<SEC-DOCUMENT>0001104659-21-136926.txt : 20211110
<SEC-HEADER>0001104659-21-136926.hdr.sgml : 20211110
<ACCEPTANCE-DATETIME>20211110160609
ACCESSION NUMBER:		0001104659-21-136926
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20211110
DATE AS OF CHANGE:		20211110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Antelope Enterprise Holdings Ltd
		CENTRAL INDEX KEY:			0001470683
		STANDARD INDUSTRIAL CLASSIFICATION:	STRUCTURAL CLAY PRODUCTS [3250]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-260958
		FILM NUMBER:		211396535

	BUSINESS ADDRESS:	
		STREET 1:		UNIT 2905, 29/F, METROPLAZA TOWER 2
		STREET 2:		223 HING FONG ROAD, KWAI CHUNG, NT
		CITY:			HONG KONG
		STATE:			F8
		ZIP:			00000
		BUSINESS PHONE:		86 (595) 8576 5051

	MAIL ADDRESS:	
		STREET 1:		UNIT 2905, 29/F, METROPLAZA TOWER 2
		STREET 2:		223 HING FONG ROAD, KWAI CHUNG, NT
		CITY:			HONG KONG
		STATE:			F8
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	China Ceramics Co., Ltd
		DATE OF NAME CHANGE:	20090820
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>tm2132004d1_f3.htm
<DESCRIPTION>FORM F-3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on November&nbsp;10, 2021</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration&nbsp;No.&nbsp;333-</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;F-3</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Antelope Enterprise Holdings
Limited</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact name of registrant
as specified in its charter)</B>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>British Virgin Islands</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>incorporation or organization)&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S. Employer<BR>
Identification No.)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>c/o Jinjiang Hengda Ceramics Co.,&nbsp;Ltd.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Junbing Industrial Zone, Anhai, Jinjiang City,
Fujian Province, PRC<BR>
Telephone: +86 (595) 8576 5053</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address and Telephone Number of Registrant's
Principal Executive Offices)</B>&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>c/o Jinjiang Hengda Ceramics Co., Ltd., Junbing
Industrial Zone</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Anhai, Jinjiang City, Fujian Province, PRC</B></P>

<P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><B>Telephone: +86 (595) 8576 5053</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>901 K Street NW, Suite&nbsp;700</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20001</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: (202)724-6848</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fax: (202) 778-6460</B></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate
date of commencement of proposed sale to the public:</B></FONT> From time to time after the effective date of this Registration Statement.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the only securities being registered on this Form&nbsp;are being
offered pursuant to dividend or interest reinvestment plans, please check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form&nbsp;are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415
under the Securities Act of 1933, check the following box.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form&nbsp;is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form&nbsp;is a post-effective amendment
filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form&nbsp;is a registration statement
pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule&nbsp;462(e)&nbsp;under the Securities Act, check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form&nbsp;is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of
securities pursuant to Rule&nbsp;413(b)&nbsp;under the Securities Act, check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Emerging growth company&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has&nbsp;elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities
Act.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 91%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">Title&nbsp;of&nbsp;Each&nbsp;Class&nbsp;of&nbsp;Security Being&nbsp;Registered&nbsp;(1)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Proposed<BR> Maximum<BR> Aggregate<BR> Offering<BR> Price&nbsp;(2)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount&nbsp;of<BR> Registration&nbsp;Fee&nbsp;(3)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Shares, par value $0.024 per share</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Debt securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Warrants</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 73%; font: italic 10pt Times New Roman, Times, Serif; text-align: justify">Total</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">75,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,952.50</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;There
are being registered under this registration statement such indeterminate number of securities as shall have an aggregate initial offering
price not to exceed US$75,000,000. The proposed maximum initial offering price per security will be determined, from time to time, by
the registrant in connection with the sale of the securities under this registration statement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;Estimated
solely for purposes of calculating the registration fee pursuant to Rule&nbsp;457(o).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;Calculated
in accordance with Rule&nbsp;457(o).</P>

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

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

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

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

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

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

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;I &ndash; INFORMATION REQUIRED IN
PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Red">The information in this
prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities
and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting offers to buy these
securities in any state where the offer or sale is not permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subject to Completion, dated [_], 2021</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $75,000,000 of</B>&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer and sell shares,
debt securities or warrants in any combination from time to time in one or more offerings, at prices and on terms described in one or
more supplements to this prospectus. The debt securities and warrants may be convertible into or exercisable or exchangeable for our shares
or other securities. The aggregate initial offering price of all securities sold by us under this prospectus will not exceed US$75,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each time we sell securities,
we will provide a supplement to this prospectus that contains specific information about the offering and the terms of the securities.
The supplement may also add, update or change information contained in this prospectus. We may also authorize one or more free writing
prospectuses to be provided in connection with a specific offering. You should read this prospectus, any supplement and any free writing
prospectus before you invest in any of our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell the securities
independently or together with any other securities registered hereunder. We may sell the securities through one or more underwriters,
dealers and agents, or directly to purchasers, or through a combination of these methods, on a continuous or delayed basis. See &ldquo;Plan
of Distribution.&rdquo; If any underwriters, dealers or agents are involved in the sale of any of the securities, their names, and any
applicable purchase price, fee, commission or discount arrangements between or among them, will be set forth, or will be calculable from
the information set forth, in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate market value of our outstanding ordinary shares held by non-affiliates, or public float, as of November 9, 2021, was
approximately $14,179,292, which was calculated based on 4,940,520 ordinary shares held by non-affiliates and $2.87 per share, which was the closing price of our ordinary shares on the Nasdaq on November 9, 2021. During the 12 calendar months
prior to and including the date of this prospectus, we have sold, pursuant to General Instruction I.B.5 of
Form F-3, 1,502,081 ordinary shares and warrants to purchase 1,502,081 ordinary shares.<BR>
 <BR>
Our shares are listed on the NASDAQ Capital Market
under the symbol &ldquo;AEHL&rdquo;. On November 9, 2021, the closing price of our shares was $2.87 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Antelope Enterprise, our ultimate
British Virgin Islands holding company, does not have any substantive operations other than indirectly holding the equity interest in
our operating subsidiaries in China and other countries and regions. As of the date of this prospectus, (i)&nbsp;Antelope Enterprise&rsquo;s
business operations are carried out inside China; and (ii)&nbsp;it does not maintain any variable interest entity structure or operate
any data center in China. Antelope Enterprise may still be subject to PRC laws relating to, among others, data security and restrictions
over foreign investments due to the complexity of the regulatory regime in China, and the recent statements and regulatory actions by
the PRC government relating to data security may affect our business operations in China or even our ability to offer securities in the
United States. Neither Antelope Enterprise nor any of our subsidiaries has obtained the approval from either the China Securities Regulatory
Commission (the &ldquo;CSRC&rdquo;) or the Cyberspace Administration of China (the &ldquo;CAC&rdquo;) for any offering we may make under
this prospectus and any applicable prospectus supplement, and Antelope Enterprise does not intend to obtain the approval from either the
CSRC in connection with any such offering. There can be no assurance, however, that regulators in China will not take a contrary view
or will not subsequently require us to undergo the approval procedures and subject us to penalties for non-compliance. Recent statements
and regulatory actions by the Chinese government have targeted those companies whose operations involves cross-border data security or
anti-monopoly concerns. <B>Rules&nbsp;and regulations in China can change quickly with little advance notice, creating substantial uncertainty.
Changes in the China legal system may adversely affect our business and operation. See &ldquo;Risk Factors&mdash;Risks Related to Doing
Business in China.&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our securities
involves risks. See &ldquo;Risk Factors&rdquo; referenced on page&nbsp;6.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined whether this
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is [_], 2021.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Page</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 94%; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_001">About this Prospectus</A></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 5%; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_001">1</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_002">Our Business</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_002">2</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_003">Recent Developments</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_003">4</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#s2a_001">Risk Factors</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#s2a_001">6</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#sp3-001">Cautionary Note Regarding Forward-Looking Statements</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#sp3-001">27</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#sp3-002">Cash Transfers within Our Organization</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#sp3-002">27</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><A HREF="#sp3-003">Use of Proceeds</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#sp3-003">29</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><A HREF="#sp3-004">Dividends</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#sp3-004">30</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><A HREF="#sp3-005">Price Range of Our Shares</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#sp3-005">30</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#sp3-006">Capitalization and Indebtedness</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#sp3-006">31</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><A HREF="#sp3-007">Description of Securities</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#sp3-007">32</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#aaa_001">Certain Income Tax Considerations</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#aaa_001">39</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><A HREF="#aaa_002">Plan of Distribution</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#aaa_002">39</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#aaa_003">Legal Matters</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#aaa_003">41</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><A HREF="#aaa_004">Expenses</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#aaa_004">41</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><A HREF="#aaa_005">Experts</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#aaa_005">41</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#aaa_006">Enforceability of Civil Liabilities</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#aaa_006">41</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#aaa_007">Incorporation of Documents by Reference</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#aaa_007">42</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#aaa_008">Where You Can Find More Information</A></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#aaa_008">43</A></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Before you invest in any of
our securities, you should carefully read this prospectus and any applicable prospectus supplement, together with the additional information
described in the sections entitled &ldquo;Incorporation of Documents by Reference&rdquo; and &ldquo;Where You Can Find Additional Information&rdquo;
in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
a registration statement on Form&nbsp;F-3 that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) utilizing
a &ldquo;shelf&rdquo; registration process permitted under the Securities Act of 1933, as amended. By using a &ldquo;shelf&rdquo; registration
statement, we may sell any of our securities from time to time and in one or more offerings. This prospectus only provides you with a
summary description of these securities. Each time we sell securities, we will provide a supplement to this prospectus that contains specific
information about the securities being offered and the specific terms of that offering. The supplement may also add, update or change
information contained in this prospectus. If there is any inconsistency between the information in this prospectus and any applicable
prospectus supplement, you should rely on the prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
references in this prospectus to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;China&rdquo; or the &ldquo;PRC&rdquo; are to the People&rsquo;s Republic of China, excluding, for
the purpose of this prospectus only, Taiwan and the special administrative regions of Hong Kong and Macau.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;RMB&rdquo; and &ldquo;Renminbi&rdquo; are to the legal currency of China (see &ldquo;Exchange Rate
Information&rdquo; for translations of RMB into U.S. dollars in this prospectus). This prospectus contains translations of certain RMB
amounts into U.S. dollar amounts at specified rates. We make no representation that the RMB or U.S. dollar amounts referred to in this
prospectus could have been or could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all (also
see &ldquo;Risk Factors&rdquo;). On November&nbsp;9, 2021, the exchange rate was RMB 6.3928 to US$1.00.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;shares&rdquo; are to our shares, par value US$0.024 per share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;$&rdquo;, &ldquo;US$&rdquo; and &ldquo;U.S. dollars&rdquo; are to the legal currency of the United
States.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the prospectus, Antelope
Enterprise Holdings Limited is referred to as &ldquo;Antelope Enterprise.&rdquo; We refer to our subsidiaries as follows: Success Winner
Limited, a British Virgin Islands company and a wholly owned subsidiary, is referred to as &ldquo;Success Winner,&rdquo; Stand Best Creation
Limited, a Hong Kong company and wholly owned subsidiary of Success Winner, is referred to as &ldquo;Stand Best,&rdquo; Jinjiang Hengda
Ceramics Co.,&nbsp;Ltd., a wholly-owned PRC subsidiary of Stands Best, is referred to as &ldquo;Hengda,&rdquo; Jiangxi Hengdali Ceramics
Material Co.,&nbsp;Ltd., a wholly-owned PRC subsidiary of Hengdais referred to as &ldquo;Hengdali,&rdquo; Antelope Enterprise (HK) Holdings
Limited, a Hong Kong company and wholly owned subsidiary of Success Winner, is referred to as &ldquo;Antelope (HK),&rdquo; Antelope Holdings
(Chengdu) Co.,&nbsp;Ltd., a wholly-owned PRC subsidiary of Antelope (HK) , is referred to as &ldquo;Antelope (Chengdu),&rdquo; Vast Elite
Limited, a Hong Kong company and wholly owned subsidiary of Success Winner, is referred to as &ldquo;Vast Elite,&rdquo; Chengdu Future
Talented Management and Consulting Co.,&nbsp;Ltd. , a wholly-owned PRC subsidiary of Vast Elite, is referred to as &ldquo;Chengdu Future&rdquo;.
This information is provided so that the investors to clarify our disclosure as it relates to the various entities in our corporate structure.
Currently, we have four indirectly held subsidiaries in mainland China, Hengda and Hengdali, both of which manufacture ceramic titles;
Antelope Chengdu which is engaged in computer consulting and software development; and Chengdu Future which is engaged in business management
and consulting services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>OUR BUSINESS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a Chinese manufacturer
of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings. The ceramic tiles,
sold under the &ldquo;HD&rdquo; or &ldquo;Hengda,&rdquo; &ldquo;HDL&rdquo; or &ldquo;Hengdeli&rdquo;, &ldquo;Pottery Capital of Tang Dynasty&rdquo;,
 &ldquo;TOERTO&rdquo; and &rdquo;WULIQIAO&rdquo; brands are available in over two thousand styles, colors and size combinations. Currently,
we have five principal product categories: porcelain tiles, glazed tiles, glazed porcelain tiles, rustic tiles, and polished glazed tiles.
Ceramic tiles are widely used in the PRC as a construction material for residential and commercial buildings. Ceramic tiles are used for
flooring, interior walls for decorative purposes and on exterior siding due to their resistance to temperature, extreme environments,
erosion, abrasion and discoloration for extended periods of time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our four indirectly held subsidiaries
in mainland China are Hengda, Hengdali, Antelope Chengdu and Chengdu Future. Hengda and Hengdali are both manufacturers of ceramic titles.
Antelope Chengdu is engaged in computer consulting and software development. Chengdu Future is engaged in business management and consulting
services. Our manufacturing facilities operated by Hengda are located in Jinjiang, Fujian Province, and our manufacturing facilities operated
by Hengdali are located in Gaoan, Jiangxi Province.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive office is located at Junbing Industrial Zone,
Anhai, Jinjiang City, Fujian Province, People&rsquo;s Republic of China. Our telephone number at this address is +86 595 8576 5053. Our
registered office is Craigmuir Chambers, Road Town, Tortola, British Virgin Islands, and our registered agent is Harneys Corporate Services
Limited. We maintain a website at http://www.aehltd.com that contains information about our company. <B>Information on this web site is
not part of this prospectus</B>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer and sell shares,
debt securities or warrants in any combination from time to time in one or more offerings, at prices and on terms described in one or
more supplements to this prospectus. The debt securities and warrants may be convertible into or exercisable or exchangeable for our shares
or other securities. The aggregate initial offering price of all securities sold by us under this prospectus will not exceed US$75,000,000.
We may sell these securities directly to you, through underwriters, dealers or agents we select, or through a combination of these methods.
We will describe the plan of distribution for any particular offering of these securities in the applicable prospectus supplement. This
prospectus may not be used to sell our securities unless it is accompanied by a prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. securities laws currently
limit the value of the common shares that we may sell under this prospectus. For such time as our &ldquo;public float&rdquo;&mdash;measured
as the value of our share price (as of a date within 60 days before the date of the sale) times the number of shares held by non-affiliates&mdash;is
less than $75.0 million, existing law limits the value of shares that we can sell under this prospectus at one-third of our &ldquo;public
float&rdquo;, less prior amounts sold through prior primary offerings of securities on Form&nbsp;F-3 within the past 12 months. The public
float is measured at the time of sale, and will necessarily change with the value of our share price and the number of shares held by
non-affiliates. The aggregate value of the stock that we are able to sell is therefore highly contingent on our share price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>China Securities Regulatory Commission and
Cyberspace Administration of China</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Antelope Enterprise, our ultimate
British Virgin Islands holding company, does not have any substantive operations other than indirectly holding the equity interest in
our operating subsidiaries in China and other countries and regions. As of the date of this prospectus, (i)&nbsp;Antelope Enterprise&rsquo;s
business operations are carried out inside China; and (ii)&nbsp;it does not maintain any variable interest entity structure or operate
any data center in China. Antelope Enterprise may still be subject to PRC laws relating to, among others, data security and restrictions
over foreign investments due to the complexity of the regulatory regime in China, and the recent statements and regulatory actions by
the PRC government relating to data security may affect our business operations in China or even our ability to offer securities in the
United States. Neither Antelope Enterprise nor any of our subsidiaries has obtained the approval from either the China Securities Regulatory
Commission (the &ldquo;CSRC&rdquo;) or the Cyberspace Administration of China (the &ldquo;CAC&rdquo;) for any offering we or the selling
shareholders may make under this prospectus and any applicable prospectus supplement, and Antelope Enterprise does not intend to obtain
the approval from either the CSRC in connection with any such offering, since Antelope Enterprise does not believe, based upon advice
of our PRC counsel, Allbright Law Offices, that such approval is required under these circumstances or for the time being. There can be
no assurance, however, that regulators in China will not take a contrary view or will not subsequently require us to undergo the approval
procedures and subject us to penalties for non-compliance. See &ldquo;Risk Factors&mdash;Risks Related to Doing Business in China.&rdquo;</P>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>RECENT DEVELOPMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>December&nbsp;2020 Private Placement</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December&nbsp;7, 2020,
the Company executed subscription agreements (each a &ldquo;Subscription Agreement&rdquo;) in connection with a $1,314,001 private placement
of its ordinary shares with three accredited investors at the price of $2.32 per share (the &ldquo;December&nbsp;2020 Shares&rdquo;).
All respective purchasers in the offering were &ldquo;accredited investors&rdquo; (as such term is defined under rules&nbsp;and regulations
promulgated under the Securities Act), and the Company sold the securities in the Offering in reliance upon an exemption from registration
contained in Section&nbsp;4(2)&nbsp;and Rule&nbsp;506 under the Securities Act. There were no discounts or brokerage fees associated with
this offering. The net proceeds of the offering were used for working capital and general corporate purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>February&nbsp;2021 Capital Raising Transaction</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February&nbsp;12, 2021,
we entered into a Securities Purchase Agreement with certain institutional investors for the sale by the Company of 588,236 shares at
a purchase price of $3.57 per share. The shares were offered by us pursuant to the shelf registration statement on Form&nbsp;F-3 (File
No.&nbsp;333-228182), which was declared effective by the Securities and Exchange Commission on November&nbsp;19, 2019. Concurrently with
the sale of the shares, the Company also sold the February&nbsp;2021 Warrants to purchase 588,236 shares. The aggregate gross proceeds
of this offering were approximately $2.1 million, before commissions and expenses. Subject to certain beneficial ownership limitations,
the five-year February&nbsp;2021 Warrants will be immediately exercisable at an exercise price equal to $3.57 per share, subject to adjustments
as provided under the terms of the February&nbsp;2021 Warrants, and will terminate on the five-year anniversary of the initial exercise
date of the February&nbsp;2021 Warrants. The closing of the sales of these securities took place on February&nbsp;17, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The warrants and the shares
issuable upon exercise of the warrants were sold without registration under the Securities Act in reliance on the exemptions provided
by Section&nbsp;4(a)(2)&nbsp;of the Securities Act as transactions not involving a public offering and Rule&nbsp;506 promulgated under
the Securities Act as sales to accredited investors, and in reliance on similar exemptions under applicable state laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dawson James Securities,&nbsp;Inc.
acted as our exclusive placement agent, on a best-efforts basis, in connection with the offering. We agreed to pay the Placement Agent
a cash placement fee equal to 8% of the gross proceeds of the offering, plus other expenses of the Placement Agent not to exceed $45,000.
The Placement Agent also received five-year February&nbsp;2021 Placement Agent Warrants to purchase up to a number of common shares equal
to 5% of the aggregate number of shares sold in the offering, including the warrant shares issuable upon exercise of the warrants, which
such Placement Agent warrants have substantially the same terms as the February&nbsp;2021 Warrants sold in the offering, except that such
February&nbsp;2021 Placement Agent Warrants have an exercise price of $4.46 per share and will be exercisable six months from the effective
date of this offering and will terminate on the five year anniversary of the effective date of this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>June&nbsp;2021 Capital Raising Transaction</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June&nbsp;10, 2021, we
entered into Securities Purchase Agreements with three institutional accredited investors pursuant to which it sold 913,875 of the Company&rsquo;s
common shares at the per share price of $3.42 (which was priced in excess of the average of the five-day closing price for the Company&rsquo;s
common shares preceding execution of the SPA, which was $3.42). In a concurrent private placement, we sold to such investors June&nbsp;2021
Warrants to purchase 913,875 common shares (the &ldquo;June&nbsp;2021 Warrants&rdquo;). The June&nbsp;2021 Warrants have an exercise price
per share of $3.42, subject to adjustment, and have a term of five years. The June&nbsp;2021 Warrants were sold without registration under
the Securities in reliance on the exemptions provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act as transactions not involving
a public offering and Rule&nbsp;506 promulgated under the Securities Act as sales to accredited investors. The proceeds of the transaction
will be used for working capital and general working purposes. The transactions yielded gross proceeds to the Company of $3,180,285, before
payment of commissions and expenses.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dawson James Securities,&nbsp;Inc.
acted as the Company&rsquo;s exclusive placement agent in connection with this offering. The Company paid the Placement Agent a fee equal
to 8.0% of the gross proceeds of the offering, and a non-accountable expense allowance of $35,000. In addition, the Company issued June&nbsp;20201
Placement Agent Warrants to the Placement Agent to purchase a number of common shares equal to 5.0% of the aggregate number of shares
sold to the investors in this offering, as well as the warrant shares issuable upon exercise of the June&nbsp;2021 Warrants issued in
the concurrent private placement, as additional placement agency compensation. The June&nbsp;2021 Placement Agent Warrants have substantially
the same terms as the June&nbsp;2021 Warrants, except that the June&nbsp;2021 Placement Agent Warrants will have an exercise price of
$4.35. The Placement Agent received customary indemnification in connection with the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Statements and regulatory actions by the Chinese
Government</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Recent statements and regulatory
actions by the Chinese government have targeted those companies whose operations involves cross-border data security or anti-monopoly
concerns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With regard to data security,
China promulgates several important laws recently. Among them, on June&nbsp;10, 2021, China promulgated the PRC Data Security Law (&quot;DSL&quot;),
which became effective on September&nbsp;1, 2021. The legislative intent for this law mainly includes regulating data processing activities,
ensuring data security, promoting data development and utilization, protecting the data related legitimate rights and interests of individuals
and organizations, and safeguarding national sovereignty, security and development interests. Article&nbsp;36 provides that any Chinese
entity that provides the data to foreign judicial or law enforcement agencies (regardless of whether directly or through a foreign entity)
without approval from the Chinese authority would likely be deemed to be in violation of DSL. In addition, pursuant to Article&nbsp;2
of Measures for Cybersecurity Reviews, the procurement of any network product or service by an operator of critical information infrastructure
that affects or may affect national security shall be subjected to a cybersecurity review under the Measures. Pursuant to Article&nbsp;35
of Cybersecurity Law of the People's Republic of China, where &ldquo;critical information infrastructure operators&rdquo; purchase network
products and services, which may influence national security, the operators are required to be subjected to a cybersecurity review. Our
subsidiaries, Hengda and Hengdali, are manufacturers of ceramic tiles and they do not operate any critical information infrastructure.
Our remaining two Chinese subsidiaries, Antelope Chengdu and Antelope Futures are engaged in computer consulting and software development,
and they do not operate any crticial information infrastructure. As a result we do not believe that these new legal requirements are applicable
to our subsidiaries. However, the exact scope of the term &ldquo;critical information infrastructure operator&rdquo; remains unclear,
so there can be no assurance that our subsidiaries will not be subjected to critical information infrastructure operator review in the
future. Furthermore, in the event that Antelope Chengdu and Antelope Futures become operators of critical information infrastructure in
the future they may be subjected to the above-described regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With regard to anti-monopoly,
Article&nbsp;3 of Anti-Monopoly Law of the People's Republic of China prohibits &quot;monopolistic practices,&quot; which include: a)
the conclusion of monopoly agreements between operators; b) the abuse of dominant market position by operators; c) concentration of undertakings
which has or may have the effect of eliminating or restricting market competition. Also, according to Article&nbsp;19, the operator(s)&nbsp;will
be assumed to have a dominant market position if it has following situation: a) an operator has 50% or higher market share in a relevant
market; b) two operators have 66% or higher market share in a relevant market; c) three operators have 75% or higher market share in a
relevant market. We believe that none of our subsidiaries in China has conducted any monopolistic practices in China, and that recent
statements and regulatory actions by the Chinese government do not impact our ability to conduct business, accept foreign investments,
or list on an U.S. or other foreign stock exchange. However, there can be no assurance that regulators in China will not promulgate new
laws and regulations or adopt new series of interpretations or regulatory actions which may require our Chinese subsidiaries to meet new
requirements on the issues mentioned above. See &ldquo;Risk Factors&mdash;Risks Related to Doing Business in China.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Rules&nbsp;and regulations
in China can change quickly with little advance notice, creating substantial uncertainty. Changes in the PRC legal system may adversely
affect our business and operation. See &ldquo;Risk Factors&mdash;Risks Related to Doing Business in China.&rdquo;</P>

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




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s2a_001"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any investment in the shares
is speculative and involves a high degree of risk. Before making an investment decision, you should carefully consider the risks described
under &ldquo;Risk Factors&rdquo; in our most recent Annual Report on Form&nbsp;20-F, or any updates in our reports on Form&nbsp;6-K, together
with all of the other information appearing in, or incorporated by reference into, this prospectus and any applicable prospectus supplement.
The risks so described are not the only risks facing our company. Additional risks not presently known to us or that we currently deem
immaterial may also impair our business operations. Our business, financial condition and results of operations could be materially adversely
affected by any of these risks. The trading price of our securities could decline due to any of these risks, and you may lose all or part
of your investment.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">We generate a large percentage of our revenues from a limited number of customers and our business will
suffer if sales to such customers decline.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">If our suppliers are unable to fulfill our orders for raw materials, we may lose business.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Increases in the price of raw materials will negatively impact our profitability.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company may incur significant delays and/or expenses relating to the COVID-19 (coronavirus) outbreak
in China and beyond.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">If China&rsquo;s inflation increases or the prices of energy or raw materials increase, we may not be
able to pass the resulting increased costs to our customers and this may adversely affect our profitability or cause us to suffer operating
losses.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Failure to compete successfully with our competitors and new entrants to the ceramics industry in the
PRC may result in Antelope Enterprises losing market share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">We have not purchased product liability insurance and any loss resulting from product liability claims
must be paid by us.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Our production facilities may be affected by power shortages which could result in a loss of business.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">We may lose revenue if our intellectual property rights are not protected and counterfeit HD, Hengda,
HDL, Hengdeli, WULIQIAO, TOERTO or Pottery Capital of Tang Dynasty brand products are sold in the market.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The PRC government has historically introduced certain policy and regulatory measures to control the rapid
increase in housing prices and cool down the real estate construction market and has more recently adopted policies to stimulate the real
estate sector, and the government in the future may refrain from supporting the sector or adopt measures in the future that may further
adversely affect our business.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Our independent registered public accounting firm&rsquo;s audit documentation related to their audit reports
included in the Antelope Enterprises&rsquo; annual reports may be located in the People&rsquo;s Republic of China. The Public Company
Accounting Oversight Board currently cannot inspect audit documentation located in China and, as such, you may be deprived of the benefits
of such inspection.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Proceedings instituted by the SEC against certain PRC-based accounting firms could result in financial
statements being determined to not be in compliance with the requirements of the Securities Exchange Act of 1934, as amended, or the Exchange
Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The approval of the China Securities Regulatory Commission and other compliance procedures may be required
in connection with any offering we may make and, if required, we cannot predict whether we will be able to obtain such approval.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Recent regulatory developments in China may subject us to additional regulatory review and disclosure
requirement, expose us to government interference, or otherwise restrict our ability to offer securities and raise capitals outside China,
all of which could materially and adversely affect our business and the value of our securities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The PRC government has significant influence over companies with China-based operations by enforcing existing
rules&nbsp;and regulation, adopting new ones, or changing relevant industrial policies in a manner that may materially increase our compliance
cost, change relevant industry landscape or otherwise cause significant changes to our business operations in China, which could result
in material and adverse changes in our operations and cause the value of our securities to significantly decline or be worthless.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">We may be subject to anti-monopoly concerns as a result of our doing business in China.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Our Ordinary Shares may be delisted under the HFCA Act if the PCAOB is unable to inspect auditors with
presence in China, and the delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect
the value of your investment.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Rules&nbsp;and regulations in China can change quickly with little advance notice, creating substantial
uncertainty. Changes in the PRC legal system may adversely affect our business and operation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We are dependent on political, economic, regulatory and social conditions in the PRC.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">PRC foreign exchange control may limit our ability to utilize our profits effectively and affect our ability
to receive dividends and other payments from our PRC subsidiaries.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Introduction of new laws or changes to existing laws by the PRC government may adversely affect our business.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Environmental, health and safety laws have in the past and may in the future impose material liabilities
on us and require us to incur material capital and operational costs.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Our business will suffer if we lose our land use rights.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We own certain buildings collectively, which may limit our right to use, renovate or dispose of such buildings.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Our business will suffer if we fail to comply with environmental protection regulations</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Our corporate structure together with applicable law impede shareholders from asserting claims against us and our principals.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">If we become directly subject to the recent scrutiny involving U.S.-listed Chinese companies, we may have
to expend significant resources to investigate and/or defend the matter, which could harm our business operations, stock price and reputation
and could result in a complete loss of your investment in us.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">There is a risk that Antelope Enterprises could be treated as a U.S. domestic corporation for U.S. federal
income tax purposes after the Redomestication and the Business Combination, which, among other things, could result in significantly greater
U.S. federal income tax liability to Antelope Enterprises.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">There is a risk that Antelope Enterprises will be classified as a passive foreign investment company,
or &ldquo;PFIC,&rdquo; which could result in adverse U.S. federal income tax consequences to U.S. holders of its securities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Under the EIT Law, Antelope Enterprises, Success Winner and/or Stand Best may be classified as a &ldquo;resident
enterprise&rdquo; of the PRC. Such classification could result in PRC tax consequences to Antelope Enterprises, our non-PRC resident shareholders,
Success Winner and/or Stand Best.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Fluctuations in exchange rates could adversely affect our business and the value of our shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">As the rights of shareholders under British Virgin Islands law differ from those under U.S. law, you may
have fewer protections as a shareholder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">British Virgin Islands companies may not be able to initiate shareholder derivative actions, thereby depriving
shareholders of the ability to protect their interests.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The laws of the British Virgin Islands may provide comparatively limited protection for minority shareholders,
so minority shareholders will have limited recourse if the shareholders are dissatisfied with the conduct of our affairs.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We may not be able to pay any dividends on our shares in the future due to British Virgin Islands law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">We may need additional capital, and the sale of additional shares or equity or debt securities could result
in additional dilution to our shareholders.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We generate a large percentage of our revenues
from a limited number of customers and our business will suffer if sales to such customers decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
five largest customers accounted for an aggregate of 96.7%, 43.3% and 76.0% of our total revenue in fiscal years 2018, 2019 and 2020.
We are particularly exposed to the credit risks of these customers as defaults in payment by our major customers would have a significant
impact on our cash flows and financial results. Our agreements with our major customers do not specify minimum sales volume. There is
no assurance that we will continue to retain these customers or that they will continue to purchase our products at their current levels
in the future. If there is any reduction or cancellation of purchase orders by these customers for any reason, including a fall in demand
from our customers&rsquo; downstream developer clients, or a termination of a relationship with these customers, our revenues will be
negatively impacted.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Payment defaults
by the customers to whom we extend credit would harm our cash flows and results.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
financial position and profitability are dependent on the creditworthiness of our customers. We are exposed to the credit risks of our
customers and this risk increases the larger the orders are. We usually offer our customers credit terms of approximately 120 to 150 days.
During the past two years our trade receivable turnover has increased substantially. As of fiscal year end 2020, it was 242 days. We may
experience increased credit risk from our customers resulting in an increased level of doubtful or bad debts in the future. Should we
experience any unexpected delay or difficulty in collecting receivables from our customers, our cash flows and financial results may be
adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>If our suppliers
are unable to fulfill our orders for raw materials, we may lose business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
suppliers are all located in the PRC. Our purchases of raw materials is based on expected production levels, after taking into consideration,
amongst other factors, sales forecasts and actual orders from our customers. To ensure that we are able to deliver quality products at
competitive prices, we need to secure sufficient quantities of raw materials at acceptable prices and quality on a timely basis. Typically,
we do not enter into any long-term supply agreements with our suppliers. There is no assurance that these suppliers will continue to supply
us in the future or that they will do so at acceptable prices. In the event our suppliers are unable to fulfill our orders or meet our
requirements, we may not be able to find timely replacements at acceptable prices and quality, and this will delay the fulfillment of
our customers&rsquo; orders. Consequently, our reputation may be negatively affected, leading to a loss of business and affecting our
ability to attract new business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Increases in the
price of raw materials will negatively impact our profitability.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
fiscal years 2018, 2019 and 2020 our cost of raw materials and energy source, which consist of clay (comprising mainly of kaolin, flint
and feldspar), coal and natural gas (used to heat our kilns), coloring materials and glazing materials, accounted for approximately 61.6%,
56.7% and 25.1% of our total cost of sales in fiscal years 2018, 2019 and 2020. The price of clay, coal, natural gas, coloring materials
and glazing materials may fluctuate due to factors such as global supply and demand for such raw materials and changes in global economic
conditions. Coal and natural gas in aggregate accounted for approximately 12.9%, 12.1% and 5.2% of our total costs of raw materials as
an energy source in fiscal years 2018, 2019 and 2020. Any shortages or interruptions in the supply of clay, coal and natural gas, coloring
materials or glazing materials will result in an increase in the cost of production, thus increasing our cost of sales. If we are not
able to pass on such an increase to our customers or are unable to find alternative sources of clay, coal, coloring materials, or glazing
materials or appropriate substitute raw materials at comparable prices, our gross margins and overall financial performance will be adversely
affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The Company may
incur significant delays and/or expenses relating to the COVID-19 (coronavirus) outbreak in China and beyond.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Beginning
in late 2019, a novel strain of coronavirus (COVID-19) was reported and the World Health Organization has declared the outbreak to constitute
a &ldquo;Public Health Emergency of International Concern.&rdquo; This has prompted government-imposed quarantines, closures of certain
travel and businesses. Following this outbreak, in February&nbsp;2020, the Company temporarily shut down its operations in Jinjiang City,
Fujian Province, and Gao&rsquo;An City, Jiangxi Province, as mandated by the local authorities. In March&nbsp;2020, the Company gradually
resumed its operations in these cities and continues to operate such production facilities. It is presently unknown whether and to what
extent the Company&rsquo;s supply chains may be affected if the pandemic persists for an extended period of time. The Company may incur
significant delays or expenses relating to such events outside of its control, which could have a material adverse impact on its business,
operating results and financial condition.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>If China&rsquo;s
inflation increases or the prices of energy or raw materials increase, we may not be able to pass the resulting increased costs to our
customers and this may adversely affect our profitability or cause us to suffer operating losses.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Economic
growth in China has, in the past, been accompanied by periods of high inflation. In the past, the Chinese government has implemented various
policies from time to time to control inflation. For example, the Chinese government has periodically introduced measures in certain sectors
to avoid overheating of the economy, including tighter bank lending policies, increases in bank interest rates, and measures to curb inflation,
which has resulted in a decrease in the rate of inflation. An increase in inflation could cause our costs for energy, labor costs, raw
materials and other operating costs to increase, which would adversely affect our financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We are dependent
on our management team and any loss of our key management personnel without timely and suitable replacements may reduce our revenues and
profits.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
business is also dependent on our executive officers who are responsible for implementing our business plans and driving growth. Please
refer to &ldquo;Directors, Senior Management and Employees&rdquo; herein for more information about our directors and officers. The demand
for such experienced personnel is intense and the search for personnel with the relevant skills set can be time consuming. The loss of
our key management personnel without timely and suitable replacements may reduce our revenues and profits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Failure to compete successfully with our
competitors and new entrants to the ceramics industry in the PRC may result in Antelope Enterprises losing market share.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
operate in a competitive and fragmented industry. There is no assurance that we will not face competition from our existing competitors
and new entrants. We compete with a variety of companies, some of which have advantages that include: longer operating history, larger
clientele base, superior products, better access to capital, personnel and technology, or are better entrenched. Our competitors may be
able to respond more quickly to new and emerging technologies and changes in customer requirements or succeed in developing products that
are more effective or less costly than our products. Any increase in competition could have a negative impact on our pricing (thus eroding
our profit margins) and reduce our market share. If we are unable to compete effectively with our existing and future competitors and
do not adapt quickly to changing market conditions, we may lose market share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We have not purchased
product liability insurance and any loss resulting from product liability claims must be paid by us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Accidents
may arise as a result of defects in our products. If there are any defects in the products designed and/or manufactured by us, we may
face claims from our customers or third parties for the personal injury or property damage suffered as a result of such defects. We have
not purchased insurance coverage for product liability or third party liability and are therefore not covered or compensated by insurance
in respect of losses, damages, claims and liabilities arising from or in connection with product liability or third party liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our production
facilities may be affected by power shortages which could result in a loss of business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
production facilities consume substantial amounts of electrical power, which is the principal source of energy for our manufacturing operations.
Although we have a back-up generator at both our production facilities, we may experience occasional temporary power shortages disrupting
production due to power rationing activities conducted by the authorities, thunderstorms or other natural events beyond our control. Accordingly,
these production disruptions could result in a loss of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our research and
development efforts may not result in marketable products.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
research and development team develops products which we have identified as having good potential in the market. There is no assurance
that we will not experience delays in future product developments. There is also no assurance that the products which we are currently
developing or may develop in the future will be successful or that we will be able to market these new products to our customers successfully.
If our new products are unable to gain the acceptance of our customers or potential customers, we will not be able to generate future
sales from our investment in research and development.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We may not be able
to ensure the successful implementation of our future plans and strategies, resulting in reduced financial performance.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
intend to expand our market presence and explore opportunities in strategic investments or alliances and acquisitions. These initiatives
involve various risks including, but not limited to, the investment costs in setting up new offices and sales offices and working capital
requirements. There is no assurance that any future plan can be successfully implemented as the successful execution could depend on several
factors, some of which are not within our control. Failure to successfully implement our future plans or to effectively manage costs may
lead to a material adverse change in our operating environment or affect our ability to respond to market or industry changes, resulting
in reduced financial performance. Decelerating economic growth in China has caused challenging market conditions in the real estate and
construction sectors resulting in a contraction in investment and new housing projects by property developers. The challenging market
conditions has resulted in an expected contraction in demand for our products. Due to the reduced demand for our products, we recently
recorded an impairment of assets. As we are currently operating our facilities at significantly less than our maximum capacity, this could
reduce our profitability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
facilities currently provide an aggregate annual maximum production capacity of approximately 51.6 million square meters of ceramic tiles.
However, due to a reduction in demand, as of fiscal year end 2020, we are utilizing production facilities capable of producing only 4.19
million square meters of ceramic tiles. In addition, we currently have 12 production lines of which only one was utilized as of fiscal
year end 2020 due to challenging macroeconomic conditions that began in the fourth quarter of 2012 and which was recently exacerbated
by the COVID-19 pandemic. The fact that a significant portion of our facilities are not being used means that our net income will be
significantly less than it would otherwise be because we need to maintain those unused facilities even though they are not currently
being productive. Because certain of our facilities have remained idle for an extended period of time, the Company recorded an impairment
charge of RMB 85.0 million (US$ 12.9 million) in the second half of 2018 related to property, plant and equipment, and land use rights
at its Hengda and Hengdali production facilities. The impairment of the non-current assets is attributable to challenging market conditions
in China which resulted in a contraction in demand for the Company&rsquo;s products in 2018. If our facilities continue to remain idle,
we may be required to take an additional impairment charge on our financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the full fiscal year 2020,
revenue decreased by 44.1% as compared to fiscal 2019 mainly due to the 35.4% decrease in sales volume and a decrease in our average selling
price of 13.6% resulting from a contraction in business from our customers which was primarily caused by the COVID-19 pandemic. In order
to maintain our market share and move inventory, in October&nbsp;2019, we decreased the pricing of our ceramic tile products by an average
of 15%. This resulted in a 26% increase in our sales volume for the second half of 2019 as compared to the same period of 2018. For the
full fiscal year 2019, revenue decreased by 34.2% as compared to fiscal 2018 mainly due to the 27.0% decrease in sales volume resulting
from the continued slowdown of China&rsquo;s economy, especially in the manufacturing sector and the real estate industry. However, in
July&nbsp;of 2018, we decreased the pricing of our ceramic tile products by an average of 10%, but this decrease did not offset the fall
in our sales volume due to deteriorating market conditions that persisted through the second half of 2018, and we do not believe that
further price decreases would have had a beneficial effect upon sales volume for this period. In past periods, we also decreased the pricing
of our products in order to increase sales. On July&nbsp;1, 2016, we reduced the selling price of certain of our slow-moving products
beginning on July&nbsp;1, 2016 with the goal to turn some of this inventory into cash. Beginning on October&nbsp;1, 2016, in order to
generate sales and move inventory, we instituted a 20% reduction of our slow-moving products. This price reduction led to a 35% increase
in our sales volume in the fourth quarter of 2016 compared to the same period of 2015. The fourth quarter of 2016 growth in sales volume
was the first positive comparison to the previous comparable period after four straight fiscal quarters of period over period decline
in this key metric. Our strategy of decreasing the pricing of our products may or may not result in an increase in our sales volume during
differing periods. In addition, if customers grow accustomed to such significant reductions, we may need to offer significant discounts
in the future, which could reduce our net income and revenues long term.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We may lose revenue
if our intellectual property rights are not protected and counterfeit HD, Hengda, HDL, Hengdeli, WULIQIAO, TOERTO or Pottery Capital of
Tang Dynasty brand products are sold in the market.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
believe our intellectual property rights are important to our success and competitive position. A portion of our products are manufactured
and marketed under our &ldquo;HD&rdquo; or &ldquo;Hengda,&rdquo; &ldquo;HDL&rdquo; or &ldquo;Hengdeli,&rdquo; &ldquo;Pottery Capital of
Tang Dynasty&rdquo;, &ldquo;TOERTO&rdquo; and &ldquo;WULIQIAO&rdquo; labels. We have filed our labels as trademarks in the PRC. Before
April13, 2011, WULIQIAO was a trademark owned by Fujian Province Jinjiang City Hengda Construction Materials Co.,&nbsp;Ltd. Hengda signed
a Trademark Licensing Contract with Fujian Province Jinjiang City Hengda Construction Materials Co.,&nbsp;Ltd. and was licensed the exclusive
right to use WULIQIAO during the terms of that trademark. Since April&nbsp;13, 2011, WULIQIAO has been transferred to Hengdali, according
to Certificate of Approved Transference of Trademark issued on April&nbsp;13, 2011 by the Trademark Office of the State Administration
for Industry&nbsp;&amp; Commerce of the P.R.C. In addition, we own twenty-two utility model patents and have certain trade secrets and
unpatented proprietary technology. We cannot assure you that there will not be any unauthorized usage or misuse of our trademarks and
patent rights or that our intellectual property rights will be adequately protected as it may be difficult and costly to monitor any infringements
of our intellectual property rights in the PRC. If we cannot adequately protect our intellectual property, we may lose revenue. In addition,
we believe the branding of our products and the brand equity in our &ldquo;HD&rdquo; or &ldquo;Hengda&rdquo;, &ldquo;HDL or Hengdeli&rdquo;,
 &ldquo;Pottery Capital of Tang Dynasty&rdquo;, &ldquo;TOERTO&rdquo; and &ldquo;WULIQIAO&rdquo; trademarks is critical to our expansion
effort and the continued success of our business. Our efforts to build our brand may be undermined by the sale of counterfeit goods. The
counterfeiting of our products may increase if our products become more popular. In order to preserve and enforce our intellectual property
rights, we may have to resort to litigation against the infringing or counterfeiting parties. Such litigation could result in substantial
costs and diversion of management resources which may have an effect on our financial performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We may inadvertently
infringe third-party intellectual property rights, which could negatively impact our business and financial results.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
are not aware of, nor have we received any claims from third parties for, any violations or infringements of intellectual property rights
of third parties by us as of the date of Antelope Enterprises&rsquo; 2020 annual report. Nevertheless, there can be no assurance that
as we develop new product designs and production methods, we would not inadvertently infringe the intellectual property rights of others
or others would not assert infringement claims against us or claim that we have infringed their intellectual property rights. Claims against
us, even if untrue or baseless, could result in significant costs, legal or otherwise, cause product shipment delays, require us to develop
non-infringing products, enter into licensing agreements or may be a distraction to our management. Licensing agreements, if required,
may not be available on terms acceptable to us or at all. In the event of a successful claim of intellectual property rights infringement
against us and our failure or inability to develop non-infringing products or to license the infringed intellectual property rights in
a timely or cost-effective basis, our business and/or financial results will be negatively impacted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The PRC government
has historically introduced certain policy and regulatory measures to control the rapid increase in housing prices and cool down the real
estate construction market and has more recently adopted policies to stimulate the real estate sector, and the government in the future
may refrain from supporting the sector or adopt measures in the future that may further adversely affect our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
business depends on the level of business activity in the property development and construction industries that use our products in their
operations in the PRC. Our products are sold to customers in the property development and construction industries. If the property and
construction industries fall into a recession in the future, the demand for construction materials, such as ceramic tiles, may consequently
decrease and have a significant adverse effect on our business. The PRC government has committed to taking steps to regulate real estate
development, promote the healthy development of the real estate industry in China, and strengthen the supervision over land for real estate
development purposes. For example, in his 2010 annual report to the National People&rsquo;s Congress, as part of the 12th Five-Year Plan,
Chinese Premier Wen Jiabao pledged to curb the rise of housing prices in certain cities to increase the availability of affordable housing.
The PRC government has also enacted measures to cool down the real estate construction market and imposed lending curbs, higher mortgage
rates, higher down payments, a price cap on new developments and restrictions on the number of homes each family can buy. This offered
some incentive for property developers to develop new residential housing due to continued uncertainty, resulting in the recent slowing
construction sector. The PRC government has also adopted an array of policies to stimulate the real estate sector which includes cutting
benchmark interest rates five times in 2015, a lowering of the reserve requirement ratio for banks, lower first home down payment ratios
and a cut in the minimum capital ratio for fixed asset investments which would help property developers. Although the Central Government&rsquo;s
measures have helped to sustain the real estate sector from time to time, there has been a substantial slowdown in construction activity,
and it is not clear if supportive monetary and regulatory policies will continue in the future. We also cannot be certain that the PRC
government will not issue additional and more stringent regulations or measures or that agencies and banks will not adopt restrictive
measures or practices in response to PRC governmental policies and regulations, which could negatively affect the industries we serve
in the PRC, and thereby harm our sales.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our manufacturing
activities are dependent upon availability of skilled and unskilled labor, a deficiency of which could result in a reduction in profits.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
manufacturing activities are labor intensive and dependent on the availability of skilled and unskilled labor in large numbers. Large
labor intensive operations call for good monitoring and maintenance of cordial relations. Non-availability of labor, poor labor management
and/or any disputes between the labor and management may result in a reduction in profits. Further, we rely on contractors who engage
on-site laborers for performance of many of our unskilled operations. The scarcity or unavailability of contract laborers may affect our
operations and financial performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We face increasing
labor costs and other costs of production in the PRC, which could limit our profitability.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
ceramic tile manufacturing industry is labor intensive. Labor costs in China have been increasing in recent years and our labor costs
in the PRC could continue to increase in the future. If labor costs in the PRC continue to increase, our production costs will likely
increase which may in turn affect the selling prices of our products. We may not be able to pass on these increased costs to consumers
by increasing the selling prices of our products in light of competitive pressure in the markets where we operate. In such circumstances,
our profit margin may decrease.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Violation of Foreign
Corrupt Practices Act or China anti-corruption law could subject us to penalties and other adverse consequences.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
are subject to the United States Foreign Corrupt Practices Act, which generally prohibits United States public companies from bribing
or making prohibited payments to foreign officials to obtain or retain business. PRC law also strictly prohibits bribery of government
officials. While we take precautions to educate our employees about the Foreign Corrupt Practices Act and Chinese anti-corruption law,
there can be no assurance that we or the employees or agents of our subsidiaries will not engage in such conduct, for which we may be
held responsible. If that were to occur, we could suffer penalties that may have a material adverse effect on our business, financial
condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our independent
registered public accounting firm&rsquo;s audit documentation related to their audit reports included in the Antelope Enterprises&rsquo;
annual reports may be located in the People&rsquo;s Republic of China. The Public Company Accounting Oversight Board currently cannot
inspect audit documentation located in China and, as such, you may be deprived of the benefits of such inspection.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Auditors
of companies whose shares are registered with the U.S. Securities and Exchange Commission and traded publicly in the United States, including
our independent registered public accounting firm, must be registered with the U.S. Public Company Accounting Oversight Board (the &ldquo;PCAOB&rdquo;)
and are required by the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with the laws
of the United States and professional standards applicable to auditors. Because we have substantial operations within the PRC, a jurisdiction
where the PCAOB is currently unable to conduct inspections without the approval of the Chinese authorities, our auditor is not currently
inspected by the PCAOB. In May&nbsp;2013, the PCAOB announced that it had entered into a Memorandum of Understanding on Enforcement Cooperation
with the China Securities Regulatory Commission, or CSRC, and the PRC Ministry of Finance, which establishes a cooperative framework between
the parties for the production and exchange of audit documents relevant to investigations undertaken by the PCAOB, the CSRC or the Ministry
of Finance in the United States and the PRC, respectively. The PCAOB continues to be in discussions with the CSRC and the Ministry of
Finance to permit joint inspections in the PRC of audit firms that are registered with the PCAOB and audit Chinese companies that trade
on U.S. exchanges. This lack of PCAOB inspections in China prevents the PCAOB from regularly evaluating audits and quality control procedures
of any auditors operating in China, including our auditor. As a result, investors may be deprived of the benefits of PCAOB inspections.
The inability of the PCAOB to conduct inspections of auditors in China makes it more difficult to evaluate the effectiveness of our auditor&rsquo;s
audit procedures or quality control procedures as compared to auditors outside of China that are subject to PCAOB inspections. Investors
may lose confidence in our reported financial information and procedures and the quality of our financial statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Proceedings instituted
by the SEC against certain PRC-based accounting firms could result in financial statements being determined to not be in compliance with
the requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
December&nbsp;3, 2012, the SEC issued an order instituting administrative proceedings against five of the largest global public accounting
firms relating to work performed in the PRC and such firms&rsquo; failure to provide audit work papers to the SEC in this regard. Our
independent registered public accounting firm is not one of the accounting firms referenced in the order. On January&nbsp;22, 2014, an
initial administrative law decision was issued, censuring the five accounting firms and suspending four of the five firms from practicing
before the SEC for a period of six months. On February&nbsp;12, 2014, four of these PRC-based accounting firms appealed to the SEC against
this decision. In February&nbsp;2015, each of the four PRC-based accounting firms agreed to a censure and to pay a fine to the SEC to
settle the dispute and avoid suspension of their ability to practice before the SEC. The settlement requires the firms to follow detailed
procedures to seek to provide the SEC with access to Chinese firms&rsquo; audit documents via the CSRC. If the firms do not follow these
procedures, the SEC could impose penalties such as suspensions, or it could restart the administrative proceedings. In the event that
the SEC restarts the administrative proceedings, depending upon the final outcome, listed companies in the United States with major PRC
operations may find it difficult or impossible to retain auditors in respect of their operations in the PRC, which could result in financial
statements being determined to not be in compliance with the requirements of the Exchange Act, including possible delisting. Moreover,
any negative news about the proceedings against these audit firms may cause investor uncertainty regarding China-based, United States-listed
companies and the market price of our shares may be adversely affected. If our independent registered public accounting firm was denied,
temporarily, the ability to practice before the SEC and we were unable to timely find another registered public accounting firm to audit
and issue an opinion on our financial statements, our financial statements could be determined to not be in compliance with the requirements
of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Risks Related to Doing Business in China</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The approval of the CSRC, and other compliance
procedures may be required in connection with any offering we may make and, if required, we cannot predict whether we will be able to
obtain such approval.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Antelope Enterprise, our ultimate
British Virgin Islands holding company, does not have any substantive operations other than indirectly holding the equity interest in
our operating subsidiaries in China and other countries and regions. As of the date of this prospectus, (i)&nbsp;our business operations
are carried out inside China; and (ii)&nbsp;we do not maintain any variable interest entity structure or operate any data center in China.
We may still be subject to PRC laws relating to, among others, data security and restrictions over foreign investments due to the complexity
of the regulatory regime in China, and the recent statements and regulatory actions by the PRC government relating to data security may
affect our business operations in China or even our ability to offer securities in the United States. Neither we nor any of our subsidiaries
has obtained the approval from either the China Securities Regulatory Commission (the &ldquo;CSRC&rdquo;) or the Cyberspace Administration
of China (the &ldquo;CAC&rdquo;) for any offering we or the selling shareholders may make under this prospectus and any applicable prospectus
supplement, and we do not intend to obtain the approval from either the CSRC in connection with any such offering, since we do not believe,
based upon advice of our PRC counsel, Allbright Law Offices, that such approval is required under these circumstances or for the time
being. There can be no assurance however, that regulators in China will not take a contrary view or will not subsequently require us to
undergo the approval procedures and subject us to penalties for non-compliance. The approval of the CSRC, and other compliance procedures
may be required in connection with any offering we or the selling shareholders may make and, if required, we cannot predict whether we
will be able to obtain such approval.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Recent regulatory developments in China
may subject us to additional regulatory review and disclosure requirement, expose us to government interference, or otherwise restrict
our ability to offer securities and raise capitals outside China, all of which could materially and adversely affect our business and
the value of our securities.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In light of the recent statements
by the Chinese government indicating its intention to exert more oversight and control over overseas offerings of China-based companies
and the proposed CAC review for certain data processing operators in China, we may adjust our business operations in the future, to comply
with PRC laws regulating our industry and our business operations. However, such efforts may not be completed in a liability-free manner
or at all. We cannot guarantee that we will not be subject to PRC regulatory inspection and/or review relating to cybersecurity, especially
when there remains significant uncertainty as to the scope and manner of the regulatory enforcement. If we become subject to regulatory
inspection and/or review by the CAC or other PRC authorities, or are required by them to take any specific actions, it could cause suspension
or termination of the future offering of our securities, disruptions to our operations, result in negative publicity regarding our company,
and divert our managerial and financial resources. We may also be subject to fines or other penalties, which could materially and adversely
affect our business, financial condition, and results of operations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be subject to PRC laws
relating to, among others, data security and restrictions over foreign investments in value-added telecommunications services and other
industry sectors set out in the Special Administrative Measures (Negative List) for the Access of Foreign Investment (2020 Edition). Specifically,
we may be subject to PRC laws relating to the collection, use, sharing, retention, security, and transfer of confidential and private
information, such as personal information and other data. These PRC laws apply not only to third-party transactions, but also to transfers
of information between us and our wholly foreign-owned enterprises in China, and other parties with which we have commercial relations.
These PRC laws and their interpretations and enforcement continue to develop and are subject to change, and the PRC government may adopt
other rules&nbsp;and restrictions in the future. The recent regulatory developments in China, in particular with respect to restrictions
on China-based companies raising capital offshore, and the government-led cybersecurity reviews of certain companies with VIE structure,
may lead to additional regulatory review in China over our financing and capital raising activities in the United States. Pursuant to
the PRC Cybersecurity Law, which was promulgated by the Standing Committee of the National People&rsquo;s Congress on November&nbsp;7,
2016 and took effect on June&nbsp;1, 2017, personal information and important data collected and generated by a critical information infrastructure
operator in the course of its operations in China must be stored in China, and if a critical information infrastructure operator purchases
internet products and services that affect or may affect national security, it should be subject to cybersecurity review by the Cyberspace
Administration of China (the &ldquo;CAC&rdquo;). The PRC Cybersecurity Law also establishes more stringent requirements applicable to
operators of computer networks, especially to operators of networks which involve critical information infrastructure. The PRC Cybersecurity
Law contains an overarching framework for regulating Internet security, protection of private and sensitive information, and safeguards
for national cyberspace security and provisions for the continued government regulation of the Internet and content available in China.
The PRC Cybersecurity Law emphasizes requirements for network products, services, operations and information security, as well as monitoring,
early detection, emergency response and reporting. Due to the lack of further interpretations, the exact scope of &ldquo;critical information
infrastructure operator&rdquo; remains unclear. On July&nbsp;10, 2021, the CAC publicly issued the Cybersecurity Review Measures (the
 &ldquo;Draft Measures&rdquo;) for public comments until July&nbsp;25, 2021. According to the Draft Measures, the scope of cybersecurity
reviews is extended to data processing operators engaging in data processing activities that affect or may affect national security. The
Draft Measures further requires that any operator applying for listing on a foreign exchange must go through cybersecurity review if it
possesses personal information of more than one million users. According to the Draft Measures, a cybersecurity review assesses potential
national security risk that may be brought about by any procurement, data processing, or overseas listing. The review focuses on several
factors, including, among others, (1)&nbsp;the risk of theft, leakage, corruption, illegal use or export of any core or important data,
or a large amount of personal information, and (2)&nbsp;the risk of any critical information infrastructure, core or important data, or
a large amount of personal information being affected, controlled or maliciously exploited by a foreign government after a company is
listed overseas. While the Draft Measures have been released for consultation purposes, there is still uncertainty regarding the final
content of the Draft Measures, its adoption timeline or effective date, its final interpretation and implementation, and other aspects.
Furthermore, the Standing Committee of the National People&rsquo;s Congress passed the Personal Information Protection Law of the PRC
(&ldquo;PIPL&rdquo;), which will become effective from November&nbsp;1, 2021, and requires general network operators to obtain a personal
information protection certification issued by recognized institutions in accordance with the CAC regulation before such information can
be transferred out of China. On July&nbsp;30, 2021, in response to the recent regulatory developments in China and actions adopted by
the PRC government, the Chairman of the SEC issued a statement requesting additional disclosures from offshore issuers with China-based
operating companies before their registration statements will be declared effective, including detailed disclosure related to VIE structures
and whether the VIE and the issuer, when applicable, received or were denied permission from the PRC authorities to list on U.S. exchanges
and the risks that such approval could be denied or rescinded. On August&nbsp;1, 2021, the CSRC stated that it had taken note of the new
disclosure requirements announced by the SEC regarding the listings of Chinese companies and the recent regulatory development in China,
and that the securities regulators in both countries should strengthen communications on regulating China-related issuers. Our PRC legal
counsel, All Bright Law Offices, has advised us that, in light of our business operations, we should not be required to undergo the CAC
review for any offering that we or the selling shareholders may make. However, if the enacted version of the Draft Measures mandates clearance
of cybersecurity review and other specific actions to be completed by companies aiming to offer securities outside China, we cannot assure
you that the PRC regulatory authorities will not take a contrary view or will not subsequently require us to undergo the approval procedures
and subject us to penalties for non-compliance, or that if we are required to obtain such clearance, such clearance can be timely obtained,
or at all. If we become subject to cybersecurity inspection and/or review by the CAC or other PRC authorities or are required by them
to take any specific actions, it could cause suspension or termination of the future offering of our securities, including offerings under
this registration statement, disruptions to our operations, result in negative publicity regarding our company, and divert our managerial
and financial resources. We may also be subject to significant fines or other penalties, which could materially and adversely affect our
business, financial condition and results of operations. Furthermore, in the event that Antelope Chengdu and Antelope Futures become operators
of critical information infrastructure in the future they (and Antelope Enterprise) may be subjected to the above-described regulation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The PRC government has significant influence
over companies with China-based operations by enforcing existing rules&nbsp;and regulation, adopting new ones, or changing relevant industrial
policies in a manner that may materially increase our compliance cost, change relevant industry landscape or otherwise cause significant
changes to our business operations in China, which could result in material and adverse changes in our operations and cause the value
of our securities to significantly decline or be worthless.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations are located entirely within China.
The PRC government has significant influence over the China-based operations of any company by allocating resources, providing preferential
treatment to particular industries or companies, or imposing industry-wide policies on certain industries. The PRC government may also
amend or enforce existing rules&nbsp;and regulation, or adopt ones, which could materially increase our compliance cost, change the relevant
industry landscape, or cause significant changes to our business operations in China. In addition, the PRC regulatory system is based
in part on government policies and internal guidance, some of which are not published on a timely basis, or at all, and some of which
may even have a retroactive effect. We may not be aware of all non-compliance incidents at all times, and we may face regulatory investigation,
fines and other penalties as a consequence. As a result of the changes in the industrial policies of the PRC government, including the
amendment to and/or enforcement of the related laws and regulations, companies with China-based operations, including us, and the industries
in which we operate, face significant compliance and operational risks and uncertainties. For example, on July&nbsp;24, 2021, Chinese
state media, including Xinhua News Agency and China Central Television, announced a broad set of reforms targeting private education companies
providing after-school tutoring services and prohibiting foreign investments in institutions providing such after-school tutoring services.
As a result, the market value of certain U.S. listed companies with China-based operations in the affected sectors declined substantially.
As of the date of this prospectus, we are not aware of any similar regulations that may be adopted to significantly curtail our business
operations in China. However, if such other adverse regulations or policies are adopted in China, our operations in China will be materially
and adversely affected, which may significantly disrupt our operations and adversely affect our business.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be subject to anti-monopoly concerns
as a result of our doing business in China.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Article&nbsp;3 of Anti-Monopoly
Law of the People's Republic of China prohibits &quot;monopolistic practices,&quot; which include: a) the conclusion of monopoly agreements
between operators; b) the abuse of dominant market position by operators; c) concentration of undertakings which has or may have the effect
of eliminating or restricting market competition. Also, according to Article&nbsp;19, the operator(s)&nbsp;will be assumed to have a dominant
market position if it has following situation: a) an operator has 50% or higher market share in a relevant market; b) two operators have
66% or higher market share in a relevant market; c) three operators have 75% or higher market share in a relevant market. We believe none
of our subsidiaries in China has conducted any monopolistic practices in China, and that recent statements and regulatory actions by the
Chinese government do not impact our ability to conduct business, accept foreign investments, or list on an U.S. or other foreign stock
exchange. However, there can be no assurance that regulators in China will not promulgate new laws and regulations or adopt new series
of regulatory actions which may require our Chinese subsidiaries to meet new requirements on the issues mentioned above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Ordinary Shares may be delisted under
the HFCA Act if the PCAOB is unable to inspect auditors with presence in China, and the delisting of our Ordinary Shares, or the threat
of their being delisted, may materially and adversely affect the value of your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Holding Foreign Companies
Accountable Act was enacted on December&nbsp;18, 2020. The HFCA Act states if the SEC determines that we have filed audit reports issued
by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021,
the SEC shall prohibit our Ordinary Shares from being traded on a national securities exchange or in the over the counter trading market
in the United States. Our financial statements contained in the annual report on Form&nbsp;20-F for the year ended December&nbsp;31, 2020
have been audited by Centurion ZD CPA&nbsp;&amp; Co., an independent registered public accounting firm that is headquartered in Hong Kong.
Centurion ZD CPA&nbsp;&amp; Co., is a firm registered with the PCAOB, and is required by the laws of the U.S. to undergo regular inspections
by the PCAOB to assess its compliance with the laws of the U.S. and professional standards. According to Article&nbsp;177 of the PRC Securities
Law (last amended in March&nbsp;2020), no overseas securities regulator is allowed to directly conduct investigation or evidence collection
activities in China. Accordingly, without the consent of the competent PRC securities regulators and relevant authorities, no organization
or individual may provide the documents and materials relating to securities business activities to overseas parties. As a result, the
audit working papers of our financial statements may not be inspected by the PCAOB without the approval of the PRC authorities, since
the audit work was carried out by Centurion ZD CPA&nbsp;&amp; Co. Our Ordinary Shares may be delisted under the Holding Foreign Companies
Accountable Act (the &ldquo;HFCA Act&rdquo;) if the PCAOB is unable to inspect auditors with presence in China. On March&nbsp;24, 2021,
the SEC adopted interim final rules&nbsp;relating to the implementation of certain disclosure and documentation requirements of the HFCA
Act. We will be required to comply with these rules&nbsp;if the SEC identifies us as having a &quot;non-inspection&quot; year under a
process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act, including
the listing and trading prohibition requirements described above. On June&nbsp;22, 2021, the U.S. Senate passed a bill which, if passed
by the U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCA Act from three years to two. The SEC may propose additional rules&nbsp;or guidance that could impact us
if our auditor is not subject to PCAOB inspections. For example, on August&nbsp;6, 2020, the President's Working Group on Financial Markets,
or the PWG, issued the Report on Protecting United States Investors from Significant Risks from Chinese Companies to the then President
of the United States. This report recommended the SEC implement five recommendations to address companies from jurisdictions that do not
provide the PCAOB with sufficient access to fulfil its statutory mandate. Some of the concepts of these recommendations were implemented
with the enactment of the HFCA Act. However, some of the recommendations were more stringent than the HFCA Act. For example, if a company
was not subject to PCAOB inspections, the report recommended that the transition period before a company would be delisted would end on
January&nbsp;1, 2022. The SEC has announced that its staff is preparing a consolidated proposal for the rules&nbsp;regarding the implementation
of the HFCA Act and to address the recommendations in the PWG report. It is unclear when the SEC will complete its rulemaking and when
such rules&nbsp;will become effective and what, if any, of the PWG recommendations will be adopted. The implications of this possible
regulation in addition the requirements of the HFCA Act are uncertain. Such uncertainty could cause the market price of our Ordinary Shares
to be materially and adversely affected, and our securities could be delisted or prohibited from being traded &ldquo;over-the-counter&rdquo;
earlier than would be required by the HFCA Act. If our securities are unable to be listed on another securities exchange by then, such
a delisting would substantially impair your ability to sell or purchase our Ordinary Shares when you wish to do so, and the risk and uncertainty
associated with a potential delisting would have a negative impact on the price of our Ordinary Shares. The PCAOB's inability to conduct
inspections in China prevents it from fully evaluating the audits and quality control procedures of our independent registered public
accounting firm. As a result, we and our investors are deprived of the benefits of such PCAOB inspections. The inability of the PCAOB
to conduct inspections of auditors with presence in China makes it more difficult to evaluate the effectiveness of our independent registered
public accounting firm's audit procedures or quality control procedures as compared to auditors outside of China that are subject to the
PCAOB inspections, which could cause investors and potential investors in our securities to lose confidence in our audit procedures and
reported financial information and the quality of our financial statements. If we fail to meet the new listing standards before the deadline
specified thereunder due to factors beyond our control, we could face possible de-listing from the Nasdaq Stock Market, deregistration
from the SEC and/or other risks, which may materially and adversely affect, or effectively terminate, our Ordinary Shares trading in the
United States.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Rules&nbsp;and regulations in China can
change quickly with little advance notice, creating substantial uncertainty. Changes in the PRC legal system may adversely affect our
business and operation.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our major business operations
are conducted in the PRC and therefore regulated by the laws and regulations of the PRC. The PRC legal system is based on the written
statutes and involves a unified, multilevel legislative system. The National People&rsquo;s Congress (the &ldquo;NPC&rdquo;) and its Standing
Committee exercise the state power to make laws. The NPC enacts and amends basic laws pertaining to criminal offences, civil affairs,
state organs and other matters. The Standing Committee enacts and amends all laws except for basic laws that should be enacted by the
NPC. When the NPC is not in session, its Standing Committee may partially supplement and revise laws enacted by the NPC, provided that
the changes do not contravene the laws&rsquo; basic principles. Generally, the PRC laws will go through specific legislative procedures
before being promulgated. The legislative authority may propose a bill and then the bill shall be deliberated three times before being
voted. However, administrative regulations are formulated by the State Council which reports them to the NPC. The administration regulations
are often promulgated with little advance notice, which results in a lack of predictability, and substantial uncertainty. Moreover, the
uncertainties may fundamentally impact the development of one or more specific industries and in extreme cases result in the termination
of certain businesses. For example, the Opinions on Further Easing the Burden of Excessive Homework and After-School Tutoring for Students
Undergoing Compulsory Education, known as &ldquo;double reduction&rdquo; education policy, was promulgated by General Office of the CPC
Central Committee and General Office of the State Council on July&nbsp;24, 2021. The &ldquo;double reduction&rdquo; education policy comes
into effective immediately and has posed a significant impact on the education and training industries, as well as those China-based companies
listed in the United States. The resulting unpredictable could materially and adversely affects the market value and the operation of
the businesses affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, the PRC administrative
authorities and court have the power to interpret and implement or enforce statutory rules&nbsp;and contractual terms at their reasonable
discretion which makes the business environment much more complicated and unpredictable. It is difficult to predict the outcome of the
administrative and court proceedings. The uncertainties may affect our assessments of the relevance of legal requirements, and our business
decisions. Such uncertainties may result in substantial operating expenses and costs. Should there were any investigations, arbitrations
or litigation with respect to our alleged non-compliance with statutory rules&nbsp;and contractual terms, the management could be distracted
from our primary business considerations, and therefore such a circumstance could materially and adversely affect our business and results
of operations. We cannot predict future developments relating to the laws, regulations and rules&nbsp;in the PRC. We may be required to
procure additional permits, authorizations and approvals for our operations, which we may not be able to obtain. Our failure to obtain
such permits, authorizations and approvals may materially and adversely affect our business, financial condition and the results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are dependent on political, economic, regulatory and social
conditions in the PRC.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approximately 100%, 99.7%
and 95.4% of our revenue in each of the last three fiscal years was derived from the PRC market and we anticipate that the PRC market
will continue to be the major source of revenue for the foreseeable future. Accordingly, any significant slowdown in the PRC economy or
decline in demand for our products from our customers in the PRC will have an adverse effect on our business and financial performance.
Furthermore, as our operations and production facilities are located in the PRC, any unfavorable changes in the social and/or political
conditions may also adversely affect our business and operations. While the current policy of the PRC government seems to be one of economic
reform to encourage foreign investments and greater economic decentralization, there is no assurance that such a policy will continue
to prevail in the future. There is no assurance that our operations will not be adversely affected should there be any policy changes.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are subject to risks related to the laws
and regulations of the PRC and the interpretation and implementation thereof.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business and operations,
as well as those of our customers and suppliers in the PRC, are subject to the laws and regulations promulgated by relevant PRC governmental
authorities. The PRC government is still in the process of developing a comprehensive set of laws and regulations in the course of the
PRC&rsquo;s transformation from a centrally planned economy to a market-oriented economy. As the legal system in the PRC is still in flux,
laws and regulations or their interpretation may be subject to change. Furthermore, any change in the political and economic policy of
the PRC government may also result in similar changes in the laws and regulations or the interpretation thereof. Such changes may adversely
affect our operations and business in the PRC. The PRC legal system is a codified legal system comprising written laws, regulations, circulars,
administrative directives, and internal guidelines as well as judicial interpretations. Decided cases do not form part of the legal structure
of the PRC and thus have no binding effect. As such, the administration of PRC laws and regulations may be subject to a certain degree
of discretion by the authorities. This has resulted in the outcome of dispute resolutions not having the level of consistency or predictability
as in other countries with more developed legal systems. Due to such inconsistency and unpredictability, if we should be involved in any
legal dispute in the PRC, we may experience difficulties in obtaining legal redress or in enforcing our legal rights. From time to time,
changes in law, registration requirements, and regulations or the implementation thereof may also require us to obtain additional approvals
and licenses from the PRC authorities for carrying out our operations in the PRC which would require us to incur additional expenses in
order to comply with such requirements and in turn affect our financial performance with the increase in our business costs. Furthermore,
there can be no assurance that approvals, registrations, or licenses will be granted to us promptly or at all. If we experience delays
in obtaining or are unable to obtain such required approvals, registrations, or licenses, our operations and business in the PRC, and
hence our overall financial performance will be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business activities are subject to certain PRC laws and regulations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As our production and operations
are carried out in the PRC, we are subject to certain PRC laws and regulations. In addition, being wholly foreign-owned enterprises, we
are required to comply with certain additional laws and regulations. Pursuant to PRC laws and regulations, the breach or non-compliance
with such laws and regulations may result in the PRC authorities suspending, withdrawing or terminating our business license, causing
us to cease production of all or certain of our products, and this would materially and adversely affect our business and financial performance.
Our corporate affairs in the PRC are governed by our articles of association and the corporate and foreign investment laws and regulations
of the PRC. The principles of the PRC laws relating to matters such as the fiduciary duties of directors and other corporate governance
matters and foreign investment laws in the PRC are relatively new. Hence, the enforcement of investors or shareholders&rsquo; rights under
the articles of association of a PRC company and the interpretation of the relevant laws relating to corporate governance matters remain
largely untested in the PRC.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>PRC foreign exchange control may limit our
ability to utilize our profits effectively and affect our ability to receive dividends and other payments from our PRC subsidiaries.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Hengda is a foreign investment
enterprise, or &ldquo;FIE,&rdquo; and is subject to the rules&nbsp;and regulations in the PRC on currency conversion. In the PRC, State
Administration of Foreign Exchange, or SAFE, regulates the conversion of the RMB into foreign currencies. Currently, FIEs are required
to apply to SAFE for &ldquo;Foreign Exchange Registration Certificates for Foreign Investment Enterprise&rdquo;. With such registration
certifications (which need to be renewed annually), FIEs are allowed to open foreign currency accounts including the &ldquo;current account&rdquo;
and &ldquo;capital account&rdquo;. Currently, conversion of currency within the scope of the &ldquo;current account&rdquo; (e.g. remittance
of foreign currencies for payment of dividends,&nbsp;etc.) can be effected without requiring the approval of SAFE. However, conversion
of currency in the &ldquo;capital account&rdquo; (e.g. for capital items such as direct investments, loans, securities,&nbsp;etc.) still
requires the approval of SAFE. On October&nbsp;21, 2005, SAFE promulgated the &ldquo;Notice on Issues concerning Foreign Exchange Management
in Financing by PRC Residents by Overseas Special Purpose Vehicle and Return Investments&rdquo; (the &ldquo;No.&nbsp;75 Notice&rdquo;).
The No.&nbsp;75 Notice came into effect on November&nbsp;1, 2005 and requires the following matters, among others, to be complied with:
every PRC domestic resident who establishes or controls an overseas special purpose vehicle, or &ldquo;SPV,&rdquo; must apply to the local
bureau of SAFE for an &ldquo;overseas investment foreign exchange registration.&rdquo; Every PRC domestic resident of an SPV who has completed
the &ldquo;overseas investment foreign exchange registration&rdquo;, or &ldquo;Registrant,&rdquo; must make an application to the local
bureau of SAFE to amend their registration particulars upon (i)&nbsp;the injection of any PRC domestic assets or the equity interests
of any PRC domestic company owned by the PRC domestic resident into the SPV, and (ii)&nbsp;the implementation of any overseas equity fund-raising
by the SPV following an injection of PRC domestic assets or the equity interests of a PRC domestic company; every Registrant must apply
to the local bureau of SAFE for change of registration particulars or recordation within 30 days after the occurrence of any capital increase
or reduction, changes in shareholdings or share swap, merger, long-term investment in equities or debentures, guarantee of foreign indebtedness
and other major capital changes not involving &ldquo;return investment&rdquo;, undertaken by an SPV; and every Registrant must repatriate,
within 180 days, dividends or profits which he receives from an SPV and/or income derived from changes in the shareholding of an SPV.
On July&nbsp;14, 2014, China&rsquo;s State Administration of Foreign Exchange (SAFE), the foreign exchange control authority, released
the Notice of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration for Overseas
Investment, Financing and Round Trip Investment Undertaken by Domestic Residents via Special Purpose Vehicles (Notice 37). The new regulation
took effect July&nbsp;4, 2014. At that time, the old regulation, &ldquo;Notice on Issues concerning Foreign Exchange Management in Financing
by PRC Residents by Overseas Special Purpose Vehicle and Return Investments&rdquo; (the &ldquo;No.&nbsp;75 Notice&rdquo;), which was issued
in 2005, was repealed. Compared with Circular 75, Circular 37 reflects the trend of SAFE&rsquo;s policy to gradually loosen the restrictions
and simplify the procedures for overseas financing and investment by Chinese residents, so as to fully utilize the financial resources
in domestic and overseas markets. However, as Circular 37 has only recently been issued, the actual interpretation and enforcement of
the above changes by SAFE in practice remain to be seen. There can be no assurance that SAFE will not continue to issue new rules&nbsp;and
regulations and/or further interpretations of the No.&nbsp;37 Notice that will strengthen the foreign exchange control. As we are located
in the PRC and all of our sales are denominated in RMB, our ability to pay dividends or make other distributions may be restricted by
PRC foreign exchange control restrictions. There can be no assurance that the relevant regulations will not be amended to our detriment
and that our ability to distribute dividends will not be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Introduction of new laws or changes to existing
laws by the PRC government may adversely affect our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC legal system is based
on the Constitution of the People&rsquo;s Republic of China and is made up of written laws, regulations, circulars and directives. With
the PRC&rsquo;s entry into the WTO, the PRC government is in the process of developing its legal system so as to encourage foreign investments
and to meet the needs of investors. As the PRC economy is developing at a generally faster rate than its legal system, some degree of
uncertainty exists in connection with whether and how existing laws and regulations will apply to certain events or circumstances. Some
of the laws and regulations, and the interpretation, implementation and enforcement thereof, are still at the experimental stage and therefore
subject to policy changes. There is no assurance that the introduction of new laws or regulations, changes to existing laws and regulations
and the interpretation or application thereof or the delays in obtaining approvals from the relevant PRC authorities will not have an
adverse impact on our business or prospects. In particular, on August&nbsp;8, 2006, the Ministry of Commerce, the China Securities Regulatory
Commission, the State-owned Assets Supervision and Administration Commission, the State Administration of Taxation, the State Administration
of Industry and Commerce and the State Administration of Foreign Exchange promulgated the &ldquo;Rules&nbsp;on the Mergers and Acquisition
of Domestic Enterprises by Foreign Investors&rdquo; which came into effect on September&nbsp;8, 2006, or &ldquo;the M&amp;A Rules.&rdquo;
Foreign investors should comply with the rules&nbsp;when they purchase shareholding equities of a PRC domestic non-foreign-funded enterprise,
or Domestic Company, or subscribe to the increased capital of a Domestic Company, and thus changing the nature of the Domestic Company
into a foreign investment enterprise. The rules&nbsp;stipulate, inter alia, (i)&nbsp;that the acquisition of a Domestic Company by an
affiliated foreign enterprise established or controlled by PRC entities or individuals must be approved by the Ministry of Commerce; (ii)&nbsp;that
the incorporation of a special purpose vehicle, which is directly or indirectly controlled by PRC entities for the purpose of an overseas
listing of the equity interest of a Domestic Company, must be subject to the approval of the Ministry of Commerce; (iii)&nbsp;that the
acquisition of a Domestic Company by a special purpose vehicle shall be subject to approval of the Ministry of Commerce and (iv)&nbsp;the
offshore listing of a special purpose vehicle shall be subject to the prior approval from China Securities Regulatory Commission. As Hengda
was incorporated as a FIE and Antelope Enterprises does not fall within the scope of being classified as a special purpose vehicle directly
or indirectly established or controlled by PRC entities or individuals, the M&amp;A Rules&nbsp;did not apply to the Business Combination,
and we were not required to obtain the approval from the Ministry of Commerce, the approval from the China Securities Regulatory Commission
and/or any other approvals from PRC government authorities as stipulated by the M&amp;A Rules. There is however no assurance that the
PRC authorities will not issue further directives, regulations, clarifications or implementation rules, which may require us or other
relevant parties to obtain further approvals with respect to the Business Combination. If new laws are promulgated or the existing laws
are reinterpreted, our structure could be determined to be in violation of such laws and subject to sanction by applicable government
authorities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Environmental, health and safety laws have
in the past and may in the future impose material liabilities on us and require us to incur material capital and operational costs.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to environmental,
health and safety laws and regulations in the PRC that impose controls on our air, water and waste discharges, on our storage, handling,
use, discharge and disposal of chemicals, and on exposure of our employees to hazardous substances. These laws and regulations could require
us to incur costs to maintain compliance and could impose liability to remedy the effects of hazardous substance contamination. Although
we do not believe that we have violated any of such laws and regulations and therefore have not incurred any significant liabilities under
these laws and regulations in the past, the environmental laws and regulations are constantly evolving and becoming stricter in the PRC.
The adoption of new laws or regulations or our failure to comply with these laws or regulations in the future could cause us to incur
material liabilities and could require us to incur additional expenses, curtail operations and/or restrict our ability to expand. Hengdali
is currently in the process of applying for a Pollutant Discharge Permit, and the environmental protection agency in Gaoan has accepted
Hengdali&rsquo;s application. If the Pollutant Discharge Permit is not issued and Hengdali discharges pollutants, Hengdali may be warned,
ordered to stop discharging pollutants, and/or fined by the environmental protection agency. During 2014, our Hengda facility was required
by the local governmental entity to begin using natural gas to operate the facility, as opposed to coal. This mandated change in fuel
source is part of a province-wide (and country-wide) effort to reduce pollution. This change resulted in our incurring a one-time charge
of approximately RMB5.6 million ($0.9 million) in December&nbsp;2013, and will increase our cost of goods produced at that facility because
natural gas is a more expensive energy source than coal. There is no assurance that in the future our other production facilities will
not be required to make similar modifications which could have similar adverse effects on our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business will suffer if we lose our land use rights.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no private ownership
of land in China and all land ownership is held by the government of China, its agencies, and collectives. In the case of land used for
business purposes, land use rights can be obtained from the government for a period up to 50 years, and are typically renewable. Land
use rights can be granted upon approval by the land administrative authorities of China (State Land Administration Bureau) upon payment
of the required land granting fee, the entry into a land use agreement with a competent governmental authority and certain other ministerial
procedures. We have received land use certificates for certain parcels of land on which our operations reside, but we may not have followed
all procedures required to obtain such certificates or paid all required fees. If the Chinese administrative authorities determine that
we have not fully complied with all procedures and requirements needed to hold a land use certificate, we may be forced by the Chinese
administrative authorities to retroactively comply with such procedures and requirements, which may be burdensome and require us to make
payments, or such Chinese administrative authorities may invalidate or revoke our land use certificate entirely. If the land use right
certificates needed for our operations are determined by the government of China to be invalid or if they are not renewed, we may lose
production facilities or employee accommodations that would be difficult or even impossible to replace. Should we have to relocate, our
workforce may be unable or unwilling to work in the new location and our business operations will be disrupted during the relocation.
The relocation or loss of facilities could cause us to lose sales and/or increase our costs of production, which would negatively impact
our financial results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We own certain buildings collectively, which may limit our right
to use, renovate or dispose of such buildings.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Together with three other
companies, we collectively own several buildings located at the Junbing Industrial Zone in Jinjiang City with a total construction area
of 29,120.83 square meters. As a result, our right to use, renovate and dispose of such buildings may be limited.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business will suffer if we fail to comply with environmental
protection regulations</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Companies which cause severe
pollution to the environment are required to restore the environment or remedy the effects of the pollution within a prescribed time limit.
If a company fails to report and/or register the environmental pollution it caused, it will receive a warning or be penalized. Companies
that fail to restore the environment or remedy the effects of the pollution within the prescribed time will be penalized or have their
business licenses terminated. Companies that have polluted and endangered the environment must bear the responsibility for remedying the
danger and effects of the pollution, as well as to compensate any losses or damages suffered as a result of such environmental pollution.
Our Hengda facility obtained a Temporary Pollutant Discharge Permit (No.350582-2014-000260) granted by Jinjiang City Environmental Protection
Bureau that will expire on May&nbsp;1, 2016. Hengdali is currently in the process of applying for a Pollutant Discharge Permit, and the
environmental protection agency in Gaoan has accepted Hengdali&rsquo;s application. If the Pollutant Discharge Permit is not issued and
Hengdali discharges pollutants, Hengdali may be warned, ordered to stop discharging pollutants, and/or fined by the environmental protection
agency. If Hengdali&rsquo;s application is denied, or if the Hengdali facility is ordered to stop discharging pollutants or is fined,
that could have a material adverse effect on our results of operations and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our corporate structure together with applicable law impede shareholders
from asserting claims against us and our principals.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of our operations and
records, and all of our senior management are located in the People&rsquo;s Republic of China. Shareholders of companies such as ours
have limited ability to assert and collect on claims in litigation against such companies and their principals. In addition, China has
very restrictive secrecy laws that prohibit the delivery of many of the financial records maintained by a business located in China to
third parties absent Chinese government approval. Since discovery is an important part of proving a claim in litigation, and since most
if not all of our records are in China, Chinese secrecy laws could frustrate efforts to prove a claim against us or our management. In
order to commence litigation in the United States against an individual such as an officer or director, that individual must be served.
Generally, service requires the cooperation of the country in which a defendant resides. China has a history of failing to cooperate in
efforts to affect such service upon Chinese citizens in China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we become directly subject to the recent
scrutiny involving U.S.-listed Chinese companies, we may have to expend significant resources to investigate and/or defend the matter,
which could harm our business operations, stock price and reputation and could result in a complete loss of your investment in us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In recent years, U.S. public
companies that have substantially all of their operations in China have been the subject of intense scrutiny by investors, financial commentators
and regulatory agencies. Although a portion of this scrutiny seems to have abated, this scrutiny has centered around financial and accounting
irregularities and mistakes, a lack of effective internal controls over financial reporting and, in many cases, allegations of fraud.
As a result of the scrutiny, the publicly traded stock of many U.S. listed China-based companies that have been the subject of such scrutiny
has sharply decreased in value. Many of these companies are now subject to shareholder lawsuits and/or SEC enforcement actions that are
conducting internal and/or external investigations into the allegations. If we become the subject of any such scrutiny, whether any allegations
are true or not, we may have to expend significant resources to investigate such allegations and/or defend our company. Such investigations
or allegations will be costly and time-consuming and distract our management from our business plan and could result in our reputation
being harmed and our stock price could decline as a result of such allegations, regardless of the truthfulness of the allegations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Risks to Antelope Enterprises&rsquo; Shareholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The price of our shares could be volatile
and could decline at a time when you want to sell your holdings.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The price of our shares has
been and may continue to be volatile, and that volatility may continue for an extended period of time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There is a risk that Antelope Enterprises
could be treated as a U.S. domestic corporation for U.S. federal income tax purposes after the Redomestication and the Business Combination,
which, among other things, could result in significantly greater U.S. federal income tax liability to Antelope Enterprises.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;7874(b)&nbsp;of
the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) generally provides that a corporation organized outside the United
States that acquires, directly or indirectly, pursuant to a plan or series of related transactions substantially all of the assets of
a corporation organized in the United States will be treated as a domestic corporation for U.S. federal income tax purposes if shareholders
of the acquired corporation, by reason of owning shares of the acquired corporation, own at least 80% (of either the voting power or the
value) of the stock of the acquiring corporation after the acquisition. Under regulations promulgated under Section&nbsp;7874, a warrant
holder of either the acquired corporation or the acquiring corporation generally is treated for this purpose as owning stock of the acquired
corporation or the acquiring corporation, as the case may be, with a value equal to the excess of the value of the shares underlying the
warrant over the exercise price of the warrant. If Section&nbsp;7874(b)&nbsp;were to have applied to the Redomestication, then, among
other things, Antelope Enterprises, as the surviving entity, would have been subject to U.S. federal income tax on its worldwide taxable
income following the Redomestication and the Business Combination as if Antelope Enterprises were a domestic corporation. Although Section&nbsp;7874(b)&nbsp;should
not have applied to treat Antelope Enterprises as a domestic corporation for U.S. federal income tax purposes, due to the absence of full
guidance on how the rules&nbsp;of Section&nbsp;7874(b)&nbsp;applied to the transactions completed pursuant to the Redomestication and
Business Combination, this result is not entirely free from doubt. Shareholders are urged to consult their own tax advisors on this issue.
See the discussion in the section entitled &ldquo;Taxation &mdash; United States Federal Income Taxation &mdash; Tax Treatment of Antelope
Enterprises After the Redomestication and the Business Combination.&rdquo; The balance of this discussion assumes that Antelope Enterprises
has been and will be treated as a foreign corporation for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There is a risk that Antelope Enterprises
will be classified as a passive foreign investment company, or &ldquo;PFIC,&rdquo; which could result in adverse U.S. federal income tax
consequences to U.S. holders of its securities.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, Antelope Enterprises
will be treated as a PFIC for any taxable year in which either (1)&nbsp;at least 75% of its gross income (including its pro rata share
of the gross income of its 25% or more-owned corporate subsidiaries) is passive income or (2)&nbsp;at least 50% of the average value of
its assets (including its pro rata share of the assets of its 25% or more-owned corporate subsidiaries) produce, or are held for the production
of, passive income. Passive income generally includes dividends, interest, rents, royalties, and gains from the disposition of passive
assets. If Antelope Enterprises is determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period
of a U.S. Holder (as defined in the section entitled &ldquo;Taxation&mdash;United States Federal Income Taxation&mdash;General&rdquo;)
of its shares, the U.S. Holder may be subject to increased U.S. federal income tax liability upon a sale or other disposition of the shares
of Antelope Enterprises or the receipt of certain excess distributions from Antelope Enterprises and may be subject to additional reporting
requirements. Based on the composition (and estimated values) of the assets and the nature of the income of Antelope Enterprises and its
subsidiaries during its 2015 taxable year, Antelope Enterprises does not believe that it would be treated as a PFIC for such year. However,
because Antelope Enterprises has not performed a definitive analysis as to its PFIC status for its 2015 taxable year, there can be no
assurance in respect to its PFIC status for such year. There also can be no assurance with respect to Antelope Enterprises&rsquo; status
as a PFIC for its current (2016) taxable year or any future taxable year. U.S. Holders of the shares of Antelope Enterprises are urged
to consult their own tax advisors regarding the possible application of the PFIC rules. See the discussion in the section entitled &ldquo;Taxation&mdash;United
States Federal Income Taxation&mdash;U.S. Holders&mdash;Passive Foreign Investment Company Rules.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Under the EIT Law, Antelope Enterprises,
Success Winner and/or Stand Best may be classified as a &ldquo;resident enterprise&rdquo; of the PRC. Such classification could result
in PRC tax consequences to Antelope Enterprises, our non-PRC resident shareholders, Success Winner and/or Stand Best.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March&nbsp;16, 2007, the
National People&rsquo;s Congress approved and promulgated a new tax law, the PRC Enterprise Income Tax Law, or &ldquo;EIT Law,&rdquo;
which took effect on January&nbsp;1, 2008. Under the EIT Law, enterprises are classified as &ldquo;resident enterprises&rdquo; and non-resident
enterprises. An enterprise established outside of China with &ldquo;de facto management bodies&rdquo; within China is considered a &ldquo;resident
enterprise,&rdquo; meaning that it can be treated in a manner similar to a Chinese enterprise for enterprise income tax purposes. The
implementing rules&nbsp;of the EIT Law define &ldquo;de facto management bodies&rdquo; as a managing body that in practice exercises &ldquo;substantial
and overall management and control over the production and operations, personnel, accounting, and properties&rdquo; of the enterprise;
however, it remains unclear whether the PRC tax authorities would deem our managing body as being located within China. Due to the short
history of the EIT Law and lack of applicable legal precedents, the PRC tax authorities determine the PRC tax resident treatment of a
foreign (non-PRC) company on a case-by-case basis. If the PRC tax authorities determine that Antelope Enterprises, Success Winner and/or
Stand Best is a &ldquo;resident enterprise&rdquo; for PRC enterprise income tax purposes, a number of PRC tax consequences could follow.
First, Antelope Enterprises, Success Winner and/or Stand Best may be subject to the enterprise income tax at a rate of 25% on Antelope
Enterprises&rsquo;, Success Winner&rsquo;s and/or Stand Best&rsquo;s worldwide taxable income, as well as PRC enterprise income tax reporting
obligations. Second, under the EIT Law and its implementing rules, dividends paid between &ldquo;qualified resident enterprises&rdquo;
are exempt from enterprise income tax. As a result, if Antelope Enterprises, Success Winner and Stand Best are each treated as &ldquo;qualified
resident enterprises,&rdquo; all dividends from Hengda to Antelope Enterprises (through Success Winner and Stand Best) should be exempt
from the PRC enterprise income tax.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If Stand Best were treated
as a PRC &ldquo;non-resident enterprise&rdquo; under the EIT Law, then dividends that Stand Best receives from Hengda (assuming such dividends
were considered sourced within the PRC) (i)&nbsp;may be subject to a 5% PRC withholding tax, provided that Stand Best owns more than 25%
of the registered capital of Hengda continuously within 12 months immediately prior to obtaining such dividend from Hengda, and the Arrangement
between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention
of Fiscal Evasion with Respect to Taxes on Income, or the &ldquo;PRC-Hong Kong Tax Treaty,&rdquo; were otherwise applicable, or (ii)&nbsp;if
such treaty does not apply (i.e., because the PRC tax authorities may deem Stand Best to be a conduit not entitled to treaty benefits),
may be subject to a 10% PRC withholding tax. Similarly, if Success Winner were treated as a &ldquo;non-resident enterprise&rdquo; under
the EIT Law and Stand Best were treated as a &ldquo;resident enterprise&rdquo; under the EIT Law, then dividends Success Winner receives
from Stand Best (assuming such dividends were considered sourced within the PRC) may be subject to a 10% PRC withholding tax. A similar
situation may arise if Antelope Enterprises were treated as a &ldquo;non-resident enterprise&rdquo; under the EIT Law, and Success Winner
were treated as a &ldquo;resident enterprise&rdquo; under the EIT Law. Any such taxes on dividends could materially reduce the amount
of dividends, if any, we could pay to our shareholders. Finally, if Antelope Enterprises is determined to be a &ldquo;resident enterprise&rdquo;
under the EIT Law, this could result in a situation in which a 10% PRC tax is imposed on dividends Antelope Enterprises pays to its shareholders
that are not tax residents of the PRC, or &ldquo;non-resident investors,&rdquo; and that are enterprises but not individuals, and gains
derived by them from transferring Antelope Enterprises&rsquo; shares, if such income is considered PRC-sourced income by the relevant
PRC tax authorities. In such event, Antelope Enterprises may be required to withhold a 10% PRC tax on any dividends paid to such non-resident
investors. Such non-resident investors also may be responsible for paying PRC tax at a rate of 10% on any gain derived by such investors
from the sale or transfer of Antelope Enterprises&rsquo; shares in certain circumstances. Antelope Enterprises would not, however, have
an obligation to withhold PRC tax with respect to such gain under the PRC tax laws. Also, if Antelope Enterprises is determined to be
a &ldquo;resident enterprise,&rdquo; its nonresident investors who are individuals may also be subject to potential PRC individual income
tax at a rate of 20% with respect to dividends received from Antelope Enterprises and/or gains derived by them from the sale or transfer
of Antelope Enterprises&rsquo; shares. Moreover, the State Administration of Taxation, or &ldquo;SAT,&rdquo; released Circular Guoshuihan
No.&nbsp;698, or Circular 698, on December&nbsp;10, 2009 that reinforces the taxation of certain equity transfers by non-resident investors
through overseas holding vehicles. Circular 698 addresses indirect equity transfers as well as other issues. Circular 698 is retroactively
effective from January&nbsp;1, 2008. According to Circular 698, where a nonresident investor who indirectly holds an equity interest in
a PRC resident enterprise through a non-PRC offshore holding company indirectly transfers an equity interest in the PRC resident enterprise
by selling an equity interest in the offshore holding company, and the latter is located in a country or jurisdiction where the actual
tax burden is less than 12.5% or where the offshore income of its residents is not taxable, the non-resident investor is required to provide
the PRC tax authority in charge of that PRC resident enterprise with certain relevant information within 30 days of the execution of the
equity transfer agreement. The tax authorities in charge will evaluate the offshore transaction for tax purposes. In the event that the
tax authorities determine that such transfer is abusing forms of business organization and a reasonable commercial purpose for the offshore
holding company other than the avoidance of PRC income tax liability is lacking, the PRC tax authorities will have the power to re-assess
the nature of the equity transfer under the doctrine of substance over form. A reasonable commercial purpose may be established when the
overall international (including U.S.) offshore structure is set up to comply with the requirements of supervising authorities of international
(including U.S.) capital markets. If the SAT&rsquo;s challenge of a transfer is successful, it may deny the existence of the offshore
holding company that is used for tax planning purposes and subject the non-resident investor to PRC tax on the capital gain from such
transfer. Since Circular 698 has a short history, there is uncertainty as to its application. We (or a nonresident investor) may become
at risk of being taxed under Circular 698 and may be required to expend valuable resources to comply with Circular 698 or to establish
that we (or such non-resident investor) should not be taxed under Circular 698, which could have a material adverse effect on our financial
condition and results of operations (or such non-resident investor&rsquo;s investment in us). In additional, the PRC resident enterprise
may be required to provide necessary assistance to support the enforcement of Circular 698. On February&nbsp;3, 2015, the State Administration
of Tax issued a Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-tax Resident Enterprise,
or Public Notice 7. Public Notice 7 has introduced a new tax regime that is significantly different from that under Circular 698. Public
Notice 7 extends its tax jurisdiction to not only indirect transfers set forth under Circular 698 but also transactions involving transfer
of other taxable assets, through the offshore transfer of a foreign intermediate holding company. In addition, Public Notice 7 provides
clearer criteria the Circular 698 on how to assess reasonable commercial purposes and has introduced safe harbors for internal group restructurings
and the purchase and sale of equity through a public securities market. Public Notice 7 also brings challenges to both the foreign transferor
and transferee (or other person who is obligated to pay for the transfer) of the taxable assets. Where a non-resident enterprise conducts
an &ldquo;indirect transfer&rdquo; by transferring the taxable assets indirectly by disposing of the equity interests of an overseas holding
company, the non-resident enterprise being the transferor, or the transferee, or the PRC entity which directly owned the taxable assets
may report to the relevant tax authority such indirect transfer. Using a &ldquo;substance over form&rdquo; principle, the PRC tax authority
may re-characterize such indirect transfer as a direct transfer of the equity interests in the PRC tax resident enterprise and other properties
in China, As a result, gains derived from such indirect transfer may be subject on PRC enterprise income tax, and the transferee or other
person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of up to 10% for the
transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC
tax laws if transferee fails to withhold the taxes and the transferor fails to pay the taxes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We face uncertainties with
respect to the reporting and consequences of private equity financing transactions, share exchange or other transactions involving the
transfer of shares in our company by investors that are non-PRC resident enterprises, or sale or purchase of shares in other non-PRC resident
companies or other taxable assets by us. Our company and other non-resident enterprises in our group may be subject to filing obligations
or being taxed if our company and other non-resident enterprises in our group are transferors in such transactions, and may be subject
to withholding obligations if our company and other non-resident enterprises in our group are transferees in such transactions, under
Circular 698 and Public Notice 7. For the transfer to shares in our company by investors that are non-PRC resident enterprises, our PRC
subsidiaries may be requested to assist in the filing under Circular 698 and Public Notice 7. As a result, we may be required to expend
valuable resources to comply with Circular 698 and Public Notice 7 to request the relevant transferors from whom we purchase taxable assets
to comply with these circulars, or to establish that our company and other non-resident enterprises in our group should not be taxed under
these circulars, which may have a material adverse effect on our financial condition and results of operations. The PRC tax authorities
have the discretion under Circular 698 and Public Notice 7 to make adjustments to the taxable capital gains based on the difference between
the fair value of the taxable assets transferred and the cost of investment. If the PRC tax authorities make adjustments to the taxable
income of the transactions under Circular 698 and Public Notice 7, our income tax costs associated with such potential acquisitions will
be increased, which may have an adverse effect on our financial condition and results of operations. If any PRC tax applies to a non-resident
investor, the non-resident investor may be entitled to a reduced rate of PRC tax under an applicable income tax treaty and/or a deduction
for such PRC tax against such investor&rsquo;s domestic taxable income or a foreign tax credit in respect of such PRC tax against such
investor&rsquo;s domestic income tax liability (subject to applicable conditions and limitations). Shareholders should consult with their
own tax advisors regarding the applicability of any such taxes, the effects of any applicable income tax treaties, and any available deductions
or foreign tax credits. For a further discussion of these issues, see the section herein captioned &ldquo;Taxation&mdash;PRC Taxation.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Fluctuations in exchange rates could adversely affect our business
and the value of our shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The value of our shares will
be indirectly affected by the foreign exchange rate between U.S. dollars and the Renminbi and between those currencies and other currencies
in which our revenue may be denominated. Because all of our earnings and cash assets are denominated in Renminbi, fluctuations in the
exchange rate between the U.S. dollar and the Renminbi will affect the relative purchasing power of these proceeds, as well as our financial
results reported in U.S. dollar terms without giving effect to any underlying change in our business, financial condition or results of
operations. Fluctuations in the exchange rate will also affect the relative value of any dividend we issue after this offering that will
be exchanged into U.S. dollars and earnings from, and the value of, any U.S. dollar-denominated investments we make in the future. Since
July&nbsp;2005, the Renminbi has not been pegged to the U.S. dollar. Although the People&rsquo;s Bank of China regularly intervenes in
the foreign exchange market to prevent significant short-term fluctuations in the exchange rate, the Renminbi may appreciate or depreciate
significantly in value against the U.S. dollar in the medium to long term. Moreover, it is possible that in the future the Chinese authorities
may lift restrictions on fluctuations in the Renminbi exchange rate and lessen intervention in the foreign exchange market. On March&nbsp;17,
2014, the People&rsquo;s Bank of China announced that the RMB exchange rate flexibility increased to 2% in order to proceed further with
reform of the RMB exchange rate regime. These could result in a further and more significant fluctuation in the RMB&rsquo;s value against
the U.S. Dollar. Very limited hedging transactions are available in China to reduce our exposure to exchange rate fluctuations. To date,
we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may
enter into hedging transactions in the future, the availability and effectiveness of these transactions may be limited, and we may not
be able to successfully hedge our exposure at all. In addition, our foreign currency exchange losses may be magnified by Chinese exchange
control regulations that restrict our ability to convert Renminbi into foreign currencies.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>As the rights of shareholders under British
Virgin Islands law differ from those under U.S. law, you may have fewer protections as a shareholder.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our corporate affairs will
be governed by our memorandum and articles of association, the BVI Business Companies Act, 2004 (as amended) (the &ldquo;BVI Act&rdquo;),
and the common law of the British Virgin Islands. The rights of shareholders to take legal action against our directors, actions by minority
shareholders and the fiduciary responsibilities of our directors under British Virgin Islands law are governed by the common law of the
British Virgin Islands and by the BVI Act. The common law of the British Virgin Islands is derived in part from comparatively limited
judicial precedent in the British Virgin Islands as well as from English common law, which is applied in the British Virgin Islands by
virtue of the Common Law (Declaration of Application) Act. The rights of our shareholders and the fiduciary responsibilities of our directors
under British Virgin Islands law are not as clearly established as they would be under statutes or judicial precedents in some jurisdictions
in the United States. In particular, the British Virgin Islands has a less developed body of securities laws as compared to the United
States, and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law. As a result of
all of the above, holders of our shares may have more difficulty in protecting their interests through actions against our management,
directors or major shareholders than they would as shareholders of a U.S. company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>British Virgin Islands companies may not
be able to initiate shareholder derivative actions, thereby depriving shareholders of the ability to protect their interests.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">British Virgin Islands companies
may not have standing to initiate a shareholder derivative action in a federal court of the United States. The circumstances in which
any such action may be brought, and the procedures and defenses that may be available in respect to any such action, may result in the
rights of shareholders of a British Virgin Islands company being more limited than those of shareholders of a company organized in the
United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing has occurred.
The British Virgin Islands courts are also unlikely to recognize or enforce against us judgments of courts in the United States based
on certain liability provisions of U.S. securities law; and to impose liabilities against us, in original actions brought in the British
Virgin Islands, based on certain liability provisions of U.S. securities laws that are penal in nature. There is no statutory recognition
in the British Virgin Islands of judgments obtained in the United States, although the courts of the British Virgin Islands will generally
recognize and enforce the non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits. This means that
even if shareholders were to sue us successfully, they may not be able to recover anything to make up for the losses suffered.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The laws of the British Virgin Islands may
provide comparatively limited protection for minority shareholders, so minority shareholders will have limited recourse if the shareholders
are dissatisfied with the conduct of our affairs.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the laws of the British
Virgin Islands, there is limited statutory law for the protection of minority shareholders in the form of the provisions of the BVI Act
dealing with shareholder remedies. The principal protection under statutory law is that shareholders may bring an action to enforce the
constitutional documents of the company, i.e. the memorandum and articles of association as shareholders are entitled to have the affairs
of the company conducted in accordance with the BVI Act and the memorandum and articles of association of the company. A shareholder may
also bring an action under statute if he feels that the affairs of the company have been or will be carried out in a manner that is unfairly
prejudicial or discriminating or oppressive to him. There are also common law rights for the protection of shareholders that may be invoked,
largely dependent on English common law, since the common law of the British Virgin Islands for business companies is limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The market price for our shares has been
and may continue to be volatile.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price for our shares
has been and is likely to continue to be highly volatile and subject to wide fluctuations in response to factors including the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 25px; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated fluctuations in our quarterly operating results and changes or revisions of our expected results;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 25px; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in financial estimates by securities research analysts;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 25px; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the economic performance or market valuations of companies specializing in the ceramics business in China;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 25px; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements by us and our affiliates or our competitors of new products, acquisitions, strategic relationships, joint ventures or capital commitments;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 25px; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">addition or departure of our senior management and key personnel; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 25px; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations of exchange rates between the RMB and the U.S. dollar.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Volatility in the price of our shares may
result in shareholder litigation that could in turn result in substantial costs and a diversion of our management&rsquo;s attention and
resources.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial markets in the
United States and other countries have experienced significant price and volume fluctuations, and market prices have been and continue
to be extremely volatile. Volatility in the price of our shares may be caused by factors outside of our control and may be unrelated or
disproportionate to our results of operations. In the past, following periods of volatility in the market price of a public company&rsquo;s
securities, shareholders have frequently instituted securities class action litigation against that company. Litigation of this kind could
result in substantial costs and a diversion of our management&rsquo;s attention and resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Although we paid semi-annual dividends in
July&nbsp;2013, January&nbsp;2014, July&nbsp;2014 and January&nbsp;2015, we did not pay a dividend after January&nbsp;2015 and do not
currently plan to pay a dividend in the near future. Therefore, shareholders will benefit from an investment in our shares only if those
shares appreciate in value</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We paid dividends in July&nbsp;2013,
January&nbsp;2014, July&nbsp;2014 and January&nbsp;2015. The declaration and payment of cash dividends is at the discretion of our board
of directors and will depend on factors our board of directors deems relevant, including among others, our results of operations, financial
condition and cash requirements, business prospects, and the terms of our credit facilities, if any, and any other financing arrangements.
We currently do not plan to pay a dividend in the near future. Therefore, the realization of a gain on shareholders&rsquo; investments
will depend on the appreciation of the price of our shares, and there is no guarantee that our shares will appreciate in value.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not be able to pay any dividends on our shares in the
future due to British Virgin Islands law.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under British Virgin Islands
law, we may only pay dividends to our shareholders if the value of our assets exceeds our liabilities and we are able to pay our debts
as they become due. We cannot give any assurance that we will declare dividends of any amounts, at any rate or at all in the future. Future
dividends, if any, will be at the discretion of our board of directors, and will depend upon our results of operations, cash flows, financial
condition, payment to us of cash dividends by our subsidiaries, capital needs, future prospects and other factors that our directors may
deem appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may need additional capital, and the
sale of additional shares or equity or debt securities could result in additional dilution to our shareholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our current
cash and cash equivalents and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs for the foreseeable
future. We may, however, require additional cash resources due to changed business conditions or other future developments, including
any investments or acquisitions we may decide to pursue. If these resources are insufficient to satisfy our cash requirements, we may
seek to sell additional equity or debt securities or obtain one or more additional credit facilities. The sale of additional equity securities
could result in additional dilution to our shareholders. The incurrence of indebtedness would result in increased debt service obligations
and could result in operating and financing covenants that would restrict our operations. It is uncertain whether financing will be available
in amounts or on terms acceptable to us, if at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp3-001"></A><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of the information in
this prospectus, any prospectus supplement, and the documents we incorporate by reference contains forward-looking statements within the
meaning of the federal securities laws. You should not rely on forward-looking statements in this prospectus, any prospectus supplement,
or the documents we incorporate by reference. Forward-looking statements typically are identified by use of terms such as &ldquo;anticipate,&rdquo;
 &ldquo;believe,&rdquo; &ldquo;plan,&rdquo; &ldquo;expect,&rdquo; &ldquo;future,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo;
 &ldquo;should,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; and similar words,
although some forward-looking statements are expressed differently. This prospectus, any prospectus supplement, and the documents we incorporate
by reference may also contain forward-looking statements attributed to third parties relating to their estimates regarding the growth
of our markets. All forward-looking statements address matters that involve risks and uncertainties, and there are many important risks,
uncertainties and other factors that could cause our actual results, as well as those of the markets we serve, levels of activity, performance,
achievements and prospects to differ materially from the forward-looking statements contained in this prospectus, any prospectus supplement,
and the documents we incorporate by reference. You should also consider carefully the statements under &ldquo;Risk Factors&rdquo; and
other sections of this prospectus, any prospectus supplement, and the documents we incorporate by reference, which address additional
facts that could cause our actual results to differ from those set forth in the forward-looking statements. We caution investors not to
place significant reliance on the forward-looking statements contained in this prospectus, any prospectus supplement, and the documents
we incorporate by reference. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result
of new information, future developments or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should also consider carefully
the statements under &ldquo;Risk Factors&rdquo; and other sections of this prospectus, any prospectus supplement, and the documents we
incorporate by reference, which address additional facts that could cause our actual results to differ from those set forth in the forward-looking
statements. We caution investors not to place significant reliance on the forward-looking statements contained in this prospectus, any
prospectus supplement, and the documents we incorporate by reference. We undertake no obligation to publicly update or review any forward-looking
statements, whether as a result of new information, future developments or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp3-002"></A><B>CASH TRANSFERS WITHIN OUR ORGANIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During each of the fiscal
years ended December&nbsp;31, 2018, 2019 and 2020, as well as during the period from January&nbsp;1, 2021 to June 30, 2021, the only transfer
of assets among Antelope Enterprise and its subsidiaries have consisted of cash. During that same period, there have been no distributions,
dividends or loans extended by any of our direct or indirectly held subsidiaries to Antelope Enterprises. During that same period Antelope
Enterprise has not declared any dividends or made any distributions to shareholders of Antelope Enterprises.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Antelope Enterprise routinely
provides cash to it subsidiaries either by way of capital contribution or by way of loan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Antelope Enterprise is a holding
company incorporated in the British Virgin Islands, and we do not have any substantive operations other than indirectly holding the equity
interest in our operating subsidiaries in China. Antelope Enterprise relies on dividends paid by our Hong Kong and Chinese subsidiaries
and capital raised from the sale of our securities to satisfy our cash needs. The payment of dividends to Antelope Enterprise by our Chinese
subsidiaries is effected by means of dividends by those entities to their Hong Kong direct parent and a redividend by that Hong Kong entity
to Antelope Enterprise. Such dividends are effected by resolution of the board of directors of each such entity (after provision for applicable
tax obligations).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">China is a foreign exchange
administration country. Capital injections, cross-border trade and services transactions settled in foreign exchange, overseas financing
and profit repatriations are subject to the foreign exchange administration regulations. The Authority dealing with foreign exchange in
China is the State Administration of Foreign Exchange (SAFE) and its local branches. A Chinese subsidiary owned by a foreign company must
apply for registration of foreign exchange with the SAFE after the issuance of a business license and obtain a foreign exchange registration
certificate. When the Chinese subsidiaries apply to repatriate dividends to foreign shareholders, they must submit the application form
to SAFE with the proof that such dividends have been subjected to all applicable tax withholding. A Chinese subsidiary can only distribute
dividends out of its accumulated profits, which means that any accumulated losses must be more than offset by its profits in other years,
including the current year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The cash transfers within the organization during
the above-referenced periods were as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-bottom: 1pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For The Period From January&nbsp;1, 2021 To June&nbsp;30, 2021</B></FONT></TD></TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company (Wire transfer from)</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company (Wire transfer to)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount<BR>
 (RMB)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equivalent<BR>
 to amount<BR>
 (USD)</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purpose</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Asset Type</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope Enterprise Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Success Winner Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,516,296</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,480,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vast Elite Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,475,962</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,310,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Success Winner Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope Enterprise (HK) Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,852,650</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">750,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stand Best Creation Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,664,306</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,030,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope Enterprise (HK) Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope Holdings (Chengdu) Co., Ltd</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,852,650</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">750,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital injection to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vast Elite Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chengdu Future Talented Management and Consulting Co., Ltd</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,235,100</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital contribution to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jiangxi Hengdali Ceramics Materials Co., Ltd</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jinjiang Hengda Ceramics Co, Ltd</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,000,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,081,883</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan repayment to direct holding company</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-bottom: 5pt; border: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For the year 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company (Wire transfer from)</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company
    (Wire transfer to)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount<BR>
 (RMB)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equivalent
    to<BR> amount<BR> (USD)</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purpose</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Asset
    type</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope Enterprise Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Success Winner Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,028,476</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,018,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vast Elite Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,013,161</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,450,300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Success Winner Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope Enterprise (HK) Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,455,552</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,500</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stand Best Creation Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,935,394</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">570,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope Enterprise (HK) Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Success Winner Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,452,100</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return excessed working capital to direct holding company</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vast Elite Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chengdu Future Talented Management and consulting Co., Ltd</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">696,752</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,917</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital contribution to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-bottom: 5pt; border: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For the year 2019</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company (Wire transfer from)</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company
    (Wire transfer to)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount<BR>
 (RMB)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; white-space: nowrap; width: 10%; border-bottom: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equivalent to<BR>
 amount<BR>
 (USD)</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purpose</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Asset type</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope Enterprise Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stand Best Creation Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,919,743</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,146,443</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stand Best Creation Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Success Winner Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,476,371</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">503,231</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to direct holding company</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Success Winner Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vast Elite Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,764,622</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">400,200</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to direct subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-bottom: 5pt; border: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For the year 2018</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company
    (Wire transfer from)</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company
    (Wire transfer to)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount<BR>
 (RMB)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equivalent to<BR>
 amount<BR>
 (USD)</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purpose</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Asset
    type</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope Enterprise Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stand Best Creation Limited</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,602,916</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,209,550</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working capital loan to subsidiary</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp3-003"></A><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise provided
in a prospectus supplement, we will use the net proceeds from the sale of the securities covered by this prospectus for working capital
and general corporate purposes. When a particular series of securities is offered, the prospectus supplement relating to that offering
will set forth our intended use of the net proceeds received from the sale of those securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp3-004"></A><B>DIVIDENDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We paid a cash dividend of
US$0.10 (equivalent to RMB0.61) per share each on August&nbsp;13, 2013 and January&nbsp;14, 2014, respectively, to our shareholders which
totaled in aggregate US$4.1 million (equivalent to RMB24.9 million). Also, we paid a cash dividend of US$0.0125 (equivalent to RMB0.08)
per share each on August&nbsp;14, 2014 and January&nbsp;14, 2015, respectively, to our shareholders which totaled in aggregate US$0.5
million (equivalent to RMB3.2 million).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not currently have any
plans to pay any cash dividends in the foreseeable future on our shares being sold in this offering. We currently intend to retain most,
if not all, of our available funds and any future earnings to operate and expand our business. The payment of dividends by entities organized
in China is subject to limitations. Regulations in the PRC currently permit payment of dividends only out of accumulated profits as determined
in accordance with PRC accounting standards and regulations. Each of our Chinese subsidiaries is also required to set aside at least 10%
of its after-tax profit based on China&rsquo;s accounting standards each year to its general reserves until the cumulative amount of such
reserves reach 50% of its registered capital. These reserves are not distributable as cash dividends. The board of directors of our PRC
subsidiaries, each of which is a wholly foreign owned enterprise, has the discretion to allocate a portion of its after-tax profits to
its staff welfare and bonus funds, which is likewise not distributable to its equity owners except in the event of a liquidation of the
foreign-invested enterprise. If we decide to pay dividends in the future, these restrictions may impede our ability to pay dividends.
In addition, if any of these Chinese entities incurs debt on its own behalf in the future, the instruments governing the debt may restrict
its ability to pay dividends or make other distributions to us. Our Board of Directors has discretion on whether to pay dividends. Even
if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings,
capital requirements and surplus, general financial condition, contractual restrictions and other factors that our board of directors
may deem relevant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp3-005"></A><B>PRICE RANGE OF OUR SHARES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our shares have been listed
on the NASDAQ Stock Market since January&nbsp;18, 2011. Our shares were initially listed under the symbol &ldquo;CCCL&rdquo;, and now
trade under the symbol &ldquo;AEHL&rdquo;. Our shares were listed on the NASDAQ Capital Market from November&nbsp;3, 2010 through January&nbsp;17,
2011 and were relisted on the Nasdaq Capital Market on March&nbsp;23, 2016 following the listing transfer. Our shares were listed on the
NASDAQ Global Market from January&nbsp;18, 2011 until March&nbsp;22, 2016. The shares were previously quoted on the OTC Bulletin Board
from December&nbsp;29, 2009 through November&nbsp;2, 2010.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables set forth,
for the calendar quarters indicated and through November&nbsp;9, 2021, the quarterly high and low sale prices for our shares, as reported
on NASDAQ Stock Market and the OTC Bulletin Board, as applicable. The OTC Bulletin Board market quotations reflect inter-dealer prices,
without retail mark-up, mark-down or commission and may not necessarily reflect actual transactions. Prior to June&nbsp;28, 2016, the
sale prices of our shares were retroactively restated to reflect the 8:1 reverse split effected on that date.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Shares</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Annual Highs and Lows</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: justify">2012</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">36.32</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">11.76</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">2013</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">32.48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">2014</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20.48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.92</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">2015</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.36</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">2016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.64</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.09</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Quarterly Highs and Lows</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">First Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.92</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Second Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.36</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.88</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Third Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Fourth Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">First Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.64</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Second Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.09</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Third Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Fourth Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.02</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">First Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.53</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Second Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Third Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.68</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Fourth Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.39</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">2018</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">First Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.69</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.43</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Second Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.37</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Third Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.87</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Fourth Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">First Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.38</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Second Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Third Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.93</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Fourth Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.06</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">First Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Second Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Third Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.83</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Fourth Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.64</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">First Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.90</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Second Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Third Quarter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Source: http://finance.yahoo.com)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November&nbsp;9, 2021,
the closing price of our shares on the NASDAQ Stock Market was $2.87, with 5,934,452 shares issued and outstanding as of the same
date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp3-006"></A><B>CAPITALIZATION AND INDEBTEDNESS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our capitalization will be
set forth in the applicable prospectus supplement or in a report on Form&nbsp;6-K subsequently furnished to the SEC and specifically incorporated
by reference into this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp3-007"></A><B>DESCRIPTION OF SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue from time to
time, in one or more offerings, shares, debt securities and warrants. We will set forth in the applicable prospectus supplement a description
of debt securities and warrants, and, in certain cases, the shares that may be offered under this prospectus. The terms of the offering
of securities, the initial offering price and the net proceeds to us will be contained in the prospectus supplement, and other offering
material, relating to such offer. The supplement may also add, update or change information contained in this prospectus. You should carefully
read this prospectus and any supplement before you invest in any of our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Description of Share Capital</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description
of the material terms of our shares and warrants includes a summary of specified provisions of the Memorandum of Association and Articles
of Association. This description is subject to the relevant provisions of the BVI Business Companies Act, 2004 (as amended) and is qualified
by reference to our Memorandum of Association and Articles of Association, copies of which are incorporated in this registration statement
by reference.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Antelope Enterprises is authorized
to issue 50,000,000 shares of US$0.024 par value per share of a single class. As of the date of this filing, 5,934,452 shares are outstanding.
The remaining authorized and unissued shares will be available for future issuance without additional shareholder approval. While the
additional shares are not designed to deter or prevent a change of control, under some circumstances Antelope Enterprises could use them
to create voting impediments or to frustrate persons seeking to effect a takeover or otherwise gain control, by, for example, issuing
shares in private placements to purchasers who might side with the Board of Directors in opposing a hostile takeover bid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Antelope Enterprise&rsquo;s
shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Members of Antelope
Enterprise&rsquo;s Board of Directors serve for indefinite terms. There is no cumulative voting with respect to the election of directors,
with the result that the holders of more than 50% of the shares eligible to vote for the election of directors can elect all of the directors.
Antelope Enterprise&rsquo;s shareholders have no conversion, preemptive or other subscription rights and there are no sinking fund provisions
applicable to the shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our shares have been listed
on the NASDAQ Stock Market under the symbol &ldquo;AEHL&rdquo; since October&nbsp;15, 2020. Our shares were listed on the NASDAQ Stock
Market under the symbol &ldquo;CCCL&rdquo; from January&nbsp;18, 2011 through October&nbsp;14, 2020. Our shares were listed on the NASDAQ
Capital Market from November&nbsp;3, 2010 through January&nbsp;17, 2011, and were relisted on the Nasdaq Capital Market on March&nbsp;23,
2016 following the listing transfer where they are trading now under the same symbol. Our shares were listed on the NASDAQ Global Market
from January&nbsp;18, 2011 until March&nbsp;22, 2016. The shares were previously quoted on the OTC Bulletin Board from December&nbsp;29,
2009 through November&nbsp;2, 2010.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Antelope Enterprises Articles
of Association provides only for unanimous written consents of directors. The Antelope Enterprises Articles of Association permit shareholders
to remove a sitting director without cause upon a majority vote of the shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the following discussion
summarizes the reasons for, and the operation and effects of, the principal provisions of the Antelope Enterprises Memorandum and Articles
of Association that management has identified as potentially having an anti-takeover effect, it is not intended to be a complete description
of all potential anti-takeover effects, and it is qualified by reference to the full texts of Antelope Enterprise&rsquo;s Memorandum and
Articles of Association.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, the anti-takeover
provisions of Antelope Enterprise&rsquo;s Memorandum and Articles of Association are designed to minimize susceptibility to sudden acquisitions
of control that have not been negotiated with and approved by Antelope Enterprise&rsquo;s board of directors. As a result, these provisions
may tend to make it more difficult to remove the incumbent members of the board of directors. The provisions would not prohibit an acquisition
of control of Antelope Enterprises or a tender offer for all of Antelope Enterprise&rsquo;s shares. The provisions are designed to discourage
any tender offer or other attempt to gain control of Antelope Enterprises in a transaction that is not approved by the board of directors,
by making it more difficult for a person or group to obtain control of Antelope Enterprises in a short time and then impose its will on
the remaining shareholders. However, to the extent such provisions successfully discourage the acquisition of control of Antelope Enterprises
or tender offers for all or part of Antelope Enterprise&rsquo;s shares without approval of the board of directors, they may have the effect
of preventing an acquisition or tender offer which might be viewed by stockholders to be in their best interests.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tender offers or other non-open
market acquisitions of shares will generally be made at prices above the prevailing market price of Antelope Enterprise&rsquo;s shares.
In addition, acquisitions of shares by persons attempting to acquire control through market purchases may cause the market price of the
shares to reach levels that are higher than would otherwise be the case. Anti-takeover provisions may discourage such purchases, particularly
those of less than all of Antelope Enterprise&rsquo;s shares, and may thereby deprive stockholders of an opportunity to sell their stock
at a temporarily higher price. These provisions may therefore decrease the likelihood that a tender offer will be made, and, if made,
will be successful. As a result, the provisions may adversely affect those stockholders who would desire to participate in a tender offer.
These provisions may also serve to insulate incumbent management from change and to discourage not only sudden or hostile takeover attempts,
but also any attempts to acquire control that are not approved by the board of directors, whether or not stockholders deem such transactions
to be in their best interest.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">British Virgin Island law
provides that shareholder meetings shall be convened by the board of directors at any time or upon the written request of shareholders
holding more than 30% of the votes of the issued and outstanding voting shares of the company. Antelope Enterprise&rsquo;s Articles of
Association provide that annual shareholder meetings for the election of directors may be called only by the directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Number of Directors and
Filling Vacancies on the Board of Directors</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">British Virgin Islands law
requires that the board of directors of a company consist of one or more directors and that the number of directors shall be set by the
company&rsquo;s Articles of Association, with a minimum of one director. Antelope Enterprise&rsquo;s Articles of Association provide that
the number of directors shall be not less than one, subject to any subsequent amendment to change the number of directors. The power to
determine the number of directors is vested in the board of directors and the shareholders. The power to fill vacancies, whether occurring
by reason of an increase in the number of directors or by resignation, is vested primarily in the shareholders. Directors may be removed
by the shareholders only for cause or without cause on a vote of the members representing a majority of the shares entitled to vote.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under British Virgin Islands
law, there is no cumulative voting by shareholders for the election of the directors. The absence of cumulative voting rights effectively
means that the holders of a majority of the shares voted at a shareholder meeting may, if they so choose, elect all directors of Antelope
Enterprises who are up for election, thus precluding a small group of shareholders from controlling the election of one or more representatives
to the board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Advance Notice Requirements
for Nomination of Directors and Presentation of New Business at Meetings of Shareholders; Action by Written Consent</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Antelope Enterprises Articles
of Association provide for advance notice requirements for shareholder proposals and nominations for director. Generally, to be timely,
notice must be delivered to the secretary of Antelope Enterprise at its principal executive offices not fewer than 10 days nor more than
60 days prior to the first anniversary date of the annual meeting for the preceding year. Special meetings may be called by Antelope Enterprise&rsquo;s
board of directors or by shareholders comprising a majority of the combined voting power of the holders of the then issued and outstanding
shares entitled to vote. These provisions make it more procedurally difficult for a shareholder to place a proposal or nomination on the
meeting agenda or to take action without a meeting, and therefore may reduce the likelihood that a shareholder will seek to take independent
action to replace directors or seek a shareholder vote with respect to other matters that are not supported by management.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the statutory law of
the British Virgin Islands, the principal protection of minority shareholders is that shareholders may bring an action to enforce the
constituent documents of the company, the Memorandum and Articles of Association. Shareholders are entitled to have the affairs of the
company conducted in accordance with the general law and the Memorandum and Articles. The company is obliged to hold an annual meeting
and provide for the election of directors. In addition, the BVI Business Companies Act provides that a shareholder may bring an action
against the company for a breach of a duty owed by the company to him in his capacity as a shareholder or if he considers that the affairs
of the company are being, have been or are likely to be conducted in a manner which is unfairly prejudicial to him.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are common law rights
for the protection of shareholders that may be invoked, largely dependent on English company law, since the case law on British Virgin
Islands business companies is limited. Under the general rule&nbsp;pursuant to English company law known as the rule&nbsp;in Foss v. Harbottle,
a court will generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express
dissatisfaction with the conduct of the company&rsquo;s affairs by the majority or the board of directors. However, every shareholder
is entitled to have the affairs of the company conducted properly according to law and the constituent documents of the corporation. As
such, if those who control the company have persistently disregarded the requirements of company law or the provisions of the company&rsquo;s
memorandum or articles of association, then the courts will grant relief. Generally, the areas in which the courts will intervene are
the following: (i)&nbsp;an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification
by the majority, (ii)&nbsp;acts that constitute fraud on the minority where the wrongdoers control the company, (iii)&nbsp;acts that infringe
on the personal rights of the shareholders, such as the right to vote, and (iv)&nbsp;where the company has not complied with provisions
requiring approval of a special or extraordinary majority of shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the law of Delaware,
the rights of minority shareholders are similar to that which will be applicable to the shareholders of Antelope Enterprise. The principal
difference, as discussed elsewhere will be the methodology and the forum for bringing such an action. It is also generally the case that
the Delaware courts can exercise a wide latitude in interpretation and wide discretion in fashioning remedies as they think fits the circumstances
for the regulation of the company. Under English precepts of the law of minority shareholders, there is generally a more restricted approach
to the enforcement of the rights through the interpretation of the law, articles and memorandum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Transfer of Antelope Enterprises
Securities Upon Death of Holder</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because Antelope Enterprises
is a British Virgin Islands company, the transfer of the securities of Antelope Enterprises, including the shares and warrants, for estate
administration purposes will be governed by British Virgin Islands law. This may require that the estate of a decedent security holder
of Antelope Enterprises seek to probate or transfer under letters of administration for the estate issued by a court in the British Virgin
Islands in order to effectively transfer the shares of the deceased.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Transfer Agent and Registrar
for Antelope Enterprises shares, warrants and units is Continental Stock Transfer&nbsp;&amp; Trust Company, 17 Battery Place, New York,
NY 10004, (212) 509-4000.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A director, officer or agent
of a company formed under the laws of the British Virgin Islands is obligated to act honestly and in good faith and exercise care, diligence
and skill of a reasonably prudent person acting in comparable circumstances. The Memorandum and Articles of Antelope Enterprises do not
relieve directors, officers or agents from personal liability arising from the management of the business of the company. Notwithstanding
the foregoing, Section&nbsp;132 of the BVI Business Companies Act permits indemnification of directors, officers and agents against all
expenses, including legal fees and judgments, fines and settlements, in respect of actions related to their employment. The Acquisition
Agreement provides indemnification in respect of the representations, warranties and covenants of the parties, some of which may relate
to the securities laws of the United States. There are no agreements that relieve directors, officer or agents from personal liability.
Antelope Enterprises is permitted and intends to obtain director and officer insurance.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act of 1933, as amended (Securities Act) may be permitted to directors, officers or persons
controlling the registrant pursuant to the foregoing provisions, Antelope Enterprises and CHAC have been informed that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy, as expressed in the Securities Act, and is, therefore,
unenforceable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue series of debt
securities, which may include debt securities exchangeable for or convertible into shares. When we offer to sell a particular series of
debt securities, we will describe the specific terms of that series in a supplement to this prospectus. The following description of debt
securities will apply to the debt securities offered by this prospectus unless we provide otherwise in the applicable prospectus supplement.
The applicable prospectus supplement for a particular series of debt securities may specify different or additional terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt securities offered
by this prospectus may be secured or unsecured, and may be senior debt securities, senior subordinated debt securities or subordinated
debt securities. The debt securities offered by this prospectus may be issued under an indenture between us and the trustee under the
indenture. The indenture may be qualified under, subject to, and governed by, the Trust Indenture Act of 1939, as amended. We have summarized
selected portions of the indenture below. The summary is not complete. The form of the indenture has been incorporated by reference as
an exhibit to the registration statement on Form&nbsp;F-3, of which this prospectus is a part, and you should read the indenture for provisions
that may be important to you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of each series of
debt securities will be established by or pursuant to a resolution of our board of directors and detailed or determined in the manner
provided in a board of directors&rsquo; resolution, an officers&rsquo; certificate and by a supplemental indenture. The particular terms
of each series of debt securities will be described in a prospectus supplement relating to the series, including any pricing supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue any amount of
debt securities under the indenture, which may be in one or more series with the same or different maturities, at par, at a premium or
at a discount. We will set forth in a prospectus supplement, including any related pricing supplement, relating to any series of debt
securities being offered, the initial offering price, the aggregate principal amount offered and the terms of the debt securities, including,
among other things, the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
title of the debt securities;</FONT></P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 0.25in; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the price or prices (expressed as a percentage of the
aggregate principal amount) at which we will sell the debt securities;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any limit on the aggregate principal amount of the debt
securities;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the date or dates on which we will repay the principal
on the debt securities and the right, if any, to extend the maturity of the debt securities;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the rate or rates (which may be fixed or variable) per
annum or the method used to determine the rate or rates (including any commodity, commodity index, stock exchange index or financial
index) at which the debt securities will bear interest, the date or dates from which interest will accrue, the date or dates on which
interest will be payable and any regular record date for any interest payment date;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the place or places where the principal of, premium, and
interest on the debt securities will be payable, and where the debt securities of the series that are convertible or exchangeable may
be surrendered for conversion or exchange;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">any obligation or right we have to redeem the debt securities
pursuant to any sinking fund or analogous provisions or at the option of holders of the debt securities or at our option, and the terms
and conditions upon which we are obligated to or may redeem the debt securities;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">any obligation we have to repurchase the debt securities at
the option of the holders of debt securities, the dates on which and the price or prices at which we will repurchase the debt securities
and other detailed terms and provisions of these repurchase obligations;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the denominations in which the debt securities will be issued;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the debt securities will be issued in the form of certificated
debt securities or global debt securities;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the portion of principal amount of the debt securities payable
upon declaration of acceleration of the maturity date, if other than the principal amount;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the currency of denomination of the debt securities;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation of the currency, currencies or currency units
in which payment of principal of, premium and interest on the debt securities will be made;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">if payments of principal of, premium or interest on, the debt
securities will be made in one or more currencies or currency units other than that or those in which the debt securities are denominated,
the manner in which the exchange rate with respect to these payments will be determined;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the manner in which the amounts of payment of principal of,
premium or interest on, the debt securities will be determined, if these amounts may be determined by reference to an index based on
a currency or currencies other than that in which the debt securities are denominated or designated to be payable or by reference to
a commodity, commodity index, stock exchange index or financial index;</TD>
</TR></TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">any provisions relating to any security provided for the debt
securities;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">any addition to or change in the events of default described
in the indenture with respect to the debt securities and any change in the acceleration provisions described in the indenture with respect
to the debt securities;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">any addition to or change in the covenants described in the
indenture with respect to the debt securities;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the debt securities will be senior or subordinated and
any applicable subordination provisions;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">a discussion of any material U.S. federal income tax considerations
applicable to the debt securities;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">any other terms of the debt securities, which may modify any
provisions of the indenture as it applies to that series; and</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">any depositaries, interest rate calculation agents, exchange
rate calculation agents or other agents with respect to the debt securities.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue debt securities
that are exchangeable for and/or convertible into shares. The terms, if any, on which the debt securities may be exchanged and/or converted
will be set forth in the applicable prospectus supplement. Such terms may include provisions for exchange or conversion, which can be
mandatory, at the option of the holder or at our option, and the manner in which the number of shares or other securities to be received
by the holders of debt securities would be calculated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue debt securities
that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity
pursuant to the terms of the indenture. We will provide you with information on the U.S. federal income tax considerations, and other
special considerations applicable to any of these debt securities, in the applicable prospectus supplement. If we denominate the purchase
price of any of the debt securities in a foreign currency or currencies or a foreign currency unit or units, or if the principal of and
any premium and interest on any series of debt securities is payable in a foreign currency or currencies or a foreign currency unit or
units, we will provide you with information on the restrictions, elections, specific terms and other information with respect to that
issue of debt securities and such foreign currency or currencies or foreign currency unit or units in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue debt securities
of a series in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of, a depositary
identified in the prospectus supplement. Global securities will be issued in registered form and in either temporary or definitive form.
Unless and until it is exchanged in whole or in part for the individual debt securities, a global security may not be transferred except
as a whole by the depositary for such global security to a nominee of such depositary or by a nominee of such depositary to such depositary
or another nominee of such depositary or by such depositary or any such nominee to a successor of such depositary or a nominee of such
successor. The specific terms of the depositary arrangement with respect to any debt securities of a series and the rights of and limitations
upon owners of beneficial interests in a global security will be described in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture and the debt
securities will be governed by, and construed in accordance with, the internal laws of the State of New York, unless we otherwise specify
in the applicable prospectus supplement<B><I>.</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue and offer warrants
under the material terms and conditions described in this prospectus and any accompanying prospectus supplement. The accompanying prospectus
supplement may add, update or change the terms and conditions of the warrants as described in this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue warrants to purchase
our shares, or debt securities. Warrants may be issued independently or together with any securities and may be attached to or separate
from those securities. The warrants will be issued under warrant agreements to be entered into between us and a bank or trust company,
as warrant agent, all of which will be described in the prospectus supplement relating to the warrants we are offering. The warrant agent
will act solely as our agent in connection with the warrants and will not have any obligation or relationship of agency or trust for or
with any holders or beneficial owners of warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each equity warrant issued
by us will entitle its holder to purchase the equity securities designated at an exercise price set forth in, or to be determinable as
set forth in, the related prospectus supplement. Equity warrants may be issued separately or together with equity securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The equity warrants are to
be issued under equity warrant agreements to be entered into between us and one or more banks or trust companies, as equity warrant agent,
as will be set forth in the applicable prospectus supplement and this prospectus.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The particular terms of the
equity warrants, the equity warrant agreements relating to the equity warrants and the equity warrant certificates representing the equity
warrants will be described in the applicable prospectus supplement, including, as applicable:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the title of the equity warrants;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the initial offering price;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the aggregate amount of equity warrants and the aggregate amount of equity securities purchasable upon exercise of the equity warrants;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the currency or currency units in which the offering price, if any, and the exercise price are payable;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>if applicable, the designation and terms of the equity securities with which the equity warrants are issued, and the amount of equity warrants issued with each equity security;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the date, if any, on and after which the equity warrants and the related equity security will be separately transferable;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>if applicable, the minimum or maximum amount of the equity warrants that may be exercised at any one time;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the date on which the right to exercise the equity warrants will commence and the date on which the right will expire;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>if applicable, a discussion of United States federal income tax, accounting or other considerations applicable to the equity warrants;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>anti-dilution provisions of the equity warrants, if any;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>redemption or call provisions, if any, applicable to the equity warrants; and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>any additional terms of the equity warrants, including terms, procedures and limitations relating to the exchange and exercise of the equity warrants.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of equity warrants
will not be entitled, solely by virtue of being holders, to vote, to consent, to receive dividends, to receive notice as shareholders
with respect to any meeting of shareholders for the election of directors or any other matters, or to exercise any rights whatsoever as
a holder of the equity securities purchasable upon exercise of the equity warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each debt warrant issued by
us will entitle its holder to purchase the debt securities designated at an exercise price set forth in, or to be determinable as set
forth in, the related prospectus supplement. Debt warrants may be issued separately or together with debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt warrants are to be
issued under debt warrant agreements to be entered into between us, and one or more banks or trust companies, as debt warrant agent, as
will be set forth in the applicable prospectus supplement and this prospectus. The particular terms of each issue of debt warrants, the
debt warrant agreement relating to the debt warrants and the debt warrant certificates representing debt warrants will be described in
the applicable prospectus supplement, including, as applicable:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the title of the debt warrants;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the initial offering price;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the title, aggregate principal amount and terms of the debt securities purchasable upon exercise of the debt warrants;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the currency or currency units in which the offering price, if any, and the exercise price are payable;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the title and terms of any related debt securities with which the debt warrants are issued and the amount of the debt warrants issued with each debt security;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the date, if any, on and after which the debt warrants and the related debt securities will be separately transferable;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>the principal amount of debt securities purchasable upon exercise of each debt warrant and the price at which that principal amount of debt securities may be purchased upon exercise of each debt warrant;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>if applicable, the minimum or maximum amount of warrants that may be exercised at any one time;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></P></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">the
date on which the right to exercise the debt warrants will commence and the date on which the right will expire;&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">if applicable, a discussion of United States federal income tax, accounting or other considerations applicable to the debt warrants;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>whether the debt warrants represented by the debt warrant certificates will be issued in registered or bearer form, and, if registered, where they may be transferred and registered;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>anti-dilution provisions of the debt warrants, if any;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>redemption or call provisions, if any, applicable to the debt warrants; and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT>any additional terms of the debt warrants, including terms, procedures and limitations relating to the exchange and exercise of the debt warrants.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Debt warrant certificates
will be exchangeable for new debt warrant certificates of different denominations and, if in registered form, may be presented for registration
of transfer, and debt warrants may be exercised at the corporate trust office of the debt warrant agent or any other office indicated
in the related prospectus supplement. Before the exercise of debt warrants, holders of debt warrants will not be entitled to payments
of principal of, premium, if any, or interest, if any, on the debt securities purchasable upon exercise of the debt warrants, or to enforce
any of the covenants in the indentures governing such debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aaa_001"></A>CERTAIN INCOME TAX CONSIDERATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Material income tax consequences
relating to the purchase, ownership and disposition of any of the securities offered by this prospectus will be set forth in the applicable
prospectus supplement relating to the offering of those securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aaa_002"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell or distribute
the securities offered by this prospectus, from time to time, in one or more offerings, as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify">through agents;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left">to dealers or underwriters for resale;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left">directly to investors; or</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left">through a combination of any of these methods of sale.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="text-align: justify">We will set forth in a prospectus supplement or free writing prospectus the terms of the offering of securities,
including:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left">the name or names of any agents or underwriters;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify">the purchase price of the securities being offered and the proceeds we will receive from the sale;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left">any over-allotment options under which underwriters may purchase additional securities from us;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left">any agency fees or underwriting discounts and other items constituting agents&rsquo; or underwriters&rsquo; compensation;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left">the public offering price;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left">any discounts or concessions allowed or reallowed or paid to dealers; and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left">any securities exchanges on which such securities may be listed.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we use underwriters for
a sale of securities, the underwriters will acquire the securities for their own account. The underwriters may resell the securities in
one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time
of sale. The obligations of the underwriters to purchase the securities will be subject to the conditions set forth in the applicable
underwriting agreement. The underwriters will be obligated to purchase all the securities of the series offered if they purchase any of
the securities of that series. We may change from time to time any public offering price and any discounts or concessions the underwriters
allow or reallow or pay to dealers. We may use underwriters with whom we have a material relationship. We will describe in a prospectus
supplement or free writing prospectus naming the underwriter and the nature of any such relationship.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In compliance with the guidelines
of the Financial Industry Regulatory Authority,&nbsp;Inc., or FINRA, the maximum discount or commission to be received by any FINRA member
or independent broker-dealer may not exceed 8% of the aggregate amount of the securities offered pursuant to this prospectus and any applicable
prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may designate agents who
agree to use their reasonable efforts to solicit purchases for the period of their appointment or to sell securities on a continuing basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also sell securities
directly to one or more purchasers without using underwriters or agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Underwriters, dealers and
agents that participate in the distribution of the securities may be underwriters as defined in the Securities Act, and any discounts
or commissions they receive from us and any profit on their resale of the securities may be treated as underwriting discounts and commissions
under the Securities Act. We will identify in the applicable prospectus supplement or a free writing prospectus any underwriters, dealers
or agents and will describe their compensation. We may have agreements with the underwriters, dealers and agents to indemnity them against
specified civil liabilities, including liabilities under the Securities Act. Underwriters, dealers and agents may engage in transactions
with or perform services for us in the ordinary course of their businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will bear all costs, expenses
and fees in connection with the registration of the securities as well as the expenses of all commissions and discounts, if any, attributable
to the sales of securities by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable prospectus supplement or any free writing prospectus, each class or series of securities will be a new issue with no
established trading market, other than our shares, which are listed on the NASDAQ Capital Market. We may elect to list any other class
or series of securities on any exchange, but we are not obligated to do so. It is possible that one or more underwriters may make a market
in a class or series of securities, but the underwriters will not be obligated to do so and may discontinue any market making at any time
without notice. We cannot give any assurance as to the liquidity of the trading market for any of the securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with an offering,
an underwriter may purchase and sell securities in the open market. These transactions may include short sales, stabilizing transactions
and purchases to cover positions created by short sales. Short sales involve the sale by the underwriters of a greater number of securities
than they are required to purchase in the offering. &ldquo;Covered&rdquo; short sales are sales made in an amount not greater than the
underwriters&rsquo; option to purchase additional securities, if any, from us in the offering. If the underwriters have an over-allotment
option to purchase additional securities from us, the underwriters may close out any covered short position by either exercising their
over-allotment option or purchasing securities in the open market. In determining the source of securities to close out the covered short
position, the underwriters may consider, among other things, the price of securities available for purchase in the open market as compared
to the price at which they may purchase securities through the over-allotment option. &ldquo;Naked&rdquo; short sales are any sales in
excess of such option or where the underwriters do not have an over-allotment option. The underwriters must close out any naked short
position by purchasing securities in the open market. A naked short position is more likely to be created if the underwriters are concerned
that there may be downward pressure on the price of the securities in the open market after pricing that could adversely affect investors
who purchase in the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, to cover these
short sales positions or to otherwise stabilize or maintain the price of the securities, the underwriters may bid for or purchase securities
in the open market and may impose penalty bids. If penalty bids are imposed, selling concessions allowed to syndicate members or other
broker-dealers participating in the offering are reclaimed if securities previously distributed in the offering are repurchased, whether
in connection with stabilization transactions or otherwise. The effect of these transactions may be to stabilize or maintain the market
price of the securities at a level above that which might otherwise prevail in the open market. The impositions of a penalty bid may also
affect the price of the securities to the extent that it discourages resale of the securities. The magnitude or effect of any stabilization
or other transactions is uncertain. These transactions may be effected on the NASDAQ Capital Market or otherwise and, if commenced, may
be discontinued at any time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may enter into derivative
transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions.
If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered
by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities
pledged by or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities
received from us in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions
will be an underwriter and will be identified in the applicable prospectus supplement or a post-effective amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we may loan or
pledge securities to a financial institution or other third party that in turn may sell the securities short using this prospectus. Such
financial institution or third party may transfer its economic short position to investors in our securities or in connection with a concurrent
offering of other securities offered by this prospectus or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aaa_003"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are being represented by
Schiff Hardin LLP, Washington, DC with respect to legal matters arising under the United States federal securities laws. The validity
of the shares offered in this offering and legal matters as to British Virgin Islands law will be passed upon for us by Harney Westwood&nbsp;&amp;
Riegels. Legal matters will be passed upon for any underwriters, dealers or agents by counsel named in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aaa_004"></A>EXPENSES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will incur a SEC registration fee of US$6,952.50 and will also incur printing costs, legal fees and expenses, accounting fees and expenses,
and others in connection with the </FONT>offering of securities. Expenses of any of the securities offered by this prospectus will be
set forth in the applicable prospectus supplement(s)&nbsp;relating to the offering of those securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aaa_005"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements incorporated
by reference in this prospectus have been audited by Centurion ZD CPA&nbsp;&amp; Co., our independent registered public accounting firm,
and are included in reliance upon such reports given upon the authority of said firm as experts in auditing and accounting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aaa_006"></A>ENFORCEABILITY OF CIVIL LIABILITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many of our officers and directors,
and some of the experts named in this prospectus, are residents of PRC or elsewhere outside of the U.S., and all of our assets and the
assets of such persons are located outside the U.S. As a result, it may be difficult for investors in the U.S. to effect service of process
within the U.S. upon such directors, officers and representatives of experts who are not residents of the U.S. or to enforce against them
judgments of a U.S. court predicated solely upon civil liability under U.S. federal securities laws or the securities laws of any state
within the U.S.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Substantially all of our operations
and records, and most of our senior management are located in the PRC. Our shareholders have limited ability to assert and collect on
claims in litigation against us and our principals. In addition, corporate organization and structure could further impede the ability
of a person to prove a claim or collect on a judgment against the Company. Finally, China has very restrictive secrecy laws that prohibit
the delivery of many of the financial records maintained by a business located in China to third parties absent Chinese government approval.
Since discovery is an important part of proving a claim in litigation, and since most if not all of the Company&rsquo;s records are in
China, Chinese secrecy laws could frustrate efforts to prove a claim against the Company or its management. In order to commence litigation
in the United States against an individual such as an officer or director, that individual must be served. While directors and officers
of a Delaware corporation are routinely served for purposes of a suit against them in Delaware for breach of fiduciary duty and there
are means of serving individuals who reside outside the United States in other litigation, generally service requires the cooperation
of the country in which a defendant resides. China has a history of failing to cooperate in efforts to effect such service upon Chinese
citizens in China. These and other similar PRC laws and regulations could substantially impair our shareholders abilities to investigate
and prosecute claims against our Company, our officers and our directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aaa_007"></A>INCORPORATION OF DOCUMENTS BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; the information we file with them. This means that we can disclose important information to you by referring you to
those documents. Each document incorporated by reference is current only as of the date of such document, and the incorporation by reference
of such documents should not create any implication that there has been no change in our affairs since the date thereof or that the information
contained therein is current as of any time subsequent to its date. The information incorporated by reference is considered to be a part
of this prospectus and should be read with the same care. When we update the information contained in documents that have been incorporated
by reference by making future filings with the SEC, the information incorporated by reference in this prospectus is considered to be automatically
updated and superseded. In other words, in the case of a conflict or inconsistency between information contained in this prospectus and
information incorporated by reference into this prospectus, you should rely on the information contained in the document that was filed
later.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incorporate by reference
the documents listed below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1470683/000110465920064112/tm206482-1_20f.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2020 filed with the SEC on April&nbsp;29, 2021; and</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our reports on Form&nbsp;6-K dated <A HREF="https://www.sec.gov/Archives/edgar/data/1470683/000110465921081848/tm2119740d1_6k.htm" STYLE="-sec-extract: exhibit">June&nbsp;16, 2021</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1470683/000110465921120990/aehl-20210930x6k.htm" STYLE="-sec-extract: exhibit">September&nbsp;30, 2021</A>, respectively;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with respect to each offering of securities under this prospectus, all our subsequent Annual Reports on Form&nbsp;20-F and any report on Form&nbsp;6-K that (i)&nbsp;we file or furnish with the SEC on or after the date on which this prospectus is first filed with the SEC and until the termination or completion of the offering under this prospectus and (ii)&nbsp;indicates that it is being incorporated by reference in this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless expressly incorporated
by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the
SEC. We will provide to each person, including any beneficial owner, who receives a copy of this prospectus, upon written or oral request,
without charge, a copy of any or all of the documents we refer to above which we have incorporated by reference in this prospectus, except
for exhibits to such documents unless the exhibits are specifically incorporated by reference into this prospectus. You should direct
your requests to the attention of our chief financial officer at our principal executive office located in c/o Junbing Industrial Zone,
Anhai, Jinjiang City, Fujian Province, PRC. Our telephone number at this address is +86 (595) 8576 5053 and our fax number is Fax: +86
(595) 8576 5059.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only on the
information contained or incorporated by reference in this prospectus, in any applicable prospectus supplement or any related free writing
prospectus that we may authorize to be delivered to you. We have not authorized any other person to provide you with different information.
If anyone provides you with different or inconsistent information, you should not rely on it. We will not make an offer to sell these
securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus,
the applicable supplement to this prospectus or in any related free writing prospectus is accurate as of its respective date, and that
any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate
otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aaa_008"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of this section,
the term registration statement means the original registration statement and any and all amendments including the schedules and exhibits
to the original registration statement or any amendment. This prospectus does not contain all of the information included in the registration
statement we filed. For further information regarding us and the Shares offered in this prospectus, you may desire to review the full
registration statement, including the exhibits. The registration statement, including its exhibits and schedules, may be inspected and
copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may obtain
information on the operation of the public reference room by calling 1-202-551-8090. Copies of such materials are also available by mail
from the Public Reference Branch of the SEC at 100 F Street, N.E., Washington, D.C. 20549 at prescribed rates. In addition, the SEC maintains
a website (<I>http://www.sec.gov</I>) from which interested persons can electronically access the registration statement, including the
exhibits and schedules to the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) that are
applicable to a foreign private issuer. In accordance with the Exchange Act, we file reports with the SEC, including annual reports on
Form&nbsp;20-F. We also furnish to the SEC under cover of Form&nbsp;6-K material information required to be made public in the British
Virgin Islands, filed with and made public by any stock exchange or automated quotation system or distributed by us to our shareholders.
As a foreign private issuer, we are exempt from the rules&nbsp;under the Exchange Act prescribing the furnishing and content of proxy
statements to shareholders. In addition, our officers, directors and principal shareholders are exempt from the &ldquo;short-swing profits&rdquo;
reporting and liability provisions contained in Section&nbsp;16 of the Exchange Act and related Exchange Act rules</FONT>.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Up to $75,000,000 of</B></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You should rely only on the information contained
in this prospectus. No dealer, salesperson or other person is authorized to give information that is not contained in this prospectus.
This prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale
is not permitted. The information contained in this prospectus is correct only as of the date of this prospectus, regardless of the time
of the delivery of this prospectus or the sale of these securities.</B></P>

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

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

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

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

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



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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Information not Required in Prospectus</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 8.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification of directors and officers</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">British Virgin Islands law
does limit the extent to which a company&rsquo;s memorandum and articles of association may provide for indemnification of officers and
directors. The Antelope Enterprise memorandum and articles of association provides for indemnification of its officers and directors for
any liability incurred in their capacities as such, except through their own fraud or willful default to the extent permitted under British
Virgin Islands law. Indemnification is only available to a person who acted in good faith and in what that person believed to be in the
best interests of Antelope Enterprise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling Antelope Enterprise pursuant
to the foregoing provisions, Antelope Enterprise has been informed that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act and is theretofore unenforceable.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits and financial statement schedules</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits Pursuant to Item 601 of Regulation&nbsp;S-K:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;<BR>
No.</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 89%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Underwriting Agreement or Agency Agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1470683/000114420418020732/tv490778_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1470683/000114420418020732/tv490778_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Certificate for Shares of the Registrant. (1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2132004d1_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2132004d1_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Indenture.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Debt Security.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Warrant.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Warrant Agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2132004d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2132004d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Harney Westwood&nbsp;&amp; Riegels.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2132004d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2132004d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Centurion ZD CPA&nbsp;&amp; Co.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2132004d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2132004d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Harney Westwood&nbsp;&amp; Riegels (included in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on signature page&nbsp;hereof).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;T-1 Statement of Eligibility and Qualification under the Trust Indenture Act of 1939, as amended, of the &nbsp;Trustee under the Indenture.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be filed as an exhibit to a post-effective amendment to this registration statement or as an exhibit to a report filed or furnished with the SEC and incorporated herein by reference.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference from the exhibit of the same number filed with the Registrant&rsquo;s Registration Statement on Form&nbsp;F-3, filed on April&nbsp;16, 2018.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 10.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Undertakings</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned registrant hereby undertakes:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by section 10(a)(3)&nbsp;of the Securities Act of 1933;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume
and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement; and</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Provided,
however</I></FONT>, that paragraphs (a)(1)(i), (a)(1)(ii)&nbsp;and (a)(1)(iii)&nbsp;of this section do not apply if the information required
to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant
pursuant to section 13 or section 15(d)&nbsp;of the Exchange Act that are incorporated by reference in the registration statement, or
is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;that is part of the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form&nbsp;20-F
at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section&nbsp;10(a)(3)&nbsp;of
the Securities Act of 1933 need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective
amendment, financial statements required pursuant to this paragraph (a)(4)&nbsp;and other information necessary to ensure that all other
information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, a post-effective
amendment need not be filed to include financial statements and information required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act
of 1933 or Item 8.A of Form&nbsp;20-F if such financial statements and information are contained in periodic reports filed with or furnished
to the Commission by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Securities Exchange Act of 1934 that
are incorporated by reference in the Form&nbsp;F-3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act to any purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(3)&nbsp;shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7)&nbsp;as part of a registration statement in reliance
on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the
information required by section 10(a)&nbsp;of the Securities Act of 1933 shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating
to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such effective date.</P>

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned registrant
undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act (and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange Act) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offering therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule&nbsp;430A and contained in the form of prospectus filed by the registrant pursuant
to Rule&nbsp;424(b)(1)&nbsp;or (4)&nbsp;or 497(h)&nbsp;under the Securities Act of 1933 shall be deemed to be part of the registration
statement as of the time it was declared effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such
indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under
subsection (a)&nbsp;of Section&nbsp;310 of the Trust Indenture Act of 1939, as amended, or the Trust Indenture Act, in accordance with
the rules&nbsp;and regulations prescribed by the Securities and Exchange Commission under Section&nbsp;305(b)(2)&nbsp;of the Trust Indenture
Act.</P>

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

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Jinjiang, Fujian Province, PRC on November&nbsp;10, 2021.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Antelope Enterprise Holdings Limited</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">/s/ Huang Meishuang</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huang Meishuang</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL PERSONS BY THESE
PRESENTS, that each person whose signature appears below constitutes and appoints Huang Meishuang as an attorney-in-fact with full power
of substitution, for him or her in any and all capacities, to do any and all acts and all things and to execute any and all instruments
which said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), and any rules, regulations and requirements of the Securities and Exchange Commission thereunder,
in connection with the registration under the Securities Act of ordinary shares of the registrant (the &ldquo;Shares&rdquo;), including,
without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration
Statement on Form&nbsp;F-3 (the &ldquo;Registration Statement&rdquo;) to be filed with the Securities and Exchange Commission with respect
to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed
before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule&nbsp;462(b)&nbsp;under
the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or
any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement; and
each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Huang Meishuang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;10, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huang Meishuang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer and Director) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Hen Man Edmund </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer &nbsp;&nbsp; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;10, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hen Man Edmund </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial Officer and Principal Accounting Officer) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Roy Tan Choon Kang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director &nbsp; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;10, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roy Tan Choon Kang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Song Chungen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director &nbsp; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;10, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Song Chungen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Alex Ng Man Shek</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director &nbsp; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;10, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alex Ng Man Shek </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Shen Cheng Liang </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director &nbsp; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;10, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shen Cheng Liang </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>tm2132004d1_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;4.2</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of [&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;]</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 82%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center"><B>Page</B></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">ARTICLE&nbsp;I</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">DEFINITIONS AND INCORPORATION BY REFERENCE</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;1.1</TD>
    <TD STYLE="vertical-align: bottom">Definitions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;1.2</TD>
    <TD STYLE="vertical-align: bottom">Other Definitions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;1.3</TD>
    <TD STYLE="vertical-align: bottom">Incorporation by Reference of Trust Indenture Act</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;1.4</TD>
    <TD STYLE="vertical-align: bottom">Rules&nbsp;of Construction</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">ARTICLE&nbsp;II</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">THE SECURITIES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.1</TD>
    <TD STYLE="vertical-align: bottom">Issuable in Series</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.2</TD>
    <TD STYLE="vertical-align: bottom">Establishment of Terms of Series&nbsp;of Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.3</TD>
    <TD STYLE="vertical-align: bottom">Execution and Authentication</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.4</TD>
    <TD STYLE="vertical-align: bottom">Registrar and Paying Agent</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.5</TD>
    <TD STYLE="vertical-align: bottom">Paying Agent to Hold Money in Trust</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.6</TD>
    <TD STYLE="vertical-align: bottom">Security Holder Lists</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.7</TD>
    <TD STYLE="vertical-align: bottom">Transfer and Exchange</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.8</TD>
    <TD STYLE="vertical-align: bottom">Mutilated, Destroyed, Lost and Stolen Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.9</TD>
    <TD STYLE="vertical-align: bottom">Outstanding Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.10</TD>
    <TD STYLE="vertical-align: bottom">Treasury Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.11</TD>
    <TD STYLE="vertical-align: bottom">Temporary Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.12</TD>
    <TD STYLE="vertical-align: bottom">Cancellation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.13</TD>
    <TD STYLE="vertical-align: bottom">Defaulted Interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.14</TD>
    <TD STYLE="vertical-align: bottom">Global Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;2.15</TD>
    <TD STYLE="vertical-align: bottom">CUSIP Numbers</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">ARTICLE&nbsp;III</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">REDEMPTION</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;3.1</TD>
    <TD STYLE="vertical-align: bottom">Notice to Trustee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;3.2</TD>
    <TD STYLE="vertical-align: bottom">Selection of Securities to be Redeemed</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;3.3</TD>
    <TD STYLE="vertical-align: bottom">Notice of Redemption</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;3.4</TD>
    <TD STYLE="vertical-align: bottom">Effect of Notice of Redemption</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;3.5</TD>
    <TD STYLE="vertical-align: bottom">Deposit of Redemption Price</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;3.6</TD>
    <TD STYLE="vertical-align: bottom">Securities Redeemed in Part</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</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="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 82%">ARTICLE&nbsp;IV</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">COVENANTS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;4.1</TD>
    <TD STYLE="vertical-align: bottom">Payment of Principal and Interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;4.2</TD>
    <TD STYLE="vertical-align: bottom">SEC Reports</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;4.3</TD>
    <TD STYLE="vertical-align: bottom">Compliance Certificate</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;4.4</TD>
    <TD STYLE="vertical-align: bottom">Stay, Extension and Usury Laws</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;4.5</TD>
    <TD STYLE="vertical-align: bottom">Corporate Existence</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">ARTICLE&nbsp;V</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">SUCCESSORS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;5.1</TD>
    <TD STYLE="vertical-align: bottom">When Company May&nbsp;Merge, Etc.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;5.2</TD>
    <TD STYLE="vertical-align: bottom">Successor Corporation Substituted</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">ARTICLE&nbsp;VI</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">DEFAULTS AND REMEDIES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.1</TD>
    <TD STYLE="vertical-align: bottom">Events of Default</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.2</TD>
    <TD STYLE="vertical-align: bottom">Acceleration of Maturity; Rescission and Annulment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.3</TD>
    <TD STYLE="vertical-align: bottom">Collection of Indebtedness and Suits for Enforcement by Trustee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.4</TD>
    <TD STYLE="vertical-align: bottom">Trustee May&nbsp;File Proofs of Claim</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.5</TD>
    <TD STYLE="vertical-align: bottom">Trustee May&nbsp;Enforce Claims Without Possession of Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.6</TD>
    <TD STYLE="vertical-align: bottom">Application of Money Collected</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.7</TD>
    <TD STYLE="vertical-align: bottom">Limitation on Suits</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.8</TD>
    <TD STYLE="vertical-align: bottom">Unconditional Right of Holders to Receive Principal and Interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.9</TD>
    <TD STYLE="vertical-align: bottom">Restoration of Rights and Remedies</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.10</TD>
    <TD STYLE="vertical-align: bottom">Rights and Remedies Cumulative</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.11</TD>
    <TD STYLE="vertical-align: bottom">Delay or Omission Not Waiver</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.12</TD>
    <TD STYLE="vertical-align: bottom">Control by Holders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.13</TD>
    <TD STYLE="vertical-align: bottom">Waiver of Past Defaults</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;6.14</TD>
    <TD STYLE="vertical-align: bottom">Undertaking for Costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">ARTICLE&nbsp;VII</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">TRUSTEE</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.1</TD>
    <TD STYLE="vertical-align: bottom">Duties of Trustee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.2</TD>
    <TD STYLE="vertical-align: bottom">Rights of Trustee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.3</TD>
    <TD STYLE="vertical-align: bottom">Force Majeure</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.4</TD>
    <TD STYLE="vertical-align: bottom">Individual Rights of Trustee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.5</TD>
    <TD STYLE="vertical-align: bottom">Trustee&rsquo;s Disclaimer</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.6</TD>
    <TD STYLE="vertical-align: bottom">Notice of Defaults</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.7</TD>
    <TD STYLE="vertical-align: bottom">Reports by Trustee to Holders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.8</TD>
    <TD STYLE="vertical-align: bottom">Compensation and Indemnity</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.9</TD>
    <TD STYLE="vertical-align: bottom">Replacement of Trustee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.10</TD>
    <TD STYLE="vertical-align: bottom">Successor Trustee by Merger,&nbsp;etc.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.11</TD>
    <TD STYLE="vertical-align: bottom">Eligibility; Disqualification</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;7.12</TD>
    <TD STYLE="vertical-align: bottom">Preferential Collection of Claims Against Company</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 82%; text-align: center">ARTICLE&nbsp;VIII</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">SATISFACTION AND DISCHARGE; DEFEASANCE</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">Section&nbsp;8.1</TD>
    <TD STYLE="vertical-align: bottom">Satisfaction and Discharge of Indenture</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">Section&nbsp;8.2</TD>
    <TD STYLE="vertical-align: bottom">Application of Trust Funds; Indemnification</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Section&nbsp;8.3</TD>
    <TD STYLE="vertical-align: bottom">Legal Defeasance of Securities of any Series</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Section&nbsp;8.4</TD>
    <TD STYLE="vertical-align: bottom">Covenant Defeasance</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Section&nbsp;8.5</TD>
    <TD STYLE="vertical-align: bottom">Repayment to Company</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27</TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 82%">ARTICLE&nbsp;IX</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">SUPPLEMENTAL INDENTURES, AMENDMENTS AND WAIVERS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">Section&nbsp;9.1</TD>
    <TD STYLE="vertical-align: bottom">Without Consent of Holders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">Section&nbsp;9.2</TD>
    <TD STYLE="vertical-align: bottom">With Consent of Holders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">Section&nbsp;9.3</TD>
    <TD STYLE="vertical-align: bottom">Limitations</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">Section&nbsp;9.4</TD>
    <TD STYLE="vertical-align: bottom">Compliance with Trust Indenture Act</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">Section&nbsp;9.5</TD>
    <TD STYLE="vertical-align: bottom">Revocation and Effect of Consents</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">Section&nbsp;9.6</TD>
    <TD STYLE="vertical-align: bottom">Notation on or Exchange of Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">Section&nbsp;9.7</TD>
    <TD STYLE="vertical-align: bottom">Trustee Protected</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">ARTICLE&nbsp;X</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">MISCELLANEOUS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.1</TD>
    <TD STYLE="vertical-align: bottom">Trust Indenture Act Controls</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.2</TD>
    <TD STYLE="vertical-align: bottom">Notices</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.3</TD>
    <TD STYLE="vertical-align: bottom">Communication by Holders with Other Holders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.4</TD>
    <TD STYLE="vertical-align: bottom">Certificate and Opinion as to Conditions Precedent</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.5</TD>
    <TD STYLE="vertical-align: bottom">Statements Required in Certificate or Opinion</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.6</TD>
    <TD STYLE="vertical-align: bottom">Rules&nbsp;by Trustee and Agents</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.7</TD>
    <TD STYLE="vertical-align: bottom">Legal Holidays</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.8</TD>
    <TD STYLE="vertical-align: bottom">No Recourse Against Others</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.9</TD>
    <TD STYLE="vertical-align: bottom">Counterparts</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.10</TD>
    <TD STYLE="vertical-align: bottom">Governing Laws</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.11</TD>
    <TD STYLE="vertical-align: bottom">No Adverse Interpretation of Other Agreements</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">Section&nbsp;10.12</TD>
    <TD STYLE="vertical-align: bottom">Successors</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;10.13</TD>
    <TD STYLE="vertical-align: bottom">Severability</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;10.14</TD>
    <TD STYLE="vertical-align: bottom">Table of Contents, Headings, Etc.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;10.15</TD>
    <TD STYLE="vertical-align: bottom">Securities in a Foreign Currency or in ECU</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;10.16</TD>
    <TD STYLE="vertical-align: bottom">Judgment Currency</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">ARTICLE&nbsp;XI</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">SINKING FUNDS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;11.1</TD>
    <TD STYLE="vertical-align: bottom">Applicability of Article</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;11.2</TD>
    <TD STYLE="vertical-align: bottom">Satisfaction of Sinking Fund Payments with Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">33</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">Section&nbsp;11.3</TD>
    <TD STYLE="vertical-align: bottom">Redemption of Securities for Sinking Fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">33</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indenture dated as of [&#8239;&#8239;&nbsp;] between
Antelope Enterprise Holdings Limited, an exempted company incorporated in the British Virgin Islands (&ldquo;Company&rdquo;), and [&#8239;&#8239;]
(&ldquo;Trustee&rdquo;). Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the
Holders of the Securities issued under this Indenture.</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;1.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Definitions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Additional Amounts</I>&rdquo; means
any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the
Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Affiliate</I>&rdquo; of any specified
person means any other person directly or indirectly controlling or controlled by or under common control with such specified person.
For the purposes of this definition, &ldquo;control&rdquo; (including, with correlative meanings, the terms &ldquo;controlled by&rdquo;
and &ldquo;under common control with&rdquo;), as used with respect to any person, shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities
or by agreement or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Agent</I>&rdquo; means any Registrar,
Paying Agent or Notice Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Board of Directors</I>&rdquo; means
the Board of Directors of the Company or any duly authorized committee thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Board Resolution</I>&rdquo; means a
copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors
or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered
to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Business Day</I>&rdquo; means, unless
otherwise provided by Board Resolution, Officers&rsquo; Certificate or supplemental indenture hereto for a particular Series, any day
except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law,
regulation or executive order to close or a day the Corporate Trust Office is closed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Capital Stock</I>&rdquo; means any and
all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Company</I>&rdquo; means the party named
as such above until a successor replaces it and thereafter means the successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Company Order</I>&rdquo; means a written
order signed in the name of the Company by two Officers, one of whom must be the Company&rsquo;s principal executive officer, principal
financial officer or principal accounting officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Company Request</I>&rdquo; means a written
request signed in the name of the Company by its Chairman, its Chief Executive Officer, or any Vice President and by its Chief Financial
Officer and delivered to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Corporate Trust Office</I>&rdquo; means
the office of the Trustee at which at any particular time its corporate trust business shall be principally administered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Default</I>&rdquo; means any event which
is, or after notice or passage of time or both would be, an Event of Default.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Depositary</I>&rdquo; means, with respect
to the Securities of any Series&nbsp;issuable or issued in whole or in part in the form of one or more Global Securities, the person designated
as Depositary for such Series&nbsp;by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and
if at any time there is more than one such person, &ldquo;Depositary&rdquo; as used with respect to the Securities of any Series&nbsp;shall
mean the Depositary with respect to the Securities of such Series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Discount Security</I>&rdquo; means any
Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration
of the maturity thereof pursuant to Section&nbsp;6.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Dollars</I>&rdquo; and &ldquo;<I>$</I>&rdquo;
means the currency of The United States of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>ECU</I>&rdquo; means the European Currency
Unit as determined by the Commission of the European Union.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Exchange Act</I>&rdquo; means the Securities
Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Foreign Currency</I>&rdquo; means any
currency or currency unit issued by a government other than the government of The United States of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Foreign Government Obligations</I>&rdquo;
means, with respect to Securities of any Series&nbsp;that are denominated in a Foreign Currency, (i)&nbsp;direct obligations of the government
that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii)&nbsp;obligations
of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by such government, which, in either case under clauses&nbsp;(i)&nbsp;or (ii), are not
callable or redeemable at the option of the issuer thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>GAAP</I>&rdquo; means generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other
entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Global Security</I>&rdquo; or &ldquo;Global
Securities&rdquo; means a Security or Securities, as the case may be, in the form established pursuant to Section&nbsp;2.2 evidencing
all or part of a Series&nbsp;of Securities, issued to the Depositary for such Series&nbsp;or its nominee, and registered in the name of
such Depositary or nominee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Holder</I>&rdquo; or &ldquo;<I>Security
Holder</I>&rdquo; means a person in whose name a Security is registered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Indenture</I>&rdquo; means this Indenture
as amended or supplemented from time to time and shall include the form and terms of particular Series&nbsp;of Securities established
as contemplated hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>interest</I>&rdquo; with respect to
any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Maturity</I>,&rdquo; when used with
respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Officer</I>&rdquo; means the Chairman,
the Chief Executive Officer, any Vice President, or the Chief Financial Officer of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Officers</I>&rsquo; <I>Certificate</I>&rdquo;
means a certificate signed by two Officers, one of whom must be the Company&rsquo;s principal executive officer, principal financial officer
or principal accounting officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Opinion of Counsel</I>&rdquo; means
a written opinion of legal counsel, which opinion, is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.</P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>person</I>&rdquo; means any individual,
corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>principal</I>&rdquo; of a Security means
the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Responsible Officer</I>&rdquo; means
any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate trust matter, any other
officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject and
who shall in each case have direct responsibility for the administration of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>SEC</I>&rdquo; means the Securities
and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Securities</I>&rdquo; means the debentures,
notes or other debt instruments of the Company of any Series&nbsp;authenticated and delivered under this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Series</I>&rdquo; or &ldquo;Series&nbsp;of
Securities&rdquo; means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections&nbsp;2.1
and 2.2 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Stated Maturity</I>&rdquo; when used
with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest
is due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Subsidiary</I>&rdquo; of any specified
person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof
is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or
a combination thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>TIA</I>&rdquo; means the Trust Indenture
Act of 1939 (15 U.S. Code &sect;&sect; 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event
the Trust Indenture Act of 1939 is amended after such date, &ldquo;TIA&rdquo; means, to the extent required by any such amendment, the
Trust Indenture Act as so amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Trustee</I>&rdquo; means the person
named as the &ldquo;Trustee&rdquo; in the first paragraph of this instrument until a successor Trustee shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; shall mean or include each person who is then a Trustee
hereunder, and if at any time there is more than one such person, &ldquo;Trustee&rdquo; as used with respect to the Securities of any
Series&nbsp;shall mean the Trustee with respect to Securities of that Series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>U.S. Government Obligations</I>&rdquo;
means securities which are (i)&nbsp;direct obligations of The United States of America for the payment of which its full faith and credit
is pledged or (ii)&nbsp;obligations of a person controlled or supervised by and acting as an agency or instrumentality of The United States
of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by The United States of America, and
which in the case of (i)&nbsp;and (ii)&nbsp;are not callable or redeemable at the option of the issuer thereof, and shall also include
a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific
payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository
receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by
such depository receipt.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;1.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Other
Definitions</U>.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 49%"><B>TERM</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 49%"><B>DEFINED IN SECTION</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>Bankruptcy Law</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">6.1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>Custodian</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">6.1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>Event of Default</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">6.1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>Journal</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">10.15</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>Judgment Currency</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">10.16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;Legal Holiday&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">10.7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>mandatory sinking fund payment</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">11.1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>Market Exchange Rate</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">10.15</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>New York Banking Day</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">10.16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>Notice Agent</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">2.4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>optional sinking fund payment</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">11.1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>Paying Agent</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">2.4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>Registrar</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">2.4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>Required Currency</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">10.16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&ldquo;<I>successor person</I>&rdquo;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">5.1</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;1.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Incorporation
by Reference of Trust Indenture Act</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Commission</I>&rdquo; means the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>indenture securities</I>&rdquo; means
the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>indenture security holder</I>&rdquo;
means a Security Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>indenture to be qualified</I>&rdquo;
means this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>indenture trustee</I>&rdquo; or &ldquo;<I>institutional
trustee</I>&rdquo; means the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>obligor</I>&rdquo; on the indenture
securities means the Company and any successor obligor upon the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All other terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by SEC rule&nbsp;under the TIA and not otherwise defined herein
are used herein as so defined.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;1.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Rules&nbsp;of
Construction</U>.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in; text-align: left">(a)</TD><TD STYLE="text-align: justify">a
term has the meaning assigned to it;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in; text-align: left">(b)</TD><TD STYLE="text-align: justify">an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in; text-align: left">(c)</TD><TD STYLE="text-align: justify">&ldquo;or&rdquo;
is not exclusive;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in; text-align: left">(d)</TD><TD STYLE="text-align: justify">words
in the singular include the plural, and in the plural include the singular; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in; text-align: left">(e)</TD><TD STYLE="text-align: justify">provisions
apply to successive events and transactions.</TD>
</TR></TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Issuable
in Series</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities
of a Series&nbsp;shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, supplemental
indenture or Officers&rsquo; Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution.
In the case of Securities of a Series&nbsp;to be issued from time to time, the Board Resolution, Officers&rsquo; Certificate or supplemental
indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method
by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.
Securities may differ between Series&nbsp;in respect of any matters, provided that all Series&nbsp;of Securities shall be equally and
ratably entitled to the benefits of the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Establishment
of Terms of Series&nbsp;of Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series&nbsp;generally, in the case of Subsection&nbsp;2.2(a)&nbsp;and either
as to such Securities within the Series&nbsp;or as to the Series&nbsp;generally in the case of Subsections&nbsp;2.2(b)&nbsp;through 2.2(u))
by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution or Officers&rsquo; Certificate,
and associated supplemental indenture:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
title of the Series&nbsp;(which shall distinguish the Securities of that particular Series&nbsp;from the Securities of any other Series);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series&nbsp;will be issued;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
limit upon the aggregate principal amount of the Securities of the Series&nbsp;which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series&nbsp;pursuant to Section&nbsp;2.7, 2.8, 2.11, 3.6 or 9.6);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
date or dates on which the principal of the Securities of the Series&nbsp;is payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series&nbsp;shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
place or places where the principal of and interest, if any, on the Securities of the Series&nbsp;shall be payable, where the Securities
of such Series&nbsp;may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of such Series&nbsp;and this Indenture may be served, and the method of such payment, if by wire transfer, mail
or other means;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of
the Series&nbsp;may be redeemed, in whole or in part, at the option of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
obligation, if any, of the Company to redeem or purchase the Securities of the Series&nbsp;pursuant to any sinking fund or analogous provisions
or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the Series&nbsp;shall be redeemed or purchased, in whole or in part, pursuant to such obligation;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
dates, if any, on which and the price or prices at which the Securities of the Series&nbsp;will be repurchased by the Company at the option
of the Holders thereof and other detailed terms and provisions of such repurchase obligations;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series&nbsp;shall
be issuable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
forms of the Securities of the Series&nbsp;and whether the Securities will be issuable as Global Securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
other than the principal amount thereof, the portion of the principal amount of the Securities of the Series&nbsp;that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section&nbsp;6.2;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited to,
the ECU, and if such currency of denomination is a composite currency other than the ECU, the agency or organization, if any, responsible
for overseeing such composite currency;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities
of the Series&nbsp;will be made;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
payments of principal of or interest, if any, on the Securities of the Series&nbsp;are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series&nbsp;will be determined, if
such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index,
stock exchange index or financial index;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
provisions, if any, relating to any security provided for the Securities of the Series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
addition to or change in the Events of Default which applies to any Securities of the Series&nbsp;and any change in the right of the Trustee
or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section&nbsp;6.2;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
addition to or change in the covenants set forth in Articles&nbsp;IV or V which applies to Securities of the Series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
other terms of the Securities of the Series&nbsp;(which may supplement, modify or delete any provision of this Indenture insofar as it
applies to such Series); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series&nbsp;if
other than those appointed herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All Securities of any one Series&nbsp;need not
be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant
to the Board Resolution, supplemental indenture hereto or Officers&rsquo; Certificate referred to above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Execution
and Authentication</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Two Officers shall sign the Securities for the
Company by manual or facsimile signature.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an Officer whose signature is on a Security
no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Security shall not be valid until authenticated
by the manual or facsimile signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security
has been authenticated under this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee shall at any time, and from time to
time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto
or Officers&rsquo; Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication
unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers&rsquo; Certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate principal amount of Securities of
any Series&nbsp;outstanding at any time may not exceed any limit upon the maximum principal amount for such Series&nbsp;set forth in the
Board Resolution, supplemental indenture hereto or Officers&rsquo; Certificate delivered pursuant to Section&nbsp;2.2, except as provided
in Section&nbsp;2.8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the issuance of Securities of any Series,
the Trustee shall have received and (subject to Section&nbsp;7.2) shall be fully protected in relying on: (a)&nbsp;the Board Resolution,
supplemental indenture hereto or Officers&rsquo; Certificate establishing the form of the Securities of that Series&nbsp;or of Securities
within that Series&nbsp;and the terms of the Securities of that Series&nbsp;or of Securities within that Series, (b)&nbsp;an Officers&rsquo;
Certificate complying with Section&nbsp;10.4, and (c)&nbsp;an Opinion of Counsel complying with Section&nbsp;10.4.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee shall have the right to decline to
authenticate and deliver any Securities of such Series: (a)&nbsp;if the Trustee, being advised by counsel, determines that such action
may not be taken lawfully; or (b)&nbsp;if the Trustee in good faith by its board of directors or trustees, executive committee or a trust
committee of directors and/or vice-presidents shall determine that such action would expose the Trustee to personal liability to Holders
of any then outstanding Series&nbsp;of Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee may appoint an authenticating agent
acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do
so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has
the same rights as an Agent to deal with the Company or an Affiliate of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Registrar
and Paying Agent</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall maintain, with respect to each
Series&nbsp;of Securities, at the place or places specified with respect to such Series&nbsp;pursuant to Section&nbsp;2.2, an office or
agency where Securities of such Series&nbsp;may be presented or surrendered for payment (&ldquo;Paying Agent&rdquo;), where Securities
of such Series&nbsp;may be surrendered for registration of transfer or exchange (&ldquo;Registrar&rdquo;) and where notices and demands
to or upon the Company in respect of the Securities of such Series&nbsp;and this Indenture may be delivered (&ldquo;Notice Agent&rdquo;).
The Trustee or Notice Agent, as applicable, shall deliver such notices and demands to the Company in accordance with Section&nbsp;10.2
hereof. The Registrar shall keep a register with respect to each Series&nbsp;of Securities and to their transfer and exchange. The Company
will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying
Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or
shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or
delivered at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may also from time to time designate
one or more co-registrars, additional paying agents or notice agents and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent
and Notice Agent in each place so specified pursuant to Section&nbsp;2.2 for Securities of any Series&nbsp;for such purposes. The Company
will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such
co-registrar, additional paying agent or notice agent. The term &ldquo;Registrar&rdquo; includes any co-registrar; the term &ldquo;Paying
Agent&rdquo; includes any additional paying agent; and the term &ldquo;Notice Agent&rdquo; includes any additional notice agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company hereby appoints the Trustee the initial
Registrar, Paying Agent and Notice Agent for each Series&nbsp;unless another Registrar, Paying Agent or Notice Agent, as the case may
be, is appointed prior to the time Securities of that Series&nbsp;are first issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company hereby appoints The Depository Trust
Company to act as Depositary with respect to the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Paying
Agent to Hold Money in Trust</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Security Holders of any Series&nbsp;of
Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series&nbsp;of Securities,
and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may
require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money
held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company)
shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate
and hold in a separate trust fund for the benefit of Security Holders of any Series&nbsp;of Securities all money held by it as Paying
Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Security
Holder Lists</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names and addresses of Security Holders of each Series&nbsp;of
Securities and shall otherwise comply with TIA &sect; 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee
at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form
and as of such date as the Trustee may reasonably require, of the names and addresses of Security Holders of each Series&nbsp;of Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Transfer
and Exchange</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where Securities of a Series&nbsp;are presented
to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities
of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.
To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities upon receipt of a Company Order. No service
charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than
any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections&nbsp;2.11, 3.6 or 9.6).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither the Company nor the Registrar shall be
required (a)&nbsp;to issue, register the transfer of, or exchange Securities of any Series&nbsp;for the period beginning at the opening
of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series&nbsp;selected for redemption
and ending at the close of business on the day of such mailing, or (b)&nbsp;to register the transfer of or exchange Securities of any
Series&nbsp;selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Mutilated,
Destroyed, Lost and Stolen Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any mutilated Security is surrendered to the
Trustee, the Company shall execute and the Trustee, upon receipt of a Company Order, shall authenticate and deliver in exchange therefor
a new Security of the same Series&nbsp;and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there shall be delivered to the Company and
the Trustee (i)&nbsp;evidence to their satisfaction of the destruction, loss or theft of any Security and (ii)&nbsp;such security or indemnity
as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the Trustee, upon receipt
of a Company Order, shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new
Security of the same Series&nbsp;and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security,
pay such Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the issuance of any new Security under this
Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Every new Security of any Series&nbsp;issued pursuant
to this Section&nbsp;in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series&nbsp;duly issued hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provisions of this Section&nbsp;are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Outstanding
Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Securities outstanding at any time are all
the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section&nbsp;as
not outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a Security is replaced pursuant to Section&nbsp;2.8,
it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Paying Agent (other than the Company, a
Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series&nbsp;money sufficient to pay
such Securities payable on that date, then on and after that date such Securities of the Series&nbsp;cease to be outstanding and interest
on them ceases to accrue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Security does not cease to be outstanding because
the Company or an Affiliate of the Company holds the Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In determining whether the Holders of the requisite
principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder,
the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section&nbsp;6.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Treasury
Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In determining whether the Holders of the required
principal amount of Securities of a Series&nbsp;have concurred in any request, demand, authorization, direction, notice, consent or waiver,
Securities of a Series&nbsp;owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or
waiver only Securities of a Series&nbsp;that the Trustee knows are so owned shall be so disregarded.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Temporary
Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until definitive Securities are ready for delivery,
the Company may prepare and the Trustee, upon receipt of a Company Order, shall authenticate temporary Securities upon a Company Order.
Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate
for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee, upon receipt of a Company Order, shall
authenticate definitive Securities of the same Series&nbsp;and date of maturity in exchange for temporary Securities. Until so exchanged,
temporary securities shall have the same rights under this Indenture as the definitive Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Cancellation</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange or payment. Upon receipt of written instruction from the Company, the Trustee shall cancel all Securities
surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities and deliver a certificate
of such destruction to the Company, unless the Company otherwise directs. The Company may not issue new Securities to replace Securities
that it has paid or delivered to the Trustee for cancellation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Defaulted
Interest</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company defaults in a payment of interest
on a Series&nbsp;of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the
defaulted interest, to the persons who are Security Holders of the Series&nbsp;on a subsequent special record date. The Company shall
fix the record date and payment date. At least 10&nbsp;days before the record date, the Company shall mail to the Trustee and to each
Security Holder of the Series&nbsp;a notice that states the record date, the payment date and the amount of interest to be paid. The Company
may pay defaulted interest in any other lawful manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Global
Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Terms
of Securities</U>. A Board Resolution, a supplemental indenture hereto or an Officers&rsquo; Certificate shall establish whether the Securities
of a Series&nbsp;shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security
or Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Transfer
and Exchange</U>. Notwithstanding any provisions to the contrary contained in Section&nbsp;2.7 of the Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section&nbsp;2.7 of the Indenture for Securities registered in the names of Holders
other than the Depositary for such Security or its nominee only if (i)&nbsp;such Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under
the Exchange Act within 90 days of such event or (ii)&nbsp;the Company executes and delivers to the Trustee an Officers&rsquo; Certificate
to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Security with like tenor and terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as provided in this Section&nbsp;2.14(b),
a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such
Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such
nominee to a successor Depositary or a nominee of such a successor Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Security other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Legend</U>.
Any Global Security issued hereunder shall bear a legend in substantially the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;This Security is a Global Security within
the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the Depositary. This
Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the limited
circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such a successor Depositary.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Acts
of Holders</U>. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Payments</U>.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section&nbsp;2.2, payment of the
principal of and interest, if any, on any Global Security shall be made to the Holder thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Consents,
Declaration and Directions</U>. Except as provided in Section&nbsp;2.14(e), the Company, the Trustee and any Agent shall treat a person
as the Holder of such principal amount of outstanding Securities of such Series&nbsp;represented by a Global Security as shall be specified
in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers
or directions required to be given by the Holders pursuant to this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;2.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>CUSIP
Numbers</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company in issuing the Securities may use
 &ldquo;CUSIP&rdquo; numbers (if then generally in use), and, if so, the Trustee shall use &ldquo;CUSIP&rdquo; numbers in notices of redemption
as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements
of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;3.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Notice
to Trustee</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may, with respect to any Series&nbsp;of
Securities, reserve the right to redeem and pay the Series&nbsp;of Securities or may covenant to redeem and pay the Series&nbsp;of Securities
or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series&nbsp;of
Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series&nbsp;of
Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of Series&nbsp;of
Securities to be redeemed. The Company shall give the Trustee notice at least 45&nbsp;days before the redemption date (or such shorter
notice as may be acceptable to the Trustee).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Selection
of Securities to be Redeemed</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated for a particular Series&nbsp;by
a Board Resolution, a supplemental indenture hereto or an Officers&rsquo; Certificate, if less than all the Securities of a Series&nbsp;are
to be redeemed, the Trustee shall select the Securities of the Series&nbsp;to be redeemed in any manner that the Trustee deems fair and
appropriate and in accordance with its customary practices or the selection shall be in accordance with DTC procedures, as applicable.
The Trustee shall make the selection from Securities of the Series&nbsp;outstanding not previously called for redemption. The Trustee
may select for redemption portions of the principal of Securities of the Series&nbsp;that have denominations larger than $1,000. Securities
of the Series&nbsp;and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities
of any Series&nbsp;issuable in other denominations pursuant to Section&nbsp;2.2(j), the minimum principal denomination for each Series&nbsp;and
integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series&nbsp;called for redemption also apply to
portions of Securities of that Series&nbsp;called for redemption.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;3.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Notice
of Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated for a particular Series&nbsp;by
Board Resolution, a supplemental indenture hereto or an Officers&rsquo; Certificate, at least 30&nbsp;days but not more than 60&nbsp;days
before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be
redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The notice shall identify the Securities of the
Series&nbsp;to be redeemed and shall state:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
redemption date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
redemption price;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
name and address of the Paying Agent;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that
Securities of the Series&nbsp;called for redemption must be surrendered to the Paying Agent to collect the redemption price;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that
interest on Securities of the Series&nbsp;called for redemption ceases to accrue on and after the redemption date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
CUSIP number, if any; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
other information as may be required by the terms of the particular Series&nbsp;or the Securities of a Series&nbsp;being redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the Company&rsquo;s request, the Trustee shall
give the notice of redemption prepared by the Company, in the Company&rsquo;s name and at its expense.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;3.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Effect
of Notice of Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once notice of redemption is mailed or published
as provided in Section&nbsp;3.3, Securities of a Series&nbsp;called for redemption become due and payable on the redemption date and at
the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid
at the redemption price plus accrued interest to the redemption date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;3.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Deposit
of Redemption Price</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On or before the redemption date, the Company
shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to
be redeemed on that date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;3.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Securities
Redeemed in Part</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon surrender of a Security that is redeemed
in part, the Trustee, upon receipt of a Company Order, shall authenticate for the Holder a new Security of the same Series&nbsp;and the
same maturity equal in principal amount to the unredeemed portion of the Security surrendered.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;4.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Payment
of Principal and Interest</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company covenants and agrees for the benefit
of the Holders of each Series&nbsp;of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities
of that Series&nbsp;in accordance with the terms of such Securities and this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;4.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>SEC
Reports</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall deliver to the Trustee within
15&nbsp;days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies
of such portions of any of the foregoing as the SEC may by rules&nbsp;and regulations prescribe) which the Company is required to file
with the SEC pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act. The Company also shall comply with the other provisions of
TIA &sect; 314(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;4.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Compliance
Certificate</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall deliver to the Trustee, within
120&nbsp;days after the end of each fiscal year (which on the date hereof ends on December&nbsp;31) of the Company, an Officers&rsquo;
Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made
under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled
its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her
knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which he may have knowledge).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will, so long as any of the Securities
are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of Default, an Officers&rsquo; Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;4.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Stay,
Extension and Usury Laws</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted
to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;4.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Corporate
Existence</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to Article&nbsp;V, the Company will do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the rights (charter
and statutory), licenses and franchises of the Company; provided, however, that the Company shall not be required to preserve any such
right, license or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct
of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect
to the Holders.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;5.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>When
Company May&nbsp;Merge, Etc</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall not consolidate with or merge
with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a &ldquo;successor person&rdquo;)
unless:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing
under the laws of any U.S. domestic jurisdiction and expressly assumes the Company&rsquo;s obligations on the Securities and under this
Indenture and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;immediately
after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall deliver to the Trustee prior
to the consummation of the proposed transaction an Officers&rsquo; Certificate to the foregoing effect and an Opinion of Counsel stating
that the proposed transaction and any supplemental indenture comply with this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the above, any Subsidiary of the
Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officers&rsquo; Certificate
nor an Opinion of Counsel shall be required to be delivered in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;5.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Successor
Corporation Substituted</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon any consolidation or merger, or any sale,
lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section&nbsp;5.1, the
successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance
or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor
Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants
under this Indenture and the Securities.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Events
of Default</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I>Event of Default</I>,<I>&rdquo; </I>wherever
used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution,
supplemental indenture or Officers&rsquo; Certificate, it is provided that such Series&nbsp;shall not have the benefit of said Event of
Default:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;default
in the payment of any interest on any Security of that Series&nbsp;when it becomes due and payable, and continuance of such default for
a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior
to the expiration of such period of 30 days); or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;default
in the payment of principal of any Security of that Series&nbsp;at its Maturity; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;default
in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty that has
been included in this Indenture solely for the benefit of Series&nbsp;of Securities other than that Series), which default continues uncured
for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and
the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series&nbsp;a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a &ldquo;Notice of Default&rdquo; hereunder; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company pursuant to or within the meaning of any Bankruptcy Law:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.45in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;commences
a voluntary case,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.45in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;consents
to the entry of an order for relief against it in an involuntary case,</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;consents
to the appointment of a Custodian of it or for all or substantially all of its property,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;makes
a general assignment for the benefit of its creditors, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;generally
is unable to pay its debts as the same become due; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;is
for relief against the Company in an involuntary case,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;appoints
a Custodian of the Company or for all or substantially all of its property, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;orders
the liquidation of the Company,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and the order or decree remains unstayed and in
effect for 60 days; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture
hereto or an Officers&rsquo; Certificate, in accordance with Section&nbsp;2.2(r).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The term &ldquo;Bankruptcy Law&rdquo; means title
11, U.S. Code or any similar Federal or State law for the relief of debtors. The term &ldquo;Custodian&rdquo; means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Acceleration
of Maturity; Rescission and Annulment</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an Event of Default with respect to Securities
of any Series&nbsp;at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section&nbsp;6.1(d)&nbsp;or
(e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that
Series&nbsp;may declare the principal amount (or, if any Securities of that Series&nbsp;are Discount Securities, such portion of the principal
amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that
Series&nbsp;to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon
any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due
and payable. If an Event of Default specified in Section&nbsp;6.1(d)&nbsp;or (e)&nbsp;shall occur, the principal amount (or specified
amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time after such a declaration of acceleration
with respect to any Series&nbsp;has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee
as hereinafter in this Article&nbsp;provided, the Holders of a majority in principal amount of the outstanding Securities of that Series,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default
with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series&nbsp;which
have become due solely by such declaration of acceleration, have been cured or waived as provided in Section&nbsp;6.13.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No such rescission shall affect any subsequent
Default or impair any right consequent thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Collection
of Indebtedness and Suits for Enforcement by Trustee</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company covenants that if</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;default
is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period
of 30 days, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;default
is made in the payment of principal of any Security at the Maturity thereof, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;default
is made in the deposit of any sinking fund payment when and as due by the terms of a Security,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>then</I>, the Company will, upon demand of
the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for
principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal
and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon such Securities, wherever situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other provision of this Indenture,
if an Event of Default with respect to any Securities of any Series&nbsp;occurs and is continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders of Securities of such Series&nbsp;by pursuing any available remedy by
proceeding at law or in equity as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Trustee
May&nbsp;File Proofs of Claim</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or
any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section&nbsp;7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Trustee
May&nbsp;Enforce Claims Without Possession of Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Application
of Money Collected</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any money collected by the Trustee pursuant to
this Article&nbsp;shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">First: To the payment of all amounts
due the Trustee under Section&nbsp;7.8; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Second: To the payment of the amounts
then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been
collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal
and interest, respectively; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Third: To the Company or to such party
as a court of competent jurisdiction shall direct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Limitation
on Suits</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No Holder of any Security of any Series&nbsp;shall
have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Holders of not less than 25% in principal amount of the outstanding Securities of that Series&nbsp;shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;such
Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be
incurred in compliance with such request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the outstanding Securities of that Series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">it being understood and intended that no one or
more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit
of all such Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Unconditional
Right of Holders to Receive Principal and Interest</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest,
if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Restoration
of Rights and Remedies</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding,
the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Rights
and Remedies Cumulative</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in Section&nbsp;2.8, no right or remedy herein conferred upon
or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent
permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delay
or Omission Not Waiver</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No delay or omission of the Trustee or of any
Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute
a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article&nbsp;or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the
case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Control
by Holders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Holders of not less than a majority in principal
amount of the outstanding Securities of any Series&nbsp;shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of
such Series, provided that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;such
direction shall not be in conflict with any rule&nbsp;of law or with this Indenture,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;subject
to the provisions of Section&nbsp;7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good
faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Waiver
of Past Defaults</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Holders of not less than a majority in principal
amount of the outstanding Securities of any Series&nbsp;may on behalf of the Holders of all the Securities of such Series&nbsp;waive any
past Default hereunder with respect to such Series&nbsp;and its consequences, except a Default in the payment of the principal of or interest
on any Security of such Series&nbsp;(provided, however, that the Holders of a majority in principal amount of the outstanding Securities
of any Series&nbsp;may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).
Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;6.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Undertaking
for Costs</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All parties to this Indenture agree, and each
Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any
suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys&rsquo; fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section&nbsp;shall
not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more
than 10%&nbsp;in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such
Security (or, in the case of redemption, on the redemption date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Duties
of Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct
of his own affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
during the continuance of an Event of Default:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee need perform only those duties that are specifically set forth in this Indenture and no others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon Officers&rsquo; Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements
of this Indenture; however, in the case of any such Officers&rsquo; Certificates or Opinions of Counsel which by any provisions hereof
are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers&rsquo; Certificates and Opinions of
Counsel to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts stated therein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
paragraph does not limit the effect of paragraph&nbsp;(b)&nbsp;of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any
Series&nbsp;in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of such Series&nbsp;relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraph&nbsp;(a), (b)&nbsp;and (c)&nbsp;of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee may refuse to perform any duty or exercise any right or power unless it receives security or indemnity satisfactory to it against
any loss, liability or expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance
of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk is not reasonably assured to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Paying Agent, the Registrar, the Notice Agent, any agent and any authenticating agent shall be entitled to the protections, immunities
and standard of care as are set forth in paragraphs&nbsp;(a), (b)&nbsp;and (c)&nbsp;of this Section&nbsp;with respect to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Rights
of Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee may rely on and shall be protected in acting or refraining from acting upon any document believed by it to be genuine and to have
been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Before
the Trustee acts or refrains from acting, it may require an Officers&rsquo; Certificate or an Opinion of Counsel, or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers&rsquo; Certificate or Opinion
of Counsel. No such Officers&rsquo; Certificate or Opinion of Counsel shall be at the expense of the Trustee. Any request or direction
of the Company mentioned herein shall be sufficiently evidenced by an Officers&rsquo; Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. No
Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights
or powers, provided that the Trustee&rsquo;s conduct does not constitute negligence or bad faith. The Trustee shall not be liable for
any special, punitive or consequential damages, even if they were reasonably foreseeable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder, and the Trustee may conclusively rely
on any such advice or Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall not be deemed to have notice of any Default or Event of Default (other than a payment default under Section&nbsp;6.1 or
6.2) unless a Responsible Officer of the Trustee has received written notice of any event which is in fact such a default at the Corporate
Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series&nbsp;and this
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
rights, privileges, protections, immunities and benefits given to the Trustee, including without limitation its right to be indemnified,
are extended to, and shall enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person
employed to act hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee may request that the Issuer deliver an Officers&rsquo; Certificate setting forth the names of individuals and titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which Officers&rsquo; Certificate may be signed by any person
authorized to sign an Officers&rsquo; Certificate, including any person specified as so authorized in any such certificate previously
delivered and not superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall have no duty to inquire as to or monitor the performance of the Issuer with respect to the covenants contained in Article&nbsp;IV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall not be required to give any note, bond or surety in respect of the execution of the trusts and powers under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Nothing
herein shall be deemed to require the Trustee to submit to the jurisdiction or venue of a non-U.S. court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Force
Majeure</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall have no liability for delays or inability to perform its duties hereunder due to <U>forces majeure</U>, events beyond its
control, such as (but not exclusively) civil unrest, earthquakes, hurricanes or other natural disasters, floods, utility failures, transmission
interruptions, power failures, wars, governmental declarations or Acts of God; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Delivery
of reports or information by the Company shall not be deemed to confer actual or constructive knowledge or notice on the Trustee with
respect to a Default or Event of Default, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Individual
Rights of Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee in its individual or any other capacity
may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights
it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections&nbsp;7.11 and
7.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Trustee&rsquo;s
Disclaimer</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee makes no representation as to the
validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company&rsquo;s use of the proceeds from
the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
of Defaults</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a Default or Event of Default occurs and is
continuing with respect to the Securities of any Series&nbsp;and if it is known to a Responsible Officer of the Trustee, the Trustee shall
mail (or deliver notice subject to the applicable procedures of the Depositary or relevant clearing system) to each Security Holder of
the Securities of that Series&nbsp;notice of a Default or Event of Default within 90&nbsp;days after it occurs or, if later, after a Responsible
Officer of the Trustee has written notice of such Default or Event of Default. Except in the case of a Default or Event of Default in
payment of principal of or interest on any Security of any Series, or in the payment of any sinking fund installment, the Trustee may
withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of Security Holders of that Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reports
by Trustee to Holders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Within 60&nbsp;days after May&nbsp;15 in each
year, the Trustee shall transmit by mail to all Security Holders, as their names and addresses appear on the register kept by the Registrar,
a brief report dated as of such May&nbsp;15, in accordance with, and to the extent required under, TIA&nbsp;&sect;&nbsp;313.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of each report at the time of its mailing
to Security Holders of any Series&nbsp;shall be filed with the SEC and each stock exchange on which the Securities of that Series&nbsp;are
listed. The Company shall promptly notify the Trustee when Securities of any Series&nbsp;are listed on any stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compensation
and Indemnity</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall pay to the Trustee from time
to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee&rsquo;s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee
upon request for all reasonable out of pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses
of the Trustee&rsquo;s agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall indemnify each of the Trustee
and any predecessor Trustee against any loss, liability or expense (including the cost of defending itself) incurred by it except as set
forth in the next paragraph in the performance of the Trustee duties under this Indenture as Trustee or Agent. The Trustee shall notify
the Company promptly of any claim for which it may seek indemnity; provided, however, that failure to so notify the Company shall not
relieve it of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense; provided,
however, the Trustee may conduct its own defense if there is a conflict of interest between the interests of the Company and those of
the Trustee. The Trustee may have one separate counsel (in addition to local counsel, if applicable) and the Company shall pay the reasonable
fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably
withheld. This indemnification shall apply to officers, directors, employees, shareholders and Agents or agents of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company need not reimburse any expense or
indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder, Agent or agent of
the Trustee to the extent it is attributed to its own negligence or willful conduct as determined by a court of competent jurisdiction
in a final, non-appealable order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To secure the Company&rsquo;s payment obligations
in this Section, the Trustee shall have a lien prior to the Securities of any Series&nbsp;on all money or property held or collected by
the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Trustee incurs expenses or renders services
after an Event of Default specified in Section&nbsp;6.1(d)&nbsp;or (e)&nbsp;occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provisions of this Section&nbsp;shall survive
the termination of this Indenture and the resignation and removal of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Replacement
of Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee&rsquo;s acceptance of appointment as provided in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee may resign with respect to the Securities
of one or more Series&nbsp;by so notifying the Company at least 30&nbsp;days prior to the date of the proposed resignation. The Holders
of a majority in principal amount of the Securities of any Series&nbsp;may remove the Trustee with respect to that Series&nbsp;by so notifying
the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series&nbsp;if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Trustee fails to comply with Section&nbsp;7.11;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
Custodian or public officer takes charge of the Trustee or its property; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Trustee becomes incapable of acting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee
to replace the successor Trustee appointed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a successor Trustee with respect to the Securities
of any one or more Series&nbsp;does not take office within 60&nbsp;days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series&nbsp;may petition
any court of competent jurisdiction for the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee upon payment of its fees and
expenses then unpaid shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section&nbsp;7.8,
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee with respect to each Series&nbsp;of Securities for which it is acting as Trustee under this Indenture. A successor
Trustee shall mail a notice of its succession to each Security Holder of each such Series. Notwithstanding replacement of the Trustee
pursuant to this Section&nbsp;7.9, the Company&rsquo;s obligations under Section&nbsp;7.8 hereof shall continue for the benefit of the
retiring Trustee with respect to expenses and liabilities incurred by it prior to such replacement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Successor
Trustee by Merger,&nbsp;etc</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without
any further act shall be the successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Eligibility;
Disqualification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Indenture shall always have a Trustee who
satisfies the requirements of TIA&nbsp;&sect;&nbsp;310(a)(1), (2)&nbsp;and (5). The Trustee shall always have a combined capital and surplus
of at least $150,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA &sect; 310(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;7.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Preferential
Collection of Claims Against Company</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee is subject to TIA &sect; 311(a), excluding
any creditor relationship listed in TIA&nbsp;&sect;&nbsp;311(b). A Trustee who has resigned or been removed shall be subject to TIA &sect;
311(a)&nbsp;to the extent indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VIII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SATISFACTION AND DISCHARGE; DEFEASANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;8.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Satisfaction
and Discharge of Indenture</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Indenture shall upon Company Order cease
to be of further effect (except as hereinafter provided in this Section&nbsp;8.1), and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture, when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;either</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been
replaced or paid) have been delivered to the Trustee for cancellation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
such Securities not theretofore delivered to the Trustee for cancellation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;have
become due and payable, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;will
become due and payable at their Stated Maturity within one year, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;have
been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Company, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(D)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;are
deemed paid and discharged pursuant to Section&nbsp;8.3, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and the Company, in the case of (A), (B)&nbsp;or
(C)&nbsp;above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for
the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation,
for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the
date of such deposit) or to the Stated Maturity or redemption date, as the case may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company has paid or caused to be paid all other sums payable hereunder by the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company has delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section&nbsp;7.8, and, if money shall have been deposited with
the Trustee pursuant to clause&nbsp;(a)&nbsp;of this Section, the provisions of Sections&nbsp;2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;8.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Application
of Trust Funds; Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the provisions of Section&nbsp;8.5, all money deposited with the Trustee pursuant to Section&nbsp;8.1, all money and U.S. Government
Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section&nbsp;8.3 or 8.4 and all money received by
the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section&nbsp;8.3
or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee
or to make mandatory sinking fund payments or analogous payments as contemplated by Sections&nbsp;8.3 or 8.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections&nbsp;8.3 or 8.4 or the interest and principal received in
respect of such obligations other than any payable by or on behalf of Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections&nbsp;8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof
which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations
or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or
Foreign Government Obligations held under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;8.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Legal
Defeasance of Securities of any Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless this Section&nbsp;8.3 is otherwise specified,
pursuant to Section&nbsp;2.2(t), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged
the entire indebtedness on all the outstanding Securities of any Series&nbsp;on the 91st&nbsp;day after the date of the deposit referred
to in subparagraph&nbsp;(d)&nbsp;hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series,
shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging
the same), except as to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
rights of Holders of Securities of such Series&nbsp;to receive, from the trust funds described in subparagraph&nbsp;(d)&nbsp;hereof, (i)&nbsp;payment
of the principal of and each installment of principal of and interest on the outstanding Securities of such Series&nbsp;on the Stated
Maturity of such principal or installment of principal or interest and (ii)&nbsp;the benefit of any mandatory sinking fund payments applicable
to the Securities of such Series&nbsp;on the day on which such payments are due and payable in accordance with the terms of this Indenture
and the Securities of such Series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
provisions of Sections&nbsp;2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
rights, powers, trust and immunities of the Trustee hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that, the following conditions shall
have been satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company shall have deposited or caused to be irrevocably deposited (except as provided in Section&nbsp;8.2(c)) with the Trustee as trust
funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit
of the Holders of such Securities (i)&nbsp;in the case of Securities of such Series&nbsp;denominated in Dollars, cash in Dollars and/or
U.S. Government Obligations, or (ii)&nbsp;in the case of Securities of such Series&nbsp;denominated in a Foreign Currency (other than
a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof
in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee),
not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each
installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such
Series&nbsp;on the dates such installments of interest or principal and such sinking fund payments are due;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;no
Default or Event of Default with respect to the Securities of such Series&nbsp;shall have occurred and be continuing on the date of such
deposit or during the period ending on the 91st day after such date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company shall have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel to the effect that (i)&nbsp;the Company
has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii)&nbsp;since the date of execution of
this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series&nbsp;will not recognize income, gain or loss
for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the
same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not
occurred;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company shall have delivered to the Trustee an Officers&rsquo; Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders of the Securities of such Series&nbsp;over any other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company shall have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section&nbsp;have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;8.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Covenant
Defeasance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless this Section&nbsp;8.4 is otherwise specified
pursuant to Section&nbsp;2.2(t)&nbsp;to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the
Securities of any Series&nbsp;with any term, provision or condition set forth under Sections&nbsp;4.2, 4.3, 4.4, 4.5, and 5.1 as well
as any additional covenants specified in a supplemental indenture for such Series&nbsp;of Securities or a Board Resolution or an Officers&rsquo;
Certificate delivered pursuant to Section&nbsp;2.2(t)&nbsp;(and the failure to comply with any such covenants shall not constitute a Default
or Event of Default with respect to such Series&nbsp;under Section&nbsp;6.1) and the occurrence of any event specified in a supplemental
indenture for such Series&nbsp;of Securities or a Board Resolution or an Officers&rsquo; Certificate delivered pursuant to Section&nbsp;2.2(r)&nbsp;and
designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such
Series, provided that the following conditions shall have been satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;With reference to
this Section&nbsp;8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section&nbsp;8.2(c)) with
the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of such Securities (i)&nbsp;in the case of Securities of such Series&nbsp;denominated in Dollars,
cash in Dollars and/or U.S. Government Obligations, or (ii)&nbsp;in the case of Securities of such Series&nbsp;denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect
of the Securities of such Series&nbsp;on the dates such installments of interest or principal and such sinking fund payments are due;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
Default or Event of Default with respect to the Securities of such Series&nbsp;shall have occurred and be continuing on the date of such
deposit;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series&nbsp;will
not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant
defeasance had not occurred;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall have delivered to the Trustee an Officers&rsquo; Certificate stating the deposit was not made by the Company with the intent
of preferring the Holders of the Securities of such Series&nbsp;over any other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the covenant defeasance contemplated by this Section&nbsp;have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;8.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Repayment
to Company</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee and the Paying Agent shall pay to
the Company upon written request any money held by them for the payment of principal and interest that remains unclaimed for two years.
After that, Security Holders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned
property law designates another person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;IX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUPPLEMENTAL INDENTURES, AMENDMENTS AND WAIVERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;9.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Without
Consent of Holders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and the Trustee may amend or supplement
this Indenture or the Securities of one or more Series&nbsp;without the consent of any Security Holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
cure any ambiguity, defect or inconsistency;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
comply with Article&nbsp;V;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
provide for uncertificated Securities in addition to or in place of certificated Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
make any change that does not adversely affect the rights of any Security Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
provide for the issuance of and establish the form and terms and conditions of Securities of any Series&nbsp;as permitted by this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
Series&nbsp;and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;9.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>With
Consent of Holders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and the Trustee may enter into a supplemental
indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series&nbsp;affected
by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture
or of any supplemental indenture or of modifying in any manner the rights of the Security Holders of each such Series. Except as provided
in Section&nbsp;6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series&nbsp;by notice
to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may
waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It shall not be necessary for the consent of the
Holders of Securities under this Section&nbsp;9.2 to approve the particular form of any proposed supplemental indenture or waiver, but
it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes
effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture
or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;9.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Limitations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without the consent of each Security Holder affected,
an amendment or waiver may not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;reduce
the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;reduce
the rate of or extend the time for payment of interest (including default interest) on any Security;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;reduce
the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any
sinking fund or analogous obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;reduce
the principal amount of Discount Securities payable upon acceleration of the maturity thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;waive
a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration
of the Securities of any Series&nbsp;by the Holders of at least a majority in principal amount of the outstanding Securities of such Series&nbsp;and
a waiver of the payment default that resulted from such acceleration);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;make
the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;make
any change in Sections&nbsp;6.8, 6.13 or 9.3 (this sentence); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;waive
a redemption payment with respect to any Security, provided that such redemption is made at the Company&rsquo;s option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;9.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Trust Indenture Act</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Every amendment or waiver to this Indenture or
the issuance of and establishment of the form and terms and conditions of Securities of one or more Series&nbsp;shall be set forth in
a supplemental indenture hereto that complies with the TIA as then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;9.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Revocation
and Effect of Consents</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until an amendment is set forth in a supplemental
indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder&rsquo;s Security, even if notation
of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or
portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver
becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any amendment or waiver once effective shall bind
every Security Holder of each Series&nbsp;affected by such amendment or waiver unless it is of the type described in any of clauses&nbsp;(a)&nbsp;through
(h)&nbsp;of Section&nbsp;9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder&rsquo;s Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;9.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notation
on or Exchange of Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee may place an appropriate notation
about an amendment or waiver on any Security of any Series&nbsp;thereafter authenticated. The Company in exchange for Securities of that
Series&nbsp;may issue and the Trustee shall authenticate upon receipt of a Company Order new Securities of that Series&nbsp;that reflect
the amendment or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;9.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Trustee
Protected</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article&nbsp;or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to Section&nbsp;7.1) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee shall sign all supplemental
indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;X</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Trust
Indenture Act Controls</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any provision of this Indenture limits, qualifies,
or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision
shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notices</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any notice or communication by the Company or
the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing, in the English language, referencing
this Indenture and the applicable securities or series of securities, and delivered in person or mailed by first-class mail, or by facsimile
transmission:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">if to the Company:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Antelope Enterprise Holdings Limited&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Junbing Industrial Zone, Anhai, Jinjiang City&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fujian Province, PRC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: Chief Financial Officer&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +86 (595) 8576 5059</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">if to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-align: justify; text-indent: 0.5in">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;]&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax No: [&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;]&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: [&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company or the Trustee by notice to the other
may designate additional or different addresses for subsequent notices or communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any notice or communication to a Security Holder
shall be mailed by first-class mail to his address shown on the register kept by the Registrar or delivered subject to the applicable
procedures of Depositary or relevant clearing system. Failure to mail a notice or communication to a Security Holder of any Series&nbsp;or
any defect in it shall not affect its sufficiency with respect to other Security Holders of that or any other Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a notice or communication is mailed or published
in the manner provided above, within the time prescribed, it is duly given, whether or not the Security Holder receives it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company mails a notice or communication
to Security Holders, it shall mail a copy to the Trustee and each Agent at the same time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Communication
by Holders with Other Holders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Security Holders of any Series&nbsp;may communicate
pursuant to TIA &sect; 312(b)&nbsp;with other Security Holders of that Series&nbsp;or any other Series&nbsp;with respect to their rights
under this Indenture or the Securities of that Series&nbsp;or all Series. The Company, the Trustee, the Registrar and anyone else shall
have the protection of TIA &sect; 312(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Certificate
and Opinion as to Conditions Precedent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;an
Officers&rsquo; Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Statements
Required in Certificate or Opinion</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA &sect; 314(a)(4)) shall
comply with the provisions of TIA &sect; 314(e)&nbsp;and shall include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
statement that the person making such certificate or opinion has read such covenant or condition;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express
an informed opinion as to whether or not such covenant or condition has been complied with; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Rules&nbsp;by
Trustee and Agents</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee may make reasonable rules&nbsp;for
action by or a meeting of Security Holders of one or more Series. Any Agent may make reasonable rules&nbsp;and set reasonable requirements
for its functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Legal
Holidays</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise provided by Board Resolution,
Officers&rsquo; Certificate or supplemental indenture hereto for a particular Series, a &ldquo;Legal Holiday&rdquo; is any day that is
not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue for the intervening period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Recourse Against Others</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A director, officer, employee or stockholder,
as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. Each Security Holder by accepting a Security waives
and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Indenture may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute one and the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Laws</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS INDENTURE AND THE SECURITIES SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT
OF LAWS PROVISIONS THEREOF.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Adverse Interpretation of Other Agreements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Indenture may not be used to interpret another
indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be
used to interpret this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Successors</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All agreements of the Company in this Indenture
and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Severability</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case any provision in this Indenture or in
the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Table
of Contents, Headings, Etc</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Table of Contents, Cross Reference Table,
and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Securities
<U>in a Foreign Currency or in ECU</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officers&rsquo; Certificate delivered pursuant to Section&nbsp;2.2 of this Indenture with respect
to a particular Series&nbsp;of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified
percentage in aggregate principal amount of Securities of all Series&nbsp;or all Series&nbsp;affected by a particular action at the time
outstanding and, at such time, there are outstanding Securities of any Series&nbsp;which are denominated in a coin or currency other than
Dollars (including ECUs), then the principal amount of Securities of such Series&nbsp;which shall be deemed to be outstanding for the
purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such
time. For purposes of this Section&nbsp;10.15, &ldquo;Market Exchange Rate&rdquo; shall mean the noon Dollar buying rate in New York City
for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market
Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published
in the Official Journal of the European Union (such publication or any successor publication, the &ldquo;Journal&rdquo;). If such Market
Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as published
in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates of exchange from one or more major
banks in The City of New York or in the country of issue of the currency in question or, in the case of ECUs, in Luxembourg or such other
quotations or, in the case of ECUs, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The
provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series&nbsp;denominated
in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All decisions and determinations of the Trustee
regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion
and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon
the Company and all Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;10.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Judgment
Currency</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company agrees, to the fullest extent that
it may effectively do so under applicable law, that (a)&nbsp;if for the purpose of obtaining judgment in any court it is necessary to
convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series&nbsp;(the &ldquo;Required
Currency&rdquo;) into a currency in which a judgment will be rendered (the &ldquo;Judgment Currency&rdquo;), the rate of exchange used
shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required
Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking
Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase
in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final
unappealable judgment is entered and (b)&nbsp;its obligations under this Indenture to make payments in the Required Currency (i)&nbsp;shall
not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection&nbsp;(a)),
in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt,
by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii)&nbsp;shall be enforceable
as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such
actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii)&nbsp;shall not be affected
by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, &ldquo;New York Banking Day&rdquo;
means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required
by law, regulation or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;XI</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SINKING FUNDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;11.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Applicability
of Article</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provisions of this Article&nbsp;shall be applicable
to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security
of such Series&nbsp;issued pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The minimum amount of any sinking fund payment
provided for by the terms of the Securities of any Series&nbsp;is herein referred to as a &ldquo;mandatory sinking fund payment&rdquo;
and any other amount provided for by the terms of Securities of such Series&nbsp;is herein referred to as an &ldquo;optional sinking fund
payment.&rdquo; If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to
reduction as provided in Section&nbsp;11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series&nbsp;as
provided for by the terms of the Securities of such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;11.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Satisfaction
of Sinking Fund Payments with Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may, in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of any Series&nbsp;to be made pursuant to the terms of such Securities
(1)&nbsp;deliver outstanding Securities of such Series&nbsp;to which such sinking fund payment is applicable (other than any of such Securities
previously called for mandatory sinking fund redemption) and (2)&nbsp;apply as credit Securities of such Series&nbsp;to which such sinking
fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to
the terms of such Series&nbsp;of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional
sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been
previously so credited. Such Securities shall be received by the Trustee, together with an Officers&rsquo; Certificate with respect thereto,
not later than 15&nbsp;days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall
be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking
fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities
in lieu of cash payments pursuant to this Section&nbsp;11.2, the principal amount of Securities of such Series&nbsp;to be redeemed in
order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series&nbsp;for
redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a
Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from
time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such
Paying Agent upon delivery by the Company to the Trustee of Securities of that Series&nbsp;purchased by the Company having an unpaid principal
amount equal to the cash payment required to be released to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;11.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Redemption
of Securities for Sinking Fund</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not less than 45&nbsp;days (unless otherwise indicated
in the Board Resolution, supplemental indenture hereto or Officers&rsquo; Certificate in respect of a particular Series&nbsp;of Securities)
prior to each sinking fund payment date for any Series&nbsp;of Securities, the Company will deliver to the Trustee an Officers&rsquo;
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series&nbsp;pursuant to the terms of that
Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied
by delivering and crediting of Securities of that Series&nbsp;pursuant to Section&nbsp;11.2, and the optional amount, if any, to be added
in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.
Not less than 30&nbsp;days (unless otherwise indicated in the Board Resolution, Officers&rsquo; Certificate or supplemental indenture
in respect of a particular Series&nbsp;of Securities) before each such sinking fund payment date the Trustee shall select the Securities
to be redeemed upon such sinking fund payment date in the manner specified in Section&nbsp;3.2 and cause notice of the redemption thereof
to be given in the name of and at the expense of the Company in the manner provided in Section&nbsp;3.3. Such notice having been duly
given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections&nbsp;3.4, 3.5 and 3.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Antelope Enterprise Holdings Limited</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;],</P>
                <P STYLE="margin-top: 0; margin-bottom: 0">as Trustee</P></TD></TR>
<TR>
<TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">By:</TD>
<TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">Name:</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">Title:</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;to Indenture</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2132004d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; width: 50%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Harney Westwood &amp; Riegels LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Craigmuir Chambers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">PO Box 71</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Road Town</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Tortola VG1110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">British Virgin Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Tel: +1 284 494 2233</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Fax: +1 284 494 3547</P></TD></TR>
</TABLE>


<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10 November 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">greg.boyd@harneys.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">+1 284 852 4137</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">043011.0036-GAB-MTT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Antelope Enterprise Holdings Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Junbing Industrial Zone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anhai</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jinjiang City</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fujian Province</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">People&rsquo;s Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sirs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Antelope Enterprise Holdings Limited, Company
No 1542549 (the Company)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are lawyers qualified to practise in the British
Virgin Islands and have acted as British Virgin Islands legal advisers to the Company in connection with the Company&rsquo;s registration
statement on Form F-3, including all amendments or supplements thereto (the <B><I>Registration Statement</I></B>), filed with the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the <B><I>Securities Act</I></B>), and the form of indenture (the
<B><I>Indenture</I></B>) and the base prospectus (the <B><I>Prospectus</I></B>) included therein, relating to the offering by the Company
of its shares, debt securities or warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are furnishing this opinion as Exhibit 5.1
to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of giving this opinion, we have
examined the Corporate Documents (as defined in Schedule 1). We have not examined any other documents, official or corporate records or
external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation
to the transaction which is the subject of this opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In giving this opinion we have relied upon the
assumptions set out in Schedule 2 which we have not verified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based solely upon the foregoing examinations and
assumptions and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3,
we are of the opinion that under the laws of the British Virgin Islands:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A list of partners is available for inspection at
    our offices.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Bermuda legal services provided through an association
    with Zuill &amp; Co.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">VG:21251926_3</P></TD>
    <TD STYLE="width: 5%; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Anguilla | Bermuda | British Virgin Islands</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Cayman Islands | Cyprus | Hong Kong | London</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Montevideo | Shanghai | Singapore | Vancouver</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">www.harneys.com</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><FONT STYLE="font-weight: normal">1</FONT></TD><TD STYLE="text-align: justify; width: 93%">Existence and Good Standing. <FONT STYLE="font-weight: normal">The Company is a company duly incorporated
with limited liability for an unlimited duration under the BVI Business Companies Act (No 16 of 2004), and is validly existing and in
good standing under the laws of the British Virgin Islands. It is a separate legal entity and is subject to suit in its own name.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><FONT STYLE="font-weight: normal">2</FONT></TD><TD STYLE="text-align: justify; width: 93%">Authorised Shares. <FONT STYLE="font-weight: normal">The Company is authorised to issue a maximum of 50,000,000
shares of US$0.024 par value each, of a single class (the </FONT><I>Shares</I><FONT STYLE="font-weight: normal">).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><FONT STYLE="font-weight: normal">3</FONT></TD><TD STYLE="text-align: justify; width: 93%">Valid Issuance of Securities:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 7%">(a)</TD><TD STYLE="text-align: justify; width: 86%">With respect to any offering of any unissued Shares (the <B><I>Offered Shares</I></B>), when (i) an appropriate
prospectus supplement with respect to the Offered Shares has been prepared, delivered and filed in compliance with the Securities Act
and the applicable rules and regulations thereunder; (ii) if the Offered Shares are to be sold pursuant to a firm commitment underwritten
offering, the underwriting agreement with respect to the Offered Shares has been duly authorized, executed and delivered by the Company
and the other parties thereto; (iii) the board of directors, including any appropriate committee appointed thereby, and appropriate officers
of the Company have taken all necessary corporate action to approve the issuance of the Offered Shares and related matters; and (iv) the
terms of the issuance and sale of the Offered Shares have been duly established in conformity with the Company&rsquo;s Memorandum and
Articles of Association (the <B><I>MAA</I></B>), so as not to violate any applicable law or the MAA or result in a default under a breach
of any agreement or instrument binding upon the Company, the Offered Shares, when issued and sold in accordance with the applicable underwriting
agreement, if any, or any other duly authorized, executed and delivered valid and binding purchase or agency agreement upon payment of
the agreed-upon consideration thereof and registration of the subscriber as a holder of the respective shares in the register of members
(shareholders), will be duly authorized, validly issued, fully paid and non-assessable (which term when used herein means that no further
sums are required to be paid by the holders thereof in connection with the issue of the shares).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 7%">(b)</TD><TD STYLE="text-align: justify; width: 86%">With respect to any offering of any series of debt securities (the <B><I>Offered Debt Securities</I></B>),
when (i) the relevant Indenture, if applicable, has been duly executed and delivered, (ii) an appropriate prospectus supplement with respect
to the Offered Debt Securities has been prepared, delivered and filed in compliance with the Securities Act and the applicable rules and
regulations thereunder; (iii) if the Offered Debt Securities are to be sold pursuant to a firm commitment underwritten offering, the underwriting
agreement with respect to the Offered Debt Securities has been duly authorized, executed and delivered by the Company and the other parties
thereto; (iv) the board of directors, including any appropriate committee appointed thereby, and appropriate officers of the Company have
taken all necessary corporate action to approve the issuance and terms of the Offered Debt Securities and related matters; (v) the terms
of the Offered Debt Securities and of their issuance and sale have been duly established in conformity with the relevant Indenture so
as not to violate any applicable law or the MAA or result in a default under or breach of any agreement or instrument binding upon the
Company; and (vi) the Offered Debt Securities have been duly executed and authenticated in accordance with the provisions of the relevant
Indenture and duly delivered to the purchasers thereof upon payment of the agreed-upon consideration therefor: (1) the Offered Debt Securities,
when issued and sold in accordance with the applicable underwriting agreement, if any, or any other duly authorized, executed and delivered
valid and binding purchase or agency agreement, will be legal, valid and binding obligations of the Company, enforceable against the Company
in accordance with their respective terms; and (2) if the Offered Debt Securities are convertible or exchangeable into unissued Shares,
the unissued Shares issuable upon conversion or exchange of the Offered Debt Securities and registration in the register of members (shareholders)will
be duly authorized, validly issued, fully paid and non-assessable, assuming the conversion or exchange of the Offered Debt Securities
(which term when used herein means that no further sums are required to be paid by the holders thereof in connection with the issue of
the shares).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 7%">(c)</TD><TD STYLE="text-align: justify; width: 86%">With respect to any offering of warrants (the <B><I>Offered Warrants</I></B>), when (i) an appropriate
prospectus supplement with respect to the Offered Warrants has been prepared, delivered and filed in compliance with the Securities Act
and the applicable rules and regulations thereunder; (ii) if the Offered Warrants are to be sold pursuant to a firm commitment underwritten
offering, the underwriting agreement with respect to the Offered Warrants has been duly authorized, executed and delivered by the Company
and the other parties thereto; (iii) the board of directors, including any appropriate committee appointed thereby, and appropriate officers
of the Company have taken all necessary corporate action to approve the issuance and terms of the Offered Warrants and related matters,
including the adoption of the Warrant Agreement with respect to Warrants to purchase Offered Debt Securities or the Warrant Agreement
with respect to Warrants to purchase unissued Shares, (individually, a <B><I>Warrant Agreement</I></B>), as the case may be, for the Offered
Warrants; (iv) the terms of the Offered Warrants and of their issuance and sale have been duly established in conformity with the MAA
so as not to violate any applicable law or the MAA or result in a default under or breach of any agreement or instrument binding upon
the Company; and (v) the Warrant Agreement for the Offered Warrants has been duly executed and delivered and certificates representing
the Offered Warrants have been duly executed, countersigned, registered and delivered to the purchasers thereof upon payment of the agreed-upon
consideration therefor: (1) the Offered Warrants, when issued and sold in accordance with the applicable underwriting agreement, if any,
or any other duly authorized, executed and delivered valid and binding purchase or agency agreement, will be legal, valid and binding
obligations of the Company; (2) if the Offered Warrants are exercisable for unissued Shares, the unissued Shares issuable upon exercise
of the Offered Warrants will be duly authorized and (upon registration in the register of members (shareholders)) validly issued, fully
paid and non-assessable, assuming the exercise of the Offered Warrants is in accordance with the terms of the Warrant Agreement with respect
to Warrants to purchase unissued Shares; and (3) if the Offered Warrants are exercisable for the Offered Debt Securities, the Offered
Debt Securities issuable upon exercise of the Offered Warrants will be legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms, assuming the relevant Indenture has been duly executed and delivered and assuming
the exercise of the Offered Warrants is in accordance with the terms of the Warrant Agreement with respect to Warrants to purchase the
Offered Debt Securities and is in accordance with the terms of such Indenture.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">4</TD><TD STYLE="text-align: justify; width: 93%">Limited Liability. <FONT STYLE="font-weight: normal">The liability of shareholders of the Company is limited
to the amount, if any, unpaid on their shares. On the basis that all shares in the Company are fully paid, there is no rule of British
Virgin Islands law that would impose any further liability on persons holding shares in the Company, merely by reason of such shareholding.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is confined to the matters expressly
opined on herein and given on the basis of the laws of the British Virgin Islands as they are in force and applied by the British Virgin
Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction.
Except as specifically stated herein, we express no opinion as to matters of fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the above opinion, we hereby
consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our name under the heading <B><I>Legal
Matters</I></B> and elsewhere in the Prospectus included in the Registration Statement. In giving such consent, we do not thereby admit
that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended,
or the Rules and Regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 100%; text-align: justify; font-size: 10pt; text-indent: 0">Yours faithfully</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">/s/ Harney Westwood &amp; Riegels LP</TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><B>Harney Westwood &amp; Riegels LP</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
1&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 205.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">List of Documents and Records Examined</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">1</TD><TD STYLE="text-align: justify; width: 93%">a copy of the Certificate of Incorporation and Memorandum and Articles of Association of the Company obtained
from the Registry of Corporate Affairs on 9 November 2021;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">2</TD><TD STYLE="text-align: justify; width: 93%">the records and information certified by Harneys Corporate Services Limited, the registered agent of the
Company, on 9 November 2021 of the statutory documents and records maintained by the Company at its registered office (the <B><I>Registered
Agent&rsquo;s Certificate</I></B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">3</TD><TD STYLE="text-align: justify; width: 93%">the public records of the Company on file and available for inspection at the Registry of Corporate Affairs,
Road Town, Tortola, British Virgin Islands on 9 November 2021;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">4</TD><TD STYLE="text-align: justify; width: 93%">the records of proceedings on file with, and available for inspection on 9 November 2021 at the High Court
of Justice, British Virgin Islands;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">5</TD><TD STYLE="text-align: justify; width: 93%">a copy of the unanimous written resolutions of the board of directors of the Company dated 10 November
2021 approving the filing of the Registration Statement and the transactions as described in the Registration Statement (the <B><I>Resolutions</I></B>);
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">6</TD><TD STYLE="text-align: justify; width: 93%">the Registration Statement (which term shall include the Prospectus).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1 - 6 above are the <B><I>Corporate Documents</I></B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<BR STYLE="clear: both">
</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
2&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 219.75pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Assumptions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">1</TD><TD STYLE="text-align: justify; width: 93%"><B>Directors.</B> The board of directors of the Company considers the issuance of the Shares in accordance
with the Registration Statement and the Resolution to be in the best interests of the Company and no director has a financial interest
in or other relationship to a party or the transactions contemplated by the Resolutions, the Registration Statement and Prospectus which
has not been properly disclosed in the Resolutions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">2</TD><TD STYLE="text-align: justify; width: 93%"><B>Authenticity of Documents.</B> All original Corporate Documents are authentic, all signatures, initials
and seals are genuine, all copies of the Registration Statement are true and correct copies and the Registration Statement conform in
every material respect to the latest drafts of the same produced to us and, where the Registration Statement has been provided to us in
successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">3</TD><TD STYLE="text-align: justify; width: 93%"><B>Corporate Documents.</B> All matters required by law to be recorded in the Corporate Documents are
so recorded, and all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete,
and all facts expressed in or implied thereby are accurate and complete, and the information recorded in the Registered Agent&rsquo;s
Certificate was accurate as at the date of the passing of the Resolutions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">4</TD><TD STYLE="text-align: justify; width: 93%"><B>No Steps to Wind-up</B>. The directors and shareholders of the Company have not taken any steps to
appoint a liquidator of the Company and no receiver has been appointed over any of the Company&rsquo;s property or assets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">5</TD><TD STYLE="text-align: justify; width: 93%"><B>Resolutions.</B> The Resolutions remain in full force and effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">6</TD><TD STYLE="text-align: justify; width: 93%"><B>Unseen Documents.</B> Save for the Corporate Documents provided to us there are no resolutions, agreements,
documents or arrangements which materially affect, amend or vary the transactions envisaged in the Registration Statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 219.75pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Qualifications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">1</TD><TD STYLE="text-align: justify; width: 93%"><B>Public Records.</B> Records reviewed by us may not be complete for various reasons. In particular you
should note that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 7%">(a)</TD><TD STYLE="text-align: justify; width: 86%">in special circumstances the court may order the sealing of the court record, which would mean that a
record of the court action would not appear on the High Court register;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 7%">(b)</TD><TD STYLE="text-align: justify; width: 86%">failure to file notice of appointment of a receiver with the Registry of Corporate Affairs does not invalidate
the receivership but merely gives rise to penalties on the part of the receiver;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 7%">(c)</TD><TD STYLE="text-align: justify; width: 86%">a liquidator of a British Virgin Islands company has 14 days after their appointment within which they
must file notice of their appointment at the Registry of Corporate Affairs; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 7%">(d)</TD><TD STYLE="text-align: justify; width: 86%">although amendments to the Memorandum and Articles of Association of a company are normally effective
from the date of registration with the Registry of Corporate Affairs, it is possible for a British Virgin Islands court to order that
they be treated as being effective from an earlier date, and searches would not reveal the amendments until the court order was subsequently
filed,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 93%">and accordingly our searches would not
indicate such issues.</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">2</TD><TD STYLE="text-align: justify; width: 93%"><B>Foreign Statutes.</B> We express no opinion in relation to provisions making reference to foreign statutes
in the Registration Statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">3</TD><TD STYLE="text-align: justify; width: 93%"><B>Amendment.</B> A British Virgin Islands court would not treat as definitive a statement in a contract
that it could only be amended or waived in writing but would be able to consider all the facts of the case particularly where consideration
had passed to determine whether a verbal amendment or waiver had been effected and if it found that it had such verbal amendment or waiver
would be deemed to have also amended the stated requirement for a written agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">4</TD><TD STYLE="text-align: justify; width: 93%"><B>Good Standing.</B> To maintain the Company in good standing under the laws of the British Virgin Islands,
annual licence fees must be paid to the Registrar of Corporate Affairs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">5</TD><TD STYLE="text-align: justify; width: 93%"><B>Conflict of Laws.</B> An expression of an opinion on a matter of British Virgin Islands law in relation
to a particular issue in this opinion should not necessarily be construed to imply that the British Virgin Islands courts would treat
British Virgin Islands law as the proper law to determine that issue under its conflict of laws rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">6</TD><TD STYLE="text-align: justify; width: 93%"><B>Sanctions.</B> The obligations of the Company may be subject to restrictions pursuant to United Nations
and European Union sanctions as implemented under the laws of the British Virgin Islands.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">7</TD><TD STYLE="text-align: justify; width: 93%"><B>Economic Substance. </B>&nbsp;We have undertaken no enquiry and express no view as to the compliance
of the Company with the Economic Substance (Companies and Limited Partnerships) Act 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>
<P STYLE="margin: 0; text-align: right">&nbsp;&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>tm2132004d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="background-color: black"><B></B></FONT></P><IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 90%; padding-top: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&#20013;&#27491;&#36948;&#26371;&#35336;&#24107;&#20107;&#21209;&#25152;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Centurion ZD CPA &amp; Co.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certified Public Accountants (Practising)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unit 1304, 13/F., Two Harbourfront, 22 Tak Fung
    Street, Hunghom, Hong Kong</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#39321;&#28207;&#32005;&#30945;&#24503;&#35920;&#34903;</FONT>22<FONT STYLE="font-family: Times New Roman, Times, Serif">&#34399;&#28023;&#28657;&#24291;&#22580;&#20108;&#26399;</FONT>13<FONT STYLE="font-family: Times New Roman, Times, Serif">&#27155;</FONT>1304<FONT STYLE="font-family: Times New Roman, Times, Serif">&#23460;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel : (852) 2126 2388 Fax: (852) 2122 9078</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 3.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 3.25in"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the incorporation by reference
in the Registration Statement on Form F-3 of Antelope Enterprise Holdings Ltd. and its subsidiaries (collectively, the &ldquo;Company&rdquo;)
dated November 10, 2021 of our report dated April 28, 2021 included in its Annual Report on Form 20-F relating to the consolidated statements
of financial position of the Company as of December 31, 2020 and 2019, and the related consolidated statements of comprehensive income
(loss), changes in equity and cash flows for each of the years in the three-year period ended December 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also consent to the reference of our Firm under
the caption &ldquo;Experts&rdquo; in such Registration Statement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.15pt 0pt 7.1pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Centurion ZD CPA &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Centurion ZD CPA &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hong Kong, China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 10, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
