8220;Warrant As&#8221;), and (iii) 284 warrants in the form of Warrant B to subscribe for 284
ordinary shares, at an exercise price of $11,286 per share (&#8220;Warrant Bs&#8221; and together with Warrant A, the &#8220;Firm Warrants&#8221;
and, collectively with the Firm Shares, the &#8220;Firm Securities&#8221;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.15pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company also granted the Underwriter
a 45-day option to subscribe for, in the aggregate, (a) up to 43 additional ordinary shares (15% of the Firm Shares) at a subscription
price per share of $11,286 (100% of the public offering price allocated to each Firm Share) (the &#8220;Option Shares&#8221; and together
with the Firm Shares, the &#8220;Shares&#8221;) or Pre-Funded Warrants to subscribe for up to 43 ordinary shares at a price per share
of $11,286 (100% of the public offering price allocated to each Firm Share less $11,281) and the remaining non pre-funded exercise price
of each pre-funded warrant will be $11,281 per share, and/or (b) 43 warrants in the form of Warrant As to subscribe for an aggregate of
43 ordinary shares (15% of the Firm Warrants) at an exercise price of $11,286 per warrant (100% of the public offering price allocated
to each set of warrants in the form of Warrant As), and/or (c) 43 warrants in the form of Warrant Bs to purchase an aggregate of 43 ordinary
shares (15% of the Firm Warrants) at a purchase price of $11,286 per warrant (100% of the public offering price allocated to each set
of warrants in the form of Warrant Bs) (the &#8220;Option Warrants&#8221; and together with the Firm Warrants and Pre-Funded Warrants,
if any, the &#8220;Warrants&#8221;), which may be subscribed for in any combination of Option Shares and/or the Option Warrants. The Option
Shares and the Option Warrants are referred to as the &#8220;Option Securities&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The offering closed on June 27, 2023. The
Company delivered the Firm Shares (or Firm Share equivalents in the form of Pre-Funded Warrants), the Firm Warrants and the Option Warrants
to the Underwriter on the same day.<BR>
The Warrant A terms specify that the warrants may be exercised at any time on or before June 27, 2028. On or after the earlier of (i)
the thirty day anniversary of the date of the Underwriting Agreement and (ii) the date on which the aggregate composite trading volume
of the Company&#8217;s ordinary shares as reported by Bloomberg LP beginning on the date of the Underwriting Agreement exceeds 319 ordinary
shares, a holder of Warrant As warrants may also provide notice and elect a cashless exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Warrants A and B expire in June 2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Warrant As were accounted as a derivative
financial liability. As of December 31, 2024, all Warrant As warrants were exercised cashless into ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Warrant Bs were accounted as a derivative
financial liability and valued at $129 per warrant by using the Black-Scholes option-pricing model, with expected volatility of 70.39%
and the risk-free interest rate used is 4.13%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The net proceeds to the Company upon the
closing of this offering were approximately <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT>2,580. The capital raise fee
amounted to <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT>660. The Company also granted Underwriter 312 warrants at
an exercise price of $564 per share, which expires after 5 years. The Underwriter&#8217;s warrants were valued at $123 per option by using
the Black &amp; Scholes option-pricing, with expected volatility of 70.39% and the risk-free interest rate used is 4.13%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During December 2023, the company entered into inducement offer letter agreement with the holders regarding the Warrant
Bs reset. Pursuant to the inducement letter, the holders agreed to exercise for cash the outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Warrant Bs an aggregate of 284 shares
of the Company&#8217;s Ordinary Shares at an exercise price of $2,458 per share. According to the inducement offer letter agreement the
Company issued two types of new warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">(i) up to 319 warrants to purchase up
to 319 shares of the Company&#8217;s Ordinary Shares at an exercise price of $4.7025 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">(ii) up to 106 warrants to purchase up
to 106 shares of the Company&#8217;s Ordinary Shares at an exercise price of $2,458 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company received aggregate gross proceeds, before payment of transaction fees and expenses, of $697 from the
exercise of the Warrant Bs by the holders, and the carrying amount of those warrants, was classified to ordinary shares and premium together
with the proceeds the Company received from the exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>


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    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 17 - SHAREHOLDERS&#8217; EQUITY (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In accordance with IAS 32, the Company
measured the difference between the fair value of the consideration the holder receives on conversion of the instrument under the revised
terms and the fair value of the consideration the holder would have received under the original terms, was recognized as a loss in profit
or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company utilized Black-Scholes valuation
model to calculate the fair values of the repriced warrants both before and after the repricing and recognized the incremental fair value
of $209 as finance expense in the statement of comprehensive income against an increase in the carrying amount of the warrants (presented
within issued capital and additional paid-in capital). In addition, fair value was also calculated for the new 425 issued new warrants
at the amount of $865, which was recognized as finance expense against an increase in equity. The new Warrants type 1 and type 2 were
classified as equity instruments according to IAS 32.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During January 2024, pursuant to the inducement
letter of reset warrants, the holders exercised 213 of the new type 1 Warrant Bs at an exercise price of $4.7025 per warrant into ordinary
shares. The company received aggregate proceeds of $1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">4.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On August 8, 2023, at the Extraordinary General Meeting of Shareholders of the Company, the Company&#8217;s shareholders voted in favor
of consolidating every twenty-two ordinary shares in the authorized but unissued and in the authorized and issued share capital of the
Company into one ordinary share (22:1).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.15pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On August 21, 2023, the Company&#8217;s
ordinary shares began trading on the Nasdaq Global Market on a post-Reverse Stock Split basis under the current symbol &#8220;SMX&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">5.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On September 19, 2023, the Company amended the Kamea Loan Agreements. Pursuant to the amendment to the Kamea Loan Agreements, Kamea
agreed to convert $657 of indebtedness under the Kamea Loan Agreements (the &#8220;Indebtedness Amount&#8221;) into 228 ordinary shares
of the Company, as payment in full for the Indebtedness Amount; provided however, that in the event the proceeds received from Kamea with
respect to any sales of such shares are not at least equal to the Indebtedness Amount, the Company will remain liable to Kamea for the
balance of the Indebtedness Amount (see also note 16).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.15pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">6.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On December 31,2023, the Company also issued 214 Ordinary Shares to a service provider as payment in full
for $260 worth of legal services which previously provided to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.15pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">7.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On January 4, 2024, the Company issued 47 ordinary shares to a service provider in connection with certain
investor relations services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">8.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pursuant to Letter Agreement with Yorkville signed on February 2, 2024, the Company issued during the
first quarter of 2024, 1,251 ordinary shares for an aggregate of $527 net proceeds and in addition in June 21, 2024 the investor exercised
the 117 warrants into 117 ordinary shares at an exercise price of $4.7025 per warrant (see also note 13).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">9.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On February 1, 2024, the Company issued 234
                                                                                                                                                    ordinary shares to EF Hutton pursuant to their agreement as an underwriter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">10.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On February 20, 2024, the Company completed an underwritten public offering of 5,672 Ordinary Shares and
pre-funded warrants at $513 per share, generating gross proceeds of approximately $2.91 million. The offering included a provision for
the issuance of pre-funded warrants, convertible on a 1-for-1 basis into Ordinary Shares at a price of $508 per share, to prevent any
purchaser from exceeding 4.99% beneficial ownership. After deducting discounts, commissions, and offering expenses, net proceeds amounted
to approximately $2.69 million. The Company paid the underwriter a cash fee of 2.5% of the gross proceeds, alongside $100 in expenses.
The pre-funded warrants met the fix for fix criteria and were classified as equity instrument.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024, the Company issued
1,620 ordinary shares at a subscription price per share of $513 and 4,052 ordinary shares due to Pre-Funded Warrants exercise at a price
per Pre-Funded Warrant of $508.</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: center">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(US$ in thousands)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 17 - SHAREHOLDERS&#8217; EQUITY (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">11.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pursuant to a private placement binding term sheet dated February 28, 2024, the Company issued 100,000
warrants to the investor with an exercise price of $0.05 per share (see also note 8.D).</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">12.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">During 2024, Alpha converted $2.3 million
of convertible promissory note and accrued interest into an aggregate of 670 Ordinary Shares and exercised 1,838 Warrant A (see also note
8.C).</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">13.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On April 11, 2024 pursuant to a Securities Purchase
                                                                                                                       Agreement with Alpha, the Company issued 5,532
                                                                                                                       warrants for a 5.5
                                                                                                                       years period with an exercise price of $336
                                                                                                                       per warrant. In addition, pursuant to a Warrant Amendment and Inducement Letter, Alpha exercised his outstanding
                                                                                                                       &#8220;B&#8221; warrants to purchase 1,225
                                                                                                                       Ordinary Shares. The Existing Warrants were issued to Alpha as of September 6, 2023 and had a fixed exercise price of $3,501
                                                                                                                       per share. Pursuant to the Inducement Letter, Alpha agreed to exercise for cash the existing warrants in full at a reduced
                                                                                                                       exercise price of $4.7025
                                                                                                                       per share.</TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                                                                                          <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Alpha converted
approximately $2,110
of the principal amount into 467,424
ordinary shares. As of December 31, 2024, Alpha exercised all the warrants pursuant to a cashless mechanism into 5,387
Ordinary Shares. (see also note 8.E)</TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">14.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">During the twelve-month period ended December 31, 2024 all the Cashless Warrants were fully exercised
in cashless and converted into 472 ordinary shares. In addition, the Company issued another 290 ordinary shares according to an amendment
to the agreement with certain former debtholders. (see note 9)</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">15.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">During April 2024, a service provider exercised in a
                                                                                                                       cashless transaction all its warrants and the Company issued 54
                                                                                                                       ordinary shares. In addition, the Company issued another 32
                                                                                                                       ordinary shares according to an amendment to the agreement with her.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">16.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On April 24, 2024, the Company issued to Alpha 1,275 Ordinary Shares as a 1.5% commitment
fee under the SPA signed on April 19, 2024 (see note 10).</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">17.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">During the second quarter of 2024, the Company converted
                                                                                                                       $569
                                                                                                                       of debt into 1,494
                                                                                                                       ordinary shares.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">18.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On June 27, 2024, the Company converted $119 debt to 410 ordinary shares and issued 32 warrants at an
exercise price of $4.7025 per warrant.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">19.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On July 10, 2024, the Company entered into a Letter of Intent (LOI) with PMB. Under the LOI, the Company
restructured $1.3 million of its debt to PMB (see note 8.H). Subsequently, the Company entered into definitive agreements reflecting the
terms of the LOI. PMB exchanged its shares in TrueGold, for 1,022 Company shares. The Company also issued
1,818 shares as consideration for PMB&#8217;s waivers and releases related to the debt.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">20.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On July 19, 2024, pursuant to a Securities Purchase
                                                                                                                       Agreement, the Company issued to Alpha 7,317
                                                                                                                       warrants for a 5.5
                                                                                                                       years period with an exercise price of $178
                                                                                                                       per warrant. The warrants also may be exercised pursuant to a cashless mechanism. As of December 31, 2024, all of the warrants were
                                                                                                                       exercised into 7,188
                                                                                                                       ordinary shares. (see note 8.F).</TD></TR>
</TABLE>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: center">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 17 - SHAREHOLDERS&#8217; EQUITY (CONT.):</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">21.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On September 11, 2024, pursuant to a Securities Purchase
                                                                                                                                                     Agreement, the Company issued to investors an aggregate of 55,789
                                                                                                                                                     ordinary shares, 131,930
                                                                                                                                                     Pre-Funded Warrants and 375,439
                                                                                                                                                     series A common warrants. On October 28, 2024, pursuant to the terms of the transaction, the Company further issued 195,381
                                                                                                                                                     Series B Common Warrants and an additional 390,763
                                                                                                                                                     Series A Common Warrant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of 31 December 2024, the
investors exercised all of Pre-Funded Warrants and Series B Common Warrants, and 277,439
of the Series A Common Warrants. As of December 31, 2024, the outstanding Series A Common Warrant totaled 488,762
at an exercise price of $13.96.
(see note 11).</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">22.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On September 16, 2024, an investor converted $23
                                                                                                                                                     of its convertible security of the Company into 793
                                                                                                                                                     ordinary shares. (see note 8.E).</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">23.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">During September 2024, a service provider exercised options into 48 ordinary shares in cashless exercise.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    </TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><B>B.</B></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><B>Share-Base Compensation:</B></TD></TR>
</TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.55pt">In June 2018, Security Matters PTY Ltd. adopted a Share Option Plan (the &#8220;Plan&#8221;)
to provide an incentive to retain, in the employment or service or directorship of the Group and provide the ability to attract new employees,
directors or consultants whose services are considered valuable. The persons eligible to participate in the Share Option Plan include
employees, directors and consultants of Security Matters PTY Ltd. or any subsidiary. On March 7, 2023, as part of the SPAC transaction, these options were exercised on a cashless basis and then after replaced with the Company&#8217;s shares.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On
                                            March 7, 2023, Security Matters PTY Ltd. performed acceleration of vesting for all unvested
                                            warrants and options, the expense for the acceleration amounted to $186.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">3.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">In April 25, 2023, the Company&#8217;s board of directors
                                                                                                                                                    and its shareholders approved and adopted the SMX Public Limited Company 2022 Incentive Equity Plan, which was subsequently amended
                                                                                                                                                    by the Company&#8217;s board of directors, subject to applicable Nasdaq requirements, which reserved for grant a number of ordinary
                                                                                                                                                    shares equal to 15%
                                                                                                                                                    of the number of issued and outstanding ordinary shares on a fully diluted basis immediately after the closing of the Business
                                                                                                                                                    Combination, or 2,378
                                                                                                                                                    authorized ordinary shares.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">4.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.55pt">During
                                            the year ended December 31, 2023, the Company granted 18 options with vesting period up to
                                            4 years from the grant date, to employees and service providers. These options carry an exercise
                                            price of $48.5-$188. The contractual life of the options under the plan is 5 years. The fair
                                            value of the grant at grant date was $219. The related share-based expenses that were recognized
                                            in the year ended December 31, 2024, and 2023, amounted to $1 and $184 respectively.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt">The options were valued using the Black-Scholes pricing model. The main parameters which were used are: (1) risk-free rate: 3.58-3.42%;
(2) expected volatility: 78.35-73.01%: (3) expected term: up to 5 years; and (4) expected dividend yield: 0%.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">5.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.55pt">During
                                            the year ended December 31, 2023, the Company granted 92 RSUs to employees, directors and
                                            service providers. The fair value at grant date of RSUs granted in the period were $2,100-$2,300.
                                            The related share-based expenses that were recognized as of December 31, 2024, and 2023 totaled
                                            $978 and $2,820, respectively.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">6.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.55pt">On January 31, 2024, the Company
                                                                                                                                                    granted 702
                                                                                                                                                    RSUs to employees, directors and service providers. The fair value at grant date was $855
                                                                                                                                                    per RSU. The
                                                                                                                                                    RSUs shall vest monthly in equal installments over 18 months beginning on the anniversary of the grant date, with an
                                                                                                                                                    acceleration clause that was effective within the year 2024. Related share-based expenses recognized for the period totaled $585.</TD></TR></TABLE>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(US$ in thousands)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 17 - SHAREHOLDERS&#8217; EQUITY (CONT.):</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">7.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.55pt">On
                                            July 21, 2024, the Company granted 241 RSUs to an advisor. The fair value at grant date was
                                            $43 per RSU. The RSUs shall vest monthly in equal installment until December 20, 2024. Related
                                            share-based expenses recognized for the period totaled $43.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">8.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.55pt">On August 29, 2024, the Company amended its 2022 Incentive Equity Plan, to increase
the number of authorized Ordinary Shares under the Incentive Plan to 53,500 from 1,045. As a Foreign Private Issuer, Nasdaq Rule 5615(a)(3)
allows the Company to rely on home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series
and Rule 5250(d) and, accordingly, the Company so elected to approve the amendment without stockholder approval.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">9.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.55pt">On
                                            August 29, 2024, the Company granted an aggregate of 14,430 fully vested RSUs to its employees,
                                            executive officers and directors, and to certain consultants and advisors of the Company.
                                            The fair value at grant date was $82 per RSU. The RSUs shall vest immediately. The related
                                            share-based expenses recognized for the period totaled $1,176.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">10.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.55pt">During the year ended December 31, 2024, the Company granted 23,951 fully vested
options with vesting period up to 4 years from the grant date to employees and service providers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These options carry an exercise
price of $36 and the contractual life under the plan is 5 years.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The fair value of the grant at grant
date is $874.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The related share-based expenses
that were recognized in the year ended December 31, 2024, amounted to $874.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The options were valued using
the Black-Scholes pricing model. The main parameters which were used are: (1) risk-free rate: 3.82%;
(2) expected volatility: 71.56%;
(3) expected term: up to 2.5
years; and (4) expected dividend yield: 0%.</P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">11.A</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">summary of the status of the Company&#8217;s Share Option Plan granted to employees and service providers (including performance-based awards) and changes during the relevant period are presented below:</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>RSUs granted to employees, directors and service
providers:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;<FONT STYLE="display: none">SCHEDULE OF RESTRICTED STOCK UNIT</FONT></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.3pt"><B>Year ended</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.3pt"><B>December 31, 2024</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.3pt"><B></B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.3pt"><B>Year ended</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.3pt"><B>December 31, 2023</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.3pt"><B></B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left">Outstanding at the beginning of the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">63</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Granted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15,373</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>


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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 17 - SHAREHOLDERS&#8217; EQUITY
(CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -28.35pt"><B>Options granted
to employees, directors and service providers:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: -28.35pt"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE OF SHARE OPTION GRANTED</FONT> </P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Expired</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">188</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 18 - GENERAL AND ADMINISTRATIVE EXPENSES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE
OF GENERAL AND ADMINISTRATIVE EXPENSES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Wages and salaries related</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">611</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">223</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 19- RESEARCH AND DEVELOPMENT EXPENSES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">403</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">447</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">127</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Travel expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">260</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">87</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">172</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">197</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Subcontractors and consultants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">135</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">344</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">374</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Freight</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Reimbursement from paid pilots and proof of concept projects</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,154</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(858</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,426</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">3,059</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">2,711</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,898</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 20 &#8211; SELLING AND MARKETING EXPENSES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE
OF SELLING AND MARKETING EXPENSES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year Ended</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Year
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year Ended</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2023</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2022</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Marketing expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">507</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">433</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">461</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Salaries and related expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">398</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">176</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Share based compensation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">108</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Travel expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">992</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">661</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">569</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 21 - TAXES ON INCOME:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company is incorporated and domiciled in Ireland where the applicable tax rate is 12.5%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Theoretical tax:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Tax effect amounts which are not deductible/(taxable)
in calculating taxable income: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Non-deductible expenditure and others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

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did not recognize deferred tax assets relating to carry forward losses in the financial statements because their utilization in the foreseeable
future is not probable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 22 - LOSS PER SHARE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE
OF LOSS PER SHARE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right">(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">The share and per share information in these financial statements reflects
the 1-for-22, 1-for-75, 1-for-28.5, 1-for-4.1 and 1-for-7 reverse share splits became effective on August 21, 2023, July 15, 2024, &#160;January
15, 2025, June 16, 2025 and August 7, 2025, respectively, of the Company&#8217;s issued and outstanding Ordinary Shares (the &#8220;Reverse
Stock Splits&#8221;). See also notes 17.4, 1.F, 1.G, 28.13 and 28.14.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right">(2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Restated as a result of the SPAC transaction and after giving effect to the Reverse Stock
Splits. See also note 1.B.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The calculation of the
basic and diluted loss per share for all past periods presented has been adjusted retrospectively based on the new number of shares
derived from the conversion ratio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 23 - RELATED PARTIES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Key Management Personnel Compensation and other related
party transactions and balances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The key management personnel, among others, include board
members, CEO and CFO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The totals of remuneration paid to Key Management Personnel
and related parties during the years are as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;<FONT STYLE="display: none">SCHEDULE
OF KEY MANAGEMENT PERSONNEL</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">2,675</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Key management
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 23 - RELATED PARTIES (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;<FONT STYLE="display: none">SCHEDULE
OF BALANCE WITH RELATED PARTIES</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 24 - GOVERNMENT GRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Government of Israel encourages research and development
projects oriented towards products for export or projects which will otherwise benefit the Israeli economy. This is conducted via the
Israel Innovation Authority (IIA), which replaced the former Office of the Chief Scientist (OCS). The Group has an approved project with
the IIA under which it received a total of $162 in prior years. The Group is subject to paying 3% of its relevant revenues until repayment
of the entire grant. As of December 31, 2023 and 2024, the Group has not paid any royalties to IIA. The difference between the consideration
received and the liability recognized at inception (present value) was treated as a government grant according to IAS 20 and recognized
as a reimbursement of research expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Until October 25, 2023, the interest was calculated
at a rate based on 12-month London Interbank Offered Rate, or LIBOR applicable to US Dollar deposits. However, on October 25, 2023, the
IIA published a directive concerning changes in royalties to address the expiration of the LIBOR. Under such directive, regarding IIA
grants approved by the IIA prior to January 1, 2024 but which are outstanding thereafter, as of January 1, 2024 the annual interest will
be calculated at a rate based on 12-month Secured Overnight Financing Rate, the SOFR, or at an alternative rate published by the Bank
of Israel plus 0.71513%; and, for grants approved on or following January 1, 2024 the annual interest will be the higher of (i) the 12
months SOFR interest rate, plus 1%, or (ii) a fixed annual interest rate of 4%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;<FONT STYLE="display: none">SCHEDULE
OF GOVERNMENT GRANTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2023</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left; padding-bottom: 1pt">Short term liability at year end</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#160;</TD>
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: center">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(US$ in thousands)</B></P></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 25 - COMMITMENTS AND CONTINGENT LIABILITIES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As part of the Board&#8217;s ongoing
regulatory compliance process, the Board continues to monitor legal and regulatory developments and their potential impact on the Company.
Management is not aware of any contingencies that may have a significant impact on the financial position of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A. In
January 2015, the Company entered an agreement with Isorad Ltd. (a company wholly owned by the State of Israel with rights to exclusively
commercialize the Soreq Research Center technology for civilian uses), according to which the Company was granted technological license
in return for future royalties based on 2.2% of gross sales by the Company and its affiliates and after 25 years the license becomes royalty-free.
Upon the occurrence of an M&amp;A event (as such event is defined in the agreement to include mergers, sale of all or substantially all
the assets of ours and similar event), in the first M&amp;A event, the Company is to pay a consideration equal to 1% of the amount received
or transferred and in the second M&amp;A event, a consideration equal to 2% of the amount received or transferred. This will not apply
to any future offer of shares, merger or sale of assets thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On January 2023, the Company signed
an amendment to the agreement that determine the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">(1) for the BCA with Lionheart, Isorad
was issued (a) 864,000 options to purchase shares of the Company, the options were issued in January 2023 and valued using the Black-Scholes
pricing model. The main assumptions which were used are: (1) risk-free rate: 3.42%; (2) expected volatility: 81.92%; (3) expected term:
up to 3 years; and (4) expected dividend yield: 0%;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The fair value of these options was
$33 and recognized as a technology license intellectual property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">(2) Additionally, Isorad will be entitled
to 1% of any amount actually received against equity or other funding convertible into equity at the closing of the transaction and until
13 months</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">thereafter (to be paid after reaching
an aggregated received amount of 27 million, or at the end of such 13 months, the earlier thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024 and 2023, based
on the funds the Company actually received, the Company recognized a technology license intellectual property at the amount of $158 and
$125, respectively against a liability that reflects the due amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">(3) Exit fee - in the occurrence of
the first M&amp;A event (as such event is defined in such agreement to include mergers, sale of all or substantially all the assets of
the Company and similar event) after the closing of the BCA, the Company is to pay a cash amount equal to 1.5% of the amount received
or transferred. This will not apply to any future offer of shares, merger or sale of assets thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">B. On January 12, 2024,
the Company announced that it entered into a $5
million contract with R&amp;I Trading of New York (&#8220;R&amp;I Trading&#8221;). The intention of the agreement with R&amp;I
Trading was to provide a service on supply chain management to a NATO member state. Subsequent to June 30, 2024, R&amp;I Trading sent
a termination notice to the Company and a demand for arbitration with respect to disputed payment amounts under the contract. The Company
believes the termination of the contract is unlawful and has demanded that R&amp;I Trading honor its obligations under the contract.
The Company further believes R&amp;I Trading&#8217;s claims are without merit and intends to defend any action, if and when commenced,
vigorously. The Company is currently engaged in an arbitration process with R&amp;I Trading. The statements of claim by the parties to
the arbitration proceedings were filed on January 6, 2025. R&amp;I Trading&#8217;s statement of claim demands full restitution of the
amounts paid by it under the agreement. The Company&#8217;s statement of claim alleges that R&amp;I Trading breached the agreement and
has requested the arbitrator to grant relief for the division of remedies in the event that the Company is presented with further expenses
by suppliers and employees that have not yet been included in its damage estimate. The Company also raised claims regarding loss of opportunities
and requested declaratory relief in favor of the Company. Prior to filing the statement of claim, on December 26, 2024, the Company filed
a motion for declaratory relief. On January 9, 2025, R&amp;I Trading responded to the motion. On March 6, 2025, the parties filed a request
for the approval of a mutual procedural arrangement, under which, among other things, R&amp;I Trading will file an affidavit stating
that it is not using the Company&#8217;s IP rights and has no intention of violating the Company&#8217;s IP rights; the Company will withdraw the
motion for a declaration and amend its statement of claim accordingly by March 30, 2025; the statements of defense will be filed by April
21, 2025; and the statements of reply will be filed by May 12, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On March 7, 2025, the arbitrator approved the request,
and on March 23, 2025, R&amp;I Trading filed its affidavit. On May 11, 2025, the parties filed their statements of defense. At this preliminary
stage, it is not possible to assess the chances of the Company&#8217;s claim and the outcome of the arbitration proceedings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>


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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: center">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(US$ in thousands)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>NOTE 26 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Composition of the Group&#8217;s financial assets and
financial liabilities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;<FONT STYLE="display: none">SCHEDULE
OF FINANCIAL ASSETS AND IMPACT OF CREDIT EXPOSURE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31,</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial assets at amortized
    cost:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other current
    receivables</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,993</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">424</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total financial assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">592</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;<FONT STYLE="display: none">SCHEDULE OF FINANCIAL LIABILITIES
FAIR VALUE THROUGH PROFIT OR LOSS</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    loan</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,143</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">700</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bridge
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,453</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial liabilities at
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,487</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,469</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,013</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">418</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">649</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
    grants</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">177</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">153</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,669</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,302</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,137</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">755</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Financial risk management objectives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Group&#8217;s activities expose
it to a variety of financial risks such as market risks (foreign currency risk), credit risk and liquidity risk. The Company&#8217;s management
oversees the management of these risks, focusing on the unpredictability of financial markets and seeks to minimize potential adverse
effects on the financial performance of the Group. The Group uses different methods to monitor different types of risk to which it is
exposed. These methods include sensitivity analysis in the case of foreign exchange, ageing analysis for credit risk and maturity analysis
in respect of liquidity risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Market risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Market
risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices,
which in the group&#8217;s case refers only to foreign currency risk</FONT>. <FONT STYLE="font-size: 10pt">Financial instruments affected
by this risk include, loans and borrowings and short-term payables and receivables.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(US$ in thousands)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 26 - FINANCIAL
INSTRUMENTS AND RISK MANAGEMENT (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Foreign currency risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Currency risk is the risk that the
value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions
and recognized assets and liabilities are denominated in a currency that is not the functional currency. The Group is exposed to foreign
exchange risk arising from currency exposure primarily with respect to the NIS and Euro.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2024, the Group has excess
financial liabilities over financial assets in foreign currencies in relation to the NIS, AUD, SGD and EUR totaling approximately
$2,745, $376,
$103 and $163,
respectively (December 31, 2023: approximately $1,651,
$185, $142
and $101,
respectively).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B><I>Foreign currency sensitivity analysis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table demonstrates the
sensitivity test to a reasonably possible change of 10% in EUR and NIS exchange rates against the USD, with all other variables held constant.
The impact on the Group&#8217;s net loss (tax effect is not relevant) and equity is due to changes in the fair value of monetary assets
and liabilities including non-designated foreign currency derivatives and embedded derivatives. The Company&#8217;s exposure to foreign
currency changes for all other currencies is immaterial<I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>&#160;</I><FONT STYLE="display: none">SCHEDULE
OF FOREIGN CURRENCY SENSITIVITY ANALYSIS</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Change in <BR>
NIS rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Effect on <BR>
net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; width: 56%; text-align: left"><FONT STYLE="font-size: 10pt">December 31, 2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 10pt">December 31, 2023</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">165</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>&#160;</I></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Change in AUD rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Effect on net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 56%; text-align: justify">December 31, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">December 31, 2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Change in SGD rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Effect on net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 56%; text-align: left">December 31, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">December 31, 2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Change in EUR rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Effect on net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 56%; text-align: left">December 31, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">16</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">December 31, 2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Credit risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Credit risk is the risk that a counterparty
will not meet its obligations as a customer or under a financial instrument leading to a loss to the Group. The Group is exposed to credit
risk from its operating activity (other receivables and cash balances). The Group&#8217;s main financial assets are cash and cash equivalents
as well as other receivables and their carrying amounts represent the Group&#8217;s maximum exposure to credit risk. Credit risk from
balances with banks and financial institutions is managed by the Group&#8217;s management in accordance with the Group&#8217;s policy.
Wherever possible and commercially practical, the Group holds cash with major financial institutions in Israel and Australia which the
Company&#8217;s management regards as financially solid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: center">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(US$ in thousands)</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><IMG SRC="form424b3_006.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 26 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
(CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Liquidity risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Liquidity risk is the risk that an entity will encounter
difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.
The Group has procedures to minimize such loss by maintaining sufficient cash and other highly liquid current assets and by having available
an adequate amount of committed credit facilities. As of the balance sheet date, the Group has a positive working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following tables detail the Group&#8217;s
remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial
liabilities based on the earliest date on which the Group can be required to pay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>As of December 31, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;<FONT STYLE="display: none">SCHEDULE OF CONTRACTUAL MATURITY FOR  FINANCIAL LIABILITIES</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Less than<BR>
 one year</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 to 2<BR>
 years</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 to 4<BR>
 years</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">4 to 5<BR>
 years</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: left">Trade and other payables</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">13,605</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Bridge loans</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">902</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">902</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Government grants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">177</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">177</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Lease liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">41</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">418</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,651</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Financial derivatives</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,384</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">41</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>As of December 31, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Less than<BR>
 one year</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 to 2<BR>
 years</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2 to 3<BR>
 years</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 to 4<BR>
 years</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD>
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 years</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">12,487</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">12,487</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,750</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">453</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,233</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Government grants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Lease liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">265</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">649</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,013</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,013</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">700</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 27 - FAIR VALUE MEASUREMENT:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>Fair value hierarchy</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">The following tables detail the consolidated entity&#8217;s assets and liabilities, measured or disclosed at fair value, using a three-level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Level 3: Unobservable inputs for the asset or liability. </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B><FONT STYLE="display: none">SCHEDULE
OF UNOBSERVABLE FOR ASSETS OR LIABILITY</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&#160;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">As of December 31, 2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&#160;</TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: center">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#160;</TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#160;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: center">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">1,707</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right">1,707</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Tradable warrants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,707</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,709</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  </TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 28 - SUBSEQUENT EVENTS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Since the reporting date the following
significant events have occurred:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On December 30 and 31, 2024, some of the option warrant A holders as part of the September 11, 2024 Aegis
transaction submitted an exercise instruction to convert the option warrants into shares, in exchange for an exercise addition of $1,510,
which was transferred to the Company&#8217;s bank account only on January 2, 2025. The company had no technical ability to withdraw from
its obligation to issue the shares once the exercise notice was received from the warrant holders and recorded the proceeds towards Other
Current assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">After
                                            balance sheet date and until the date of the authorization of these financial statements
                                            the Company repaid $250 of the Bridge Loans and $185 of the Promissory Note.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">3.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On February 21, 2025, the Company filed a &#8220;shelf&#8221; registration statement on Form F-3 with the U.S. Securities and Exchange
Commission, registering for sale from time to time, up to $45,000 of any combination of the securities described in the Form F-3, either
individually or in units. The Company may also offer ordinary shares or preferred shares upon conversion of debt securities, ordinary
shares upon conversion of preferred shares, or ordinary shares, preferred shares or debt securities upon the exercise of warrants or rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">4.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On February 24, 2025, the Company amended its 2022 Incentive Equity Plan (the &#8220;Incentive Plan&#8221;),
to increase the number of authorized Ordinary Shares under the Incentive Plan to 2,396,668 from 111,668 (the &#8220;Amendment&#8221;).
As a Foreign Private Issuer, Nasdaq Rule 5615(a)(3) allows the Company to rely on home country corporate governance practices in lieu
of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d) and, accordingly, the Company so elected to approve the Amendment
without stockholder approval. Thereafter, the Company granted an aggregate of 1,215,000 restricted stock units and 1,070,000 stock options to its executive officers and directors, and to certain consultants and advisors to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">5.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On March 17, 2025, the Company amended its 2022 Incentive Equity Plan (the &#8220;Incentive Plan&#8221;),
to increase the number of authorized Ordinary Shares under the Incentive Plan to 2,531,668 from 2,396,668 (the &#8220;Amendment&#8221;).
As a Foreign Private Issuer, Nasdaq Rule 5615(a)(3) allows the Company to rely on home country corporate governance practices in lieu
of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d) and, accordingly, the Company so elected to approve the Amendment
without stockholder approval. Thereafter, the Company granted 135,000 half immediately and half vested on June 1, 2025, stock options
to certain consultants and advisors to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: center">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>SMX (SECURITY MATTERS) PUBLIC
    LIMITED COMPANY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO THE CONSOLIDATED FINANCIAL
    STATEMENTS<FONT STYLE="font-size: 11pt"></FONT></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>(US$ in thousands)</B></P></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOTE 28 - SUBSEQUENT EVENTS (CONT.):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">6.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On March 26, 2025, the Company established a fully owned entity incorporated in Dubai Multi Commodities Centre Authority, United Arab
Emirates with the name and style of &#8220;SMX Circular Economy FZCO&#8221;.</TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">7.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On March 28, 2025, the Company entered into a Securities
Purchase Agreement to issue and sold to 1800 Diagonal a promissory note, for gross proceeds to the Company of $295.5, before deducting
fees and other offering expenses payable by the Company. The promissory note is in the principal amount of $257, which includes an original
issue discount of $38.5. A one-time interest charge of 12%, in the amount of $30.8 was applied to the principal. The maturity date of
the promissory note is March 30, 2026. The accrued, unpaid interest and outstanding principal, subject to adjustment, shall be paid in
five payments as follows: (1) on September 30, 2025, $163; (2) on October 30, 2025, $27.2; (3) on November 30, 2025, $27.2; (4) on December
30, 2025, $27.2; (5) on January 30, 2026, $27.2; (5) on February 28, 2026, $27.2, and (5) on March 30, 2026, $27.2. Through September
30, 2025, the Company may prepay the promissory note in full at a 2% discount. The promissory note contains customary Events of Default
for transactions similar to the transactions contemplated by the Purchase Agreement and the Note. In the event of an Event of Default,
(i) the promissory note shall become immediately due and payable, (ii) the principal and interest balance of the Note shall be increased
by 150% and (ii) the promissory note may be converted into Ordinary Shares of the Company at the sole discretion of the Investor. The
conversion price shall equal the lowest closing bid price of the Ordinary Shares during the prior ten trading day period multiplied by
75% (representing a 25% discount). Any such conversion is subject to customary conversion limitations set forth in the promissory note
so the investor beneficially owns less than 4.99% of the Company&#8217;s Ordinary Shares. The investor shall be entitled to deduct $1.5
from the conversion amount in each Notice of Conversion to cover Holder&#8217;s deposit fees associated with each Notice of Conversion.
The Purchase Agreement contains customary representations and warranties made by each of the Company and the investor. The Company is
subject to customary indemnification terms in favor of the Investor and its affiliates and certain other parties. The Company paid legal
and due diligence fees in the amount of $7.0 in relation to the transactions contemplated by the Purchase Agreement.</P>
</TD></TR>
                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                                                                                     <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">8.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 2, 2025, the Company&#8217;s shareholders approved
the subdivision of its ordinary shares into 1 ordinary share of $0.00000000000001 par value with the same rights as each current ordinary
share, and 470,250,014,886,351 new deferred shares of US$0.00000000000001 par value with the following rights: (i) each new deferred share
shall not entitle the holder thereof to receive notice, attend or vote at general meetings of the Company; (ii) each New Deferred Share
shall not entitle the holder thereof to participate in any dividends declared or paid by the Company; and (iii) on a return of capital
on a winding up or otherwise, each New Deferred Share shall entitle the holder thereof to receive an amount of US$0.00000000000001 on
each deferred share after an amount of $1,000,000,000 has been paid in respect of each ordinary share.</P>

<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
                                                                                                                                     <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">9.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">After the balance sheet date and until May 6, 2025, the Company issued to Alpha all agreed Ordinary Shares as follows:
an aggregate of 972,248 Ordinary Shares upon conversions of the Alpha April Note, and thereafter issued 408,551 additional Ordinary Shares
under the Alpha April Note pursuant to a settlement agreement dated April 2, 2025, with Alpha. Further, the Company issued an aggregate
of 543,644 Ordinary Shares to Alpha pursuant to conversion in full of the Alpha July Note. See also notes 8.C, 8.D and 8.F.</TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">10.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On May 9, 2025, the Company informed Alpha of the termination of the SPA (See note 10)</TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                                                                                                                                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">11.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On May 8, 2025, the Company entered into Securities Purchase Agreements for the issuance of convertible promissory note to an institutional
investor, RBW Capital Markets LLC (the &#8220;RBW&#8221;), as follows: Unsecured note in the principal amount of $6,875, and purchase
price (cash in) amount of $5,500, before transaction cost for legal and agents fees in the amount of $855. The RBW note carries an original
issue discount (OID) of 20%, bears 0% interest per year. RBW has the right to convert the outstanding principal into Company Ordinary
Shares at a 15% discount based on the lowest daily weighted average price during the 7 trading days before immediately prior to the date
of the conversion. As of the date of this report, the Company was funded with $1,375.</TD></TR>
                                                                                                                                                                                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                                                                                                                                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">12.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 13, 2025 and effective March 31, 2025, the
Company entered into an Amendment #2 to Promissory Note (&#8220;Second Amendment&#8221;) and an Amendment #2 to Senior Note (&#8220;Senior
Note Second Amendment&#8221;) with PMB. The Second Amendment and the Senior Note Second Amendment amended the maturity date of the Senior
Promissory Notes to November 30, 2025 and amended the interest rates of the Senior Promissory Notes to 18% per annum. In addition, all
accrued and unpaid interest was capitalized and added to the principal of the applicable Senior Promissory Note.</P>
</TD></TR>
                                                                                                                                                                                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                                                                                                                                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">13.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On
                                            June 16, 2025, after the balance sheet date, the Company&#8217;s Ordinary Shares began trading
                                            on the Nasdaq Capital Market post-reverse stock split of 4.1:1 under the symbol &#8220;SMX,&#8221;
                                            with a new CUSIP number of G8267K 166 and the new ISIN code IE000B8AU702. Approved by shareholders
                                            and Board of Directors on April 15, 2025, this reverse split consolidated every 4.1 shares
                                            into one new ordinary share and was aimed at meeting Nasdaq&#8217;s minimum bid price requirement
                                            of $1.00 per share, reducing the number of outstanding shares from approximately 4 million
                                            to approximately 1 million. Fractional shares resulting from the split were aggregated and
                                            sold at market prices. Additionally, the par value of the ordinary shares was increased from
                                            $0.00000000000001 to $0.000000000000041. The Company&#8217;s options, warrants, and convertible
                                            securities were adjusted proportionately, and the Public Limited Company Constitution was
                                            amended to reflect these changes. The Basic and diluted loss per share attributable to shareholders
                                            amount in these December 31, 2024, financial statements are presented post this reverse stock
                                            split. See also note 22.</TD></TR>
                                                                                                                                                                                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</TD></TR>
                                                                                                                                                                                                                                                      <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">14.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On
                                            August 7, 2025, after the balance sheet date, the Company&#8217;s Ordinary Shares began trading
                                            on the Nasdaq Capital Market post-reverse stock split of 7:1 under the symbol &#8220;SMX,&#8221;
                                            with a new CUSIP number of G8267K174&#160;and the new ISIN code IE000TB5RTG4. Approved by
                                            shareholders and Board of Directors on July 10, 2025, this reverse split consolidated every
                                            7 shares into one new ordinary share and was aimed at meeting Nasdaq&#8217;s minimum bid
                                            price requirement of $1.00 per share, reducing the number of outstanding shares from approximately
                                            9 million to approximately 1 million. Fractional shares resulting from the split were aggregated
                                            and sold at market prices. Additionally, the par value of the ordinary shares will be increased
                                            from $0.000000000000041 to $0.000000000000287. The Company&#8217;s options, warrants, and
                                            convertible securities were adjusted proportionately, and the Public Limited Company Constitution
                                            was amended to reflect these changes. The Basic and diluted loss per share attributable to
                                            shareholders amount in these December 31, 2024, financial statements are presented post this
                                            reverse stock split. See note 22.</TD></TR>
                                                                                                                                                                                                                                                      </TABLE>

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