<SEC-DOCUMENT>0001171843-22-006117.txt : 20230621
<SEC-HEADER>0001171843-22-006117.hdr.sgml : 20230621
<ACCEPTANCE-DATETIME>20220916150652
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001171843-22-006117
CONFORMED SUBMISSION TYPE:	DRS/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220916
<PUBLIC-REL-DATE>20230621
DATE AS OF CHANGE:		20220916

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Central Tactical Acquisitions Inc.
		CENTRAL INDEX KEY:			0001943421
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRS/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	377-06357
		FILM NUMBER:		221247926

	BUSINESS ADDRESS:	
		STREET 1:		VAS SOFIAS 1 & MEG. ALEXANDROU
		CITY:			ATHENS
		STATE:			J3
		ZIP:			151 24
		BUSINESS PHONE:		30 2108128180

	MAIL ADDRESS:	
		STREET 1:		VAS SOFIAS 1 & MEG. ALEXANDROU
		CITY:			ATHENS
		STATE:			J3
		ZIP:			151 24

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Central Tactical Acquisitions Inc.
		DATE OF NAME CHANGE:	20220818
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRS/A
<SEQUENCE>1
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<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Submitted on a confidential basis on September 16, 2022</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CONFIDENTIAL TREATMENT REQUESTED</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>This draft registration statement has not been filed publicly with the
U.S. Securities and Exchange Commission and all information contained herein remains confidential.</B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>UNITED STATES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>WASHINGTON, DC 20549</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>FORM 20-F</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>(Mark One)</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">OR</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&thinsp;&#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">For the fiscal year ended <B><U>&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;</U></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">OR</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&thinsp;&#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">OR</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&thinsp;&#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">Date of event requiring this shell company report: Not applicable</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>For the transition period from <U>&emsp;&emsp;&emsp;&emsp;&emsp;</U>
to <U>&emsp;&emsp;&emsp;&emsp;&emsp;</U></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">Commission file number: [<U>&emsp;&emsp;</U>]</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>Central Tactical Acquisitions Inc.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Exact name of Registrant as specified in its charter)</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">(Not Applicable)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Translation of Registrant&rsquo;s name into English)</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">Republic of the Marshall Islands</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Jurisdiction of incorporation or organization)</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">1 Vas. Sofias and Meg. Alexandrou Str,</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">15124 Maroussi, Greece</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Address of principal executive offices)</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">Alexandros Tsirikos</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Tel. +30 210 812 8107</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">E-mail: [_____]</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">1 Vas. Sofias and Meg. Alexandrou Str,</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">15124 Maroussi, Greece</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Name, Telephone, E-mail and/or Facsimile number and Address of Company
Contact Person)</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Securities registered or to be registered pursuant to Section 12(b) of the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of class</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 31%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading Symbol(s)</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 31%">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Name of exchange on which </B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>registered</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Shares of common stock, par value $0.01, including the Preferred Stock Purchase Rights</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">[_____]</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">[_____]</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">Securities registered or to be registered pursuant to Section 12(g) of the Act: None</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Indicate the number of outstanding shares of each of the issuer&rsquo;s
classes of capital or common stock as of the close of the period covered by the annual report: Not applicable.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule
405 of the Securities Act. &thinsp;&#9744; Yes &#9746; No</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">If this report is an annual or transition report, indicate by check mark
if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. &thinsp;&#9744;
Yes &thinsp;&#9744; No</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
&thinsp;&#9744; Yes &thinsp;&#9744; No</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Indicate by check mark whether the registrant has submitted electronically
every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit such files). &thinsp;&#9744; Yes &thinsp;&#9744;
No</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo;
&ldquo;accelerated filer&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%"><FONT STYLE="font-size: 10pt">Large accelerated filer &thinsp;&#9744;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 31%"><FONT STYLE="font-size: 10pt">Accelerated filer &thinsp;&#9744;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 31%"><FONT STYLE="font-size: 10pt">Non-accelerated filer &#9746;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Emerging growth company &#9746;</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; 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 elected not to use the extended transition period for complying
with any new or revised financial accounting standards&dagger; provided pursuant to Section 13(a) of the Exchange Act. &thinsp;&#9746;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&dagger; The term &ldquo;new or revised financial accounting standard&rdquo;
refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April&nbsp;5, 2012.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Indicate by check mark whether the registrant has filed a report on and
attestation to its management&rsquo;s assessment of the effectiveness of its internal control over financial reporting under Section 404(b)
of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. &thinsp;&#9744;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicate by check mark which basis of accounting the registrant has used to prepare the financial
statements included in this filing:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 11%"><FONT STYLE="font-size: 10pt">U.S. GAAP &#9746;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 66%"><FONT STYLE="font-size: 10pt">International Financial Reporting Standards as issued by the International Accounting Standards Board &thinsp;&#9744;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%"><FONT STYLE="font-size: 10pt">Other &thinsp;&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">If &ldquo;Other&rdquo; has been checked in response to the previous question, indicate by check
mark which financial statement item the registrant has elected to follow.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 58%; text-align: center"><FONT STYLE="font-size: 10pt">&thinsp;&#9744; Item 17</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 40%"><FONT STYLE="font-size: 10pt">&thinsp;&#9744; Item 18</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">If this is an annual report, indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 58%; text-align: center"><FONT STYLE="font-size: 10pt">&thinsp;&#9744; Yes</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 40%"><FONT STYLE="font-size: 10pt">&thinsp;&#9744; No</FONT></TD></TR>
  </TABLE>











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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>TABLE OF CONTENTS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="width: 0%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 0%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 81%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 5%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="4" STYLE="vertical-align: bottom">PART I</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 1.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">7</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 2.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">OFFER STATISTICS AND EXPECTED TIMETABLE</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 3.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">KEY INFORMATION</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">7</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 4.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">INFORMATION ON THE COMPANY</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">32</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 4A.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">UNRESOLVED STAFF COMMENTS</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">44</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 5.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">44</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 6.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">52</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 7.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">54</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 8.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">FINANCIAL INFORMATION</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">55</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 9.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">THE OFFER AND LISTING</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">56</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 10.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">ADDITIONAL INFORMATION</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">56</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 11.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">75</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 12.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">75</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">PART II</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">75</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 13.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">75</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 14.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">75</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 15.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">CONTROLS AND PROCEDURES</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">75</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 16A.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">AUDIT COMMITTEE FINANCIAL EXPERT</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">75</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 16B.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">CODE OF ETHICS</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">75</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 16C.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">PRINCIPAL ACCOUNTANT FEES AND SERVICES</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">75</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 16D.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">75</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 16E.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">75</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 16F.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">CHANGE IN REGISTRANT&rsquo;S CERTIFYING ACCOUNTANT</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">76</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 16G.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">CORPORATE GOVERNANCE</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">76</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 16H.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">MINE SAFETY DISCLOSURE</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">76</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 16I.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">76</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="4" STYLE="vertical-align: top">PART III</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">76</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 17.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">FINANCIAL STATEMENTS</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">76</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">ITEM 18.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">FINANCIAL STATEMENTS</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">76</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ITEM 19.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">EXHIBITS</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">76</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Matters discussed in this
registration statement may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA,
provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about
their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are statements other than statements of historical facts.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Central Tactical Acquisitions
Inc. (&ldquo;Central Tactical Acquisitions&rdquo; or &ldquo;CTA&rdquo;) desires to take advantage of the safe harbor provisions of the
PSLRA and is including this cautionary statement in connection with this safe harbor legislation. This annual report and any other written
or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to
future events and financial performance. When used in this annual report, statements that are predictive in nature, that depend upon or
refer to future events or conditions, or that include words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo;
&ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;forecast,&rdquo; &ldquo;project,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo;
&ldquo;continue,&rdquo; &ldquo;possible,&rdquo; &ldquo;likely,&rdquo; &ldquo;may,&rdquo; &ldquo;should,&rdquo; and similar expressions
identify forward-looking statements.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The forward-looking statements
in this annual report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without
limitation, management&rsquo;s examination of historical operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject
to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure
you that we will achieve or accomplish these expectations, beliefs or projections.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In addition to these assumptions
and matters discussed elsewhere herein and in the documents incorporated by reference herein, important factors that, in our view, could
cause actual results to differ materially from those discussed in the forward-looking statements include the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>our ability to maintain or develop new and existing customer relationships with major crude oil companies and major commodity traders,
including our ability to enter into long-term charters for our vessel our vessel, and those we may acquire in the future;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>our future operating and financial results;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>our future vessel acquisitions, our business strategy and expected and unexpected capital spending or operating expenses, including
any dry-docking, crewing, bunker costs and insurance costs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>our financial condition and liquidity, including our ability to pay amounts that we owe and to obtain financing in the future to fund
capital expenditures, acquisitions and other general corporate activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>oil tanker industry trends, including fluctuations in charter rates and vessel values and factors affecting vessel supply and demand;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>our ability to take delivery of, integrate into our fleet, and employ any newbuildings we may acquire or order in the future and the
ability of shipyards to deliver vessels on a timely basis;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>our dependence on our Parent, Top Ships Inc. and our fleet manager to operate our business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the aging of our vessel, and those we may acquire in the future and resultant increases in operation and dry-docking costs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the ability of our vessel, and any vessels we may acquire in the future to pass classification inspections and vetting inspections
by oil majors and big chemical corporations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>significant changes in vessel performance, including increased vessel breakdowns;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations to us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>our ability to repay outstanding indebtedness, to obtain additional financing and to obtain replacement charters for our vessel, and
any vessels we may acquire in the future, in each case, at commercially acceptable rates or at all;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>changes to governmental rules and regulations or actions taken by regulatory authorities and the expected costs thereof;</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>our ability to maintain the listing of our common shares on the [_____] or another trading market;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>our ability to comply with additional costs and risks related to our environmental, social and governance policies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>potential liability from litigation, including purported class-action litigation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>changes in general economic and business conditions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>general domestic and international political conditions, international conflict or war (or threatened war), including between Russia
and Ukraine, potential disruption of shipping routes due to accidents, political events, including &ldquo;trade wars&rdquo;, piracy, acts
by terrorists or major disease outbreaks such as the recent worldwide coronavirus outbreak;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>changes in production of or demand for oil, either globally or in particular regions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the strength of world economies and currencies, including fluctuations in charterhire rates and vessel values;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>potential liability from future litigation and potential costs due to our vessel operations, and the operation of any vessels we may
acquire in the future, including due to any environmental damage and vessel collisions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the length and severity of epidemics and pandemics, including the ongoing global outbreak of the novel coronavirus (&ldquo;COVID-19&rdquo;)
and its impact on the demand for commercial seaborne transportation and the condition of the financial markets; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>other important factors described from time to time in the reports filed by us with the U.S. Securities and Exchange Commission, or
the SEC.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">You should not place undue reliance on forward-looking
statements contained in this registration statement because they are statements about events that are not certain to occur as described
or at all. All forward-looking statements in this registration statement are qualified in their entirety by the cautionary statements
contained in this registration statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Any forward-looking statements contained herein are
made only as of the date of this registration statement, and except to the extent required by applicable law or regulation we undertake
no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement
is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for us to predict
all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor,
or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>EXPLANATORY NOTE</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>The Spin-Off</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We are currently a wholly owned subsidiary of Top Ships
Inc. (the &ldquo;Parent&rdquo;), a public company incorporated under the laws of the Republic of the Marshall Islands. The Parent will
contribute one of its vessel-owning subsidiaries, Athenean Empire Inc., (the &ldquo;CTA Predecessor&rdquo;), together with $1.0 million
in working capital, to us and will distribute all of our issued and outstanding common shares, par value $0.01 (including the related
preferred stock purchase rights, the &ldquo;Common Shares&rdquo;), to the Parent&rsquo;s common shareholders (the &ldquo;Spin-Off&rdquo;).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The Spin-Off will be pro rata to the shareholders of
the Parent, including holders of the Parent&rsquo;s outstanding common shares and Series D, Series E and Series F preferred shares, so
that such holders will maintain the same proportionate interest in each respective class of shares of the Parent and of us both immediately
before and immediately after the Spin-Off. The holder of the Series D and Series E preferred shares is the Lax Trust, which is an irrevocable
trust established for the benefit of certain family members of our President, Chief Executive Officer and Director, Mr. Pistiolis, and
the holder of Series F preferred shares is Africanus Inc., an affiliate of Mr. Pistiolis. In connection with the Spin-Off, the Parent
will therefore distribute (i) [_____] of our Series D preferred shares (the &ldquo;Series D Preferred Shares&rdquo;) and [_____] Series
E preferred shares (the &ldquo;Series E Preferred Shares&rdquo;) to the holder of all of the Parent&rsquo;s issued and outstanding Series
D preferred shares and Series E preferred shares, a trust established for the benefit of the family of our <FONT STYLE="background-color: white">President,
Chief Executive Officer and Director, Evangelos J. Pistiolis, which is deemed to beneficially own such preferred shares, and (ii) </FONT>and
[_____] of our Series F preferred shares (the &ldquo;Series F Preferred Shares&rdquo;) to the holder of all of the Parent&rsquo;s issued
and outstanding Series F preferred shares, <FONT STYLE="background-color: white">a company affiliated with Mr. Pistiolis which is deemed
to beneficially own all of such preferred shares</FONT>. The Series D Preferred Shares, the Series E Preferred Shares and the Series F
Preferred Shares will have similar terms, including voting rights, as the Parent&rsquo;s Series D preferred shares, Series E preferred
shares and Series F preferred shares, respectively. As a result, following the Spin-Off, the holders of the Series D, E and F Preferred
Shares may together be deemed to beneficially own [_____]% of our total voting power. Please see &ldquo;Item 10.A. Share Capital &ndash;
Preferred Stock&rdquo; for a description of the terms of our preferred shares. The Parent will not distribute the Series D Preferred Shares,
the Series E Preferred Shares or the Series F Preferred Shares to its common shareholders in connection with the Spin-Off.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We will enter into an Exchange Agreement prior to the
Spin-Off pursuant to which Lax Trust, Africanus, Inc. and the Parent will agree that, in exchange for our Series E and Series F Preferred
Shares distributed to Lax Trust and Africanus, Inc., respectively, in the Spin-Off, an equivalent number of the outstanding Series E and
Series F preferred shares of the Parent will be cancelled. We have also agreed with the Lax Trust for them to waive the provision that
entitles the holder of Series E Preferred Shares to be granted a number of common shares in any share dividend or distribution on an as
if converted basis.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Additionally, the Parent has granted us a right of first
offer over its remaining Suezmax fleet consisting of four Suezmax crude oil carriers currently owned by the Parent. Pursuant to this right
of first offer, we have the right, but not the obligation, to purchase one or all of the four identified vessels in the event the Parent
determines to sell the vessels, at fair market value at the time of sale. In addition, the Parent has granted us a right of first refusal
with respect to sale, acquisition and chartering opportunities available to it with respect to Suezmax vessels.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Central Tactical Acquisitions (&ldquo;the Company&rdquo;)
was incorporated by the Parent under the laws of the Republic of the Marshall Islands on August 11, 2022 to serve as the holding company
of the CTA Predecessor in connection with the Spin-Off. The Parent will contribute the CTA Predecessor to us prior to the Spin-Off, and,
as the sole shareholder of the Company, intends to distribute all of the Company's common shares to its shareholders on a pro rata basis
as soon as practicable after the effectiveness of this registration statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Holders of common shares of the Parent will receive
one of our common shares for every [_____] shares of the Parent&rsquo;s common stock owned at the close of business on the record date
for the distribution declared by the Parent&rsquo;s board of directors. Fractional common shares will not be distributed. Instead, the
distribution agent will aggregate fractional common shares into whole shares, sell such whole shares in the open market at prevailing
rates promptly after our common shares commence trading on [_____], and distribute the net cash proceeds from the sales pro rata to each
holder who would otherwise have been entitled to receive fractional common shares in the distribution.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Under this registration statement on Form 20-F, the
Company is applying to register its common shares under Section&nbsp;12(b) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;). We intend to apply to have our common shares listed on either the New York Stock Exchange or the Nasdaq Capital Market under
the ticker symbol &ldquo;[_____]&rdquo;. Upon consummation of the Spin-Off and the successful listing of our common shares on the [_____],
we and the Parent will be independent publicly traded companies with separate boards of directors and management, although, at the time
of the Spin-Off, certain of the directors and officers of the Parent will hold similar positions at the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">The financial statements presented in this registration
statement are carve-out financial statements from the Parent&rsquo;s consolidated historical financial statements. The carve-out financial
statements in this registration statement include audited carve-out financial statements of the CTA Predecessor for the year and period
ended December&nbsp;31, 2021 and 2020.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Unless otherwise indicated or required by the context
in this registration statement, the Company&rsquo;s disclosure assumes that the consummation of the Spin-Off has occurred. Although we
may not acquire the CTA Predecessor until shortly before the Spin-Off, the operating and other statistical information with respect to
our business is presented as of and for the year and period ended December&nbsp;31, 2021 and 2020, unless otherwise indicated, as if the
Company owned such businesses as of such date.</P>

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

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PART I</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><I>Unless the context otherwise requires, as used in
this registration statement, the terms &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; and &ldquo;our&rdquo; refer to Central
Tactical Acquisitions and any or all of its subsidiaries, and Central Tactical Acquisitions refers only to Central Tactical Acquisitions
and not to its subsidiaries. References in this registration statement to the &ldquo;Parent&rdquo; refer to Top Ships Inc. References
to our &ldquo;Fleet Manager&rdquo; or &ldquo;CSI&rdquo; are to Central Shipping Inc, a related party of our Parent, which performs the
day-to-day management of our fleet.</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><I>We use the term deadweight tons, or &ldquo;dwt,&rdquo;
in describing the size of vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the maximum
weight of cargo and supplies that a vessel can carry. Unless otherwise indicated, all references to &ldquo;U.S. dollars,&rdquo; &ldquo;dollars,&rdquo;
&ldquo;U.S. $&rdquo; and &ldquo;$&rdquo; in this registration statement are to the lawful currency of the United States of America.</I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 1.</B></TD>
    <TD><B>IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>A.&emsp;Directors and Senior Management</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">For information regarding our directors and senior management,
see &ldquo;Item 6. Directors, Senior Management and Employees&mdash;A. Directors and Senior Management.&rdquo;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>B.&emsp;Advisers</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our U.S. and Marshall Islands legal counsel is Watson
Farley &amp; Williams LLP. 250 West 55<SUP>th</SUP> Street, New York, New York 10019.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>C.&emsp;Auditors</B></P>

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

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">Our auditors are Deloitte Certified Public Accountants S.A. , Fragoklissias
3a &amp; Granikou Street, Maroussi, Athens 151 25, Greece.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 2.</B></TD>
    <TD><B>OFFER STATISTICS AND EXPECTED TIMETABLE</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 3.</B></TD>
    <TD><B>KEY INFORMATION</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>A.&emsp;[Reserved]</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>B.&emsp;Capitalization and Indebtedness</B></P>

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

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">The following table sets forth our capitalization and indebtedness as of
December&nbsp;31, 2021:</P>

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 59px">&nbsp;</TD>
    <TD STYLE="width: 48px">1.</TD>
    <TD STYLE="text-align: justify">on an actual basis;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 59px">&nbsp;</TD>
    <TD STYLE="width: 48px">2.</TD>
    <TD STYLE="text-align: justify">on an as adjusted basis to give effect to the $[_____] million of scheduled debt repayments under the Alpha Bank facility; which occurred between December 31, 2021 and the date of this registration statement:</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Based on our audited carve-out financial statements of the CTA Predecessor:
    </B></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of U.S. Dollars, except number of shares and
    per share data)</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Actual</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>As Adjusted</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><B>Debt:(1)</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 62%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">Current portion of long term debt</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; text-align: right">$2,920</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; text-align: right">[_____]</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify">Non-current portion of long term debt</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">33,153</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">[_____]</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><B>Total debt</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><B>36,073&nbsp;&nbsp;&nbsp;</B></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">[_____]</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><B>Parent Equity, net</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><B>1,000&nbsp;</B></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">[_____]</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><B>Total capitalization</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><B>$37,073</B></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">[_____]</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">(1)</TD>
    <TD STYLE="width: 95%">Our indebtedness (both current and non-current portions), is secured a by mortgage on our vessel and is guaranteed by us.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>C.&emsp;Reasons for the Offer and Use of Proceeds</B></P>

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

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>D.&emsp;Risk Factors</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Some of the following risks relate principally to the
industry in which we operate and others relate to our business in general or our common stock. If any of the following risks occur, our
business, financial condition, operating results and cash flows could be materially adversely affected and the trading price of our securities
could decline.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Summary of Risk Factors </B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Below is a summary of the principal factors that make
an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion
of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the headings &ldquo;Risks
Relating to Our Industry,&rdquo; &ldquo;Risks Relating to Our Company&rdquo;, &ldquo;Risks Relating to Our Common Shares&rdquo; and &ldquo;Risks
Relating to the Spin-Off&rdquo; should be carefully considered, together with other information in this Registration Statement on Form
20-F and our other filings with the Securities and Exchange Commission, before making an investment decision regarding our common stock.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The international tanker industry has historically been both cyclical and volatile and this may lead to reductions and volatility
in our charter rates, our vessel value and values of any vessels we may acquire in the future, our revenues, earnings and cash flow results.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our financial results may be adversely affected by the ongoing outbreak of COVID-19, and the related governmental responses thereto.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Outbreaks of epidemic and pandemic diseases and governmental responses thereto could adversely affect our business</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The international oil tanker industry has experienced volatile charter rates and vessel values and there can be no assurance that
these charter rates and vessel values will not decrease in the near future.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Volatile economic conditions throughout the world could have an adverse impact on our operations and financial results.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The current state of the global financial markets and current economic conditions may adversely impact our results of operation, financial
condition, cash flows and ability to obtain financing or refinance our existing and future credit facilities on acceptable terms, which
may negatively impact our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Volatility of LIBOR and potential changes of the use of LIBOR as a benchmark could affect our profitability, earnings and cash flow.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We are subject to complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or
feasibility of doing business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We are subject to international safety regulations and requirements imposed by classification societies and the failure to comply
with these regulations may subject us to increased liability, may adversely affect our insurance coverage and may result in a denial of
access to, or detention in, certain ports.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Climate change and greenhouse gas restrictions may adversely impact our operations and markets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our vessel, and those we may acquire in the future, may suffer damage due to the inherent operational risks of the tanker industry
and we may experience unexpected dry-docking costs, which may adversely affect our business and financial condition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The market value of our vessel, and those we may acquire in the future, may fluctuate significantly, which could cause us to incur
losses if we decide to sell them following a decline in their market values or we may be required to write down their carrying value,
which will adversely affect our earnings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>An over-supply of tanker capacity may lead to reductions in charter hire rates and profitability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>If our vessel, or those we may acquire in the future, call on ports located in countries or territories that are the subject of sanctions
or embargoes imposed by the U.S. government or other governmental authorities, it could lead to monetary fines or adversely affect our
business, reputation and the market for our common shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Political instability, terrorist or other attacks, war, international hostilities and public health threats can affect the tanker
industry, which may adversely affect our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The U.K.&rsquo;s withdrawal from the European Union may have a negative effect on global economic conditions, financial markets and
our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Acts of piracy on ocean-going vessels could adversely affect our business.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>An economic slowdown or changes in the economic and political environment in the Asia Pacific region could have a material adverse
effect on our business, financial condition and results of operations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely
affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of
time, our business could be harmed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our loan agreement contains, and we expect that other future loan agreements and financing arrangements will contain, restrictive
covenants that may limit our liquidity and corporate activities, which could limit our operational flexibility and have an adverse effect
on our financial condition and results of operations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Servicing current and future debt, including financings committed under sale and leaseback (&ldquo;SLB&rdquo;) agreements, will limit
funds available for other purposes and impair our ability to react to changes in our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We will depend on officers and directors who are associated with the Parent, which may create conflicts of interest.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our Parent and certain of our Parent&rsquo;s and our executive officers have been subject to litigation in the past and we may be
subject to similar or other litigation in the future.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our current fleet consists of one Suezmax tanker vessel. Any limitation in the availability or operation of this vessel could have
a material adverse effect on our business, results of operations and financial condition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We expect to be dependent on a limited number of customers for a large part of our revenues, and failure of such counterparties to
meet their obligations could cause us to suffer losses or negatively impact our results of operations and cash flows.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>If we fail to manage our planned growth properly, we may not be able to successfully expand our market share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Delays or defaults by the shipyards in the construction of newbuildings could increase our expenses and diminish our net income and
cash flows.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our ability to obtain additional debt financing may be dependent on our ability to charter our vessel, or those that we may acquire
in the future, the performance of our charters and the creditworthiness of our charterers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The industry for the operation of tanker vessels and the transportation of oil is highly competitive and we may not be able to compete
for charters with new entrants or established companies with greater resources.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may be unable to attract and retain key management personnel and other employees in the international tanker shipping industry,
which may negatively impact the effectiveness of our management and our results of operations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>If labor interruptions are not resolved in a timely manner, they could have a material adverse effect on our business, results of
operations, cash flows, financial condition and available cash.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>If we expand our business, we will need to improve our operations and financial systems and staff; if we cannot improve these systems
or recruit suitable employees, our performance may be adversely affected.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>A drop in spot charter rates may provide an incentive for some charterers to default on their charters, which could affect our cash
flow and financial condition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>An increase in operating costs could decrease earnings and available cash.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The aging of our vessel or the vessels may acquire may result in increased operating costs in the future, which could adversely affect
our earnings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Unless we set aside reserves or are able to borrow funds for vessel replacement, our revenue will decline at the end of a vessel&rsquo;s
useful life, which would adversely affect our business, results of operations and financial condition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Purchasing and operating secondhand vessels may result in increased operating costs and vessels off-hire, which could adversely affect
our earnings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may not have adequate insurance to compensate us if we lose any vessels that we acquire.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may be subject to increased premium payments, or calls, as we obtain some of our insurance through protection and indemnity associations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental,
Social and Governance (&ldquo;ESG&rdquo;) policies may impose additional costs on us or expose us to additional risks.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Technological innovation and quality and efficiency requirements from our customers could reduce our charter hire income and the value
of our vessel, or those vessels that we may acquire in the future.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The smuggling of drugs or other contraband onto our vessel, or vessels we acquire may lead to governmental claims against us.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Maritime claimants could arrest our vessel, or vessels we acquire, which could interrupt our cash flow.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Governments could requisition our vessel, or vessels we acquire during a period of war or emergency, resulting in loss of earnings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>U.S. federal tax authorities could treat us as a &ldquo;passive foreign investment company,&rdquo;&nbsp;which could have adverse U.S.
federal income tax consequences to U.S. shareholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may be subject to U.S. federal income tax on our U.S. source income, which would reduce our earnings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We plan to take the position that the Spin-Off will not qualify for tax-free treatment under Section 355 of the Code.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We are a &ldquo;foreign private issuer,&rdquo;&nbsp;which could make our common shares less attractive to some investors or otherwise
harm our stock price.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>There is no existing market for our common shares, and a trading market that will provide you with adequate liquidity may not develop.
The price of our common shares may fluctuate significantly, and you could lose all or part of your investment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The market price of our common shares may in the future be subject to significant fluctuations. Further, there is no guarantee of
a continuing public market to resell our common shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may rely in part on equity issuances, which will not require shareholder approval, to fund our growth, and such equity issuances
which could dilute your ownership interests and may depress the market price of our common shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>A possible &ldquo;short squeeze&rdquo; due to a sudden increase in demand of our common stock that largely exceeds supply may lead
to further price volatility in our common shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>As a newly incorporated company, we may not have the surplus or net profits required by law to pay dividends. The declaration and
payment of dividends will always be subject to the discretion of our board of directors and will depend on a number of factors. Our board
of directors may not declare dividends in the future.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our President, Chief Executive Officer and Director has significant influence over us, and a trust established for the benefit of
his family may be deemed to beneficially own, directly or indirectly, 100% of our Series D and our Series E Preferred Shares, and an affiliate
of his may be deemed to beneficially own 100% our Series F Preferred Shares, and thereby to control the outcome of matters on which our
shareholders are entitled to vote.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Anti-takeover provisions in our amended and restated articles of incorporation and bylaws could make it difficult for our shareholders
to replace or remove our current board of directors or could have the effect of discouraging, delaying or preventing a merger or acquisition,
which could adversely affect the market price of our common shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We are an &ldquo;emerging growth company&rdquo; and we cannot be certain if the reduced disclosure requirements applicable to emerging
growth companies will make our Common Stock less attractive to investors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law and as a result,
shareholders may have fewer rights and protections under Marshall Islands law than under a typical jurisdiction in the United States.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>It may not be possible for investors to serve process on or enforce U.S. judgments against us.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our Bylaws provide that the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for certain disputes
between us and our shareholders, which could limit our shareholders&rsquo;&nbsp;ability to obtain a favorable judicial forum for disputes
with us or our directors, officers, or employees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may not achieve the intended benefits of having a forum selection provision if it is found to be unenforceable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We are dependent on our Fleet Manager, an affiliate of our Parent, to perform the day-to-day management of our fleet.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our Fleet Manager is a privately held company and there may be limited or no publicly available information about it.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Our Fleet Manager may have conflicts of interest between us and its other clients.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may be unable to achieve some or all of the benefits that we expect to achieve from the Spin-Off.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may be unable to make, on a timely or cost-effective basis, the changes necessary to operate as a publicly traded company, and
we may experience increased costs after the Spin-Off.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We have no operating history as a publicly traded company, and our historical financial information is not necessarily representative
of the results we would have achieved as a publicly traded company and may not be a reliable indicator of our future results.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We may not be able to access the credit and capital markets at the times and in the amounts needed on acceptable terms.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><U>RISKS RELATED TO OUR INDUSTRY</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>The international tanker
industry has historically been both cyclical and volatile and this may lead to reductions and volatility in our charter rates, in the
value of our vessel our vessel, or vessels we acquire, our revenues, earnings and cash flow results.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The international tanker industry
in which we operate is cyclical, with attendant volatility in charter hire rates, vessel values and industry profitability. For tanker
vessels, the degree of charter rate volatility has varied widely. Please see &ldquo;&mdash;The international oil tanker industry has experienced
volatile charter rates and vessel values and there can be no assurance that these charter rates and vessel values will not decrease in
the near future.&rdquo; Currently, our vessel is employed on time charter. However, changes in spot rates and time charter rates can affect
the revenues we receive from operations&nbsp;in the event our charterers default or seek to renegotiate the charter hire, as well as the
value of our vessel, or vessels we acquire, even if our vessels are employed under long-term time charters. Our ability to re-charter
our vessel, or vessels we acquire on the expiration or termination of their time or bareboat charters and the charter rates payable under
any renewal or replacement charters will depend upon, among other things, economic conditions in the tanker markets and several other
factors outside of our control.&nbsp;If we enter into a charter when charter rates are low, our revenues and earnings will be adversely
affected. A decline in charter hire rates will also likely cause the value of our vessel, or vessels we acquire to decline.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Fluctuations in charter rates
and vessel values result from changes in the supply and demand for vessels and changes in the supply and demand for oil. Factors affecting
the supply and demand for our vessel, or vessels we acquire are outside of our control and are unpredictable. The nature, timing, direction
and degree of changes in the tanker industry conditions are also unpredictable.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Factors that influence demand
for tanker vessel capacity include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>supply and demand for oil carried;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>changes in oil production;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the distance of oil is moved by sea;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>global and regional economic and political conditions, including &ldquo;trade wars&rdquo;&nbsp;and developments in international trade,
national oil reserves policies, fluctuations in industrial and agricultural production, armed conflicts and work stoppages;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>increases in the production of oil in areas linked by pipelines to consuming areas, the extension of existing, or the development
of new pipeline systems in markets we may serve, or the conversion of existing non-oil pipelines to oil pipelines in those markets;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>environmental and other legal and regulatory developments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>economic slowdowns caused by public health events such as the ongoing COVID-19 pandemic;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>currency exchange rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>weather, natural disasters and other acts of God;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>competition from alternative sources of energy, other shipping companies and other modes of transportation; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>international sanctions, embargoes, import and export restrictions, nationalizations, piracy and wars or other conflicts, including
the war in Ukraine.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The factors that influence
the supply of tanker capacity include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the number of newbuilding deliveries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>current and expected newbuilding orders for vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the scrapping rate of older vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>speed of vessel operation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>vessel freight rates, which are affected by factors that may affect the rate of newbuilding, swapping and laying up of vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the price of steel and vessel equipment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>technological advances in the design and capacity of vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>potential conversion of vessels for alternative use;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>changes in environmental and other regulations that may limit the useful lives of vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>port or canal congestion;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the number of vessels that are out of service at a given time, namely those that are laid-up, drydocked, awaiting repairs or otherwise
not available for hire, including those that are in drydock for the purpose of installing exhaust gas cleaning systems, known as scrubbers;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>changes in global petroleum.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The factors affecting the
supply and demand for tankers have been volatile and are outside of our control, and the nature, timing and degree of changes in industry
conditions are unpredictable. Market conditions have been volatile in recent years and continued volatility may reduce demand for transportation
of oil over longer distances and increase the supply of tankers, which may have a material adverse effect on our business, financial condition,
results of operations, cash flows, ability to pay dividends and existing contractual obligations.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Our financial results may be adversely affected
by the ongoing outbreak of COVID-19, and the related governmental responses thereto.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Since the beginning of calendar
year 2020, the outbreak of COVID-19 that originated in China in late 2019 and that has spread to most nations around the globe has resulted
in numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus, including travel
bans, quarantines, and other emergency public health measures, and a number of countries implemented lockdown measures. These measures
have resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. If the COVID-19
pandemic continues on a prolonged basis or becomes more severe, the adverse impact on the global economy and the rate environment for
tanker and other cargo vessels may deteriorate further and our operations and cash flows may be negatively impacted. Relatively weak global
economic conditions during periods of volatility have and may continue to have a number of adverse consequences for tanker and other shipping
sectors, including, among other things:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>low charter rates, particularly for vessels employed on short-term time charters or in the spot market&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>decreases in the market value of tanker vessels and limited second-hand market for the sale of vessels&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>limited financing for vessels&#894;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>loan covenant defaults&#894;&nbsp;and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>declaration of bankruptcy by certain vessel operators, vessel owners, shipyards and charterers.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The COVID-19 pandemic and
measures to contain its spread have negatively impacted regional and global economies and trade patterns in markets in which we operate,
the way we operate our business, and the businesses of our charterers and suppliers. These negative impacts could continue or worsen,
even after the pandemic itself diminishes or ends. Companies, including us or our Fleet Manager, have also taken precautions, such as
requiring employees to work remotely and imposing travel restrictions, while some other businesses have been required to close entirely.
Moreover, we face significant risks to our personnel and operations due to the COVID-19 pandemic. Our crews face risk of exposure to COVID-19
as a result of travel to ports in which cases of COVID-19 have been reported. Our shore-based personnel likewise face risk of such exposure,
as we maintain offices in areas that have been impacted by the spread of COVID-19.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Measures against COVID-19
in a number of countries have restricted crew rotations on vessels, which may continue or become more severe. As a result, we may experience
disruptions to vessel operations caused by increased deviation time associated with positioning vessels to countries in which we can undertake
a crew rotation in compliance with such measures. Delays in crew rotations have led to issues with crew fatigue and may continue to do
so, which may result in delays or other operational issues. We may have days in which our vessel, or those we may acquire, are unable
to earn revenue in order to deviate to certain ports on which we would ordinarily not call during a typical voyage. We may also incur
additional expenses associated with testing, personal protective equipment, quarantines, and travel expenses such as airfare costs in
order to perform crew rotations in the current environment as well as related logistical complications associated with supplying our vessel
with spares or other supplies. The above-mentioned factors may lead to an increase in off-hire days and a slight increase in operating
and voyage expenses.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The COVID-19 pandemic and
measures in place against the spread of the virus have led to a more difficult environment in which to dispose of vessels given difficulty
to physically inspect vessels. The impact of COVID-19 has also resulted in reduced industrial activity in China with temporary closures
of factories and other facilities, labor shortages and restrictions on travel. We believe these disruptions along with other seasonal
factors, including lower demand for some of the cargoes we carry, have contributed to lower rates in the tanker industry up to the date
of this annual report.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Epidemics may also affect
personnel operating payment systems through which we receive revenues from the chartering of our vessel, or vessels we acquire or pay
for our expenses, resulting in delays in payments. Organizations across industries, including ours, are rightly focusing on their employees&rsquo;
well-being, whilst making sure that their operations continue undisrupted and at the same time, adapting to the new ways of operating.
As such employees are encouraged or even required to operate remotely which significantly increases the risk of cyber security attacks.</P>

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

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white">We are not yet able to fully assess the overall
impact that COVID-19 will have on our financial condition and operations and on the tanker industry in general, we assess that the tanker
charter rates have been volatile as a result of COVID-19 and that the tanker industry in general and our Company specifically are likely
to continue to be exposed to volatility in the near term.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The occurrence or continued
occurrence of any of the foregoing events or other epidemics or an increase in the severity or duration of the COVID-19 or other epidemics
could have a material adverse effect on our business, results of operations, cash flows, financial condition, value of our vessel, or
vessels we acquire and ability to pay dividends.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Outbreaks of epidemic
and pandemic diseases and governmental responses thereto could adversely affect our business</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Public health threats, such
as the COVID-19 outbreak (as described more fully above), influenza and other highly communicable diseases or viruses, outbreaks of which
have from time to time occurred in various parts of the world in which we operate, including China, could adversely impact our operations,
the timing of completion of any outstanding or future newbuilding projects, as well as the operations of our customers.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>The international oil
tanker industry has experienced volatile charter rates and vessel values and there can be no assurance that these charter rates and vessel
values will not decrease in the near future.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The Baltic Dirty Tanker Index,
or the BDTI, a U.S. dollar daily average of charter rates issued by the Baltic Exchange that takes into account input from brokers around
the world regarding crude oil fixtures for various routes and oil tanker vessel sizes, has been volatile. For example, in 2021, the BDTI
reached a high of 835 and a low of 492. Although the BDTI was 1,439, as of September 7 2022, there can be no assurance that the crude
oil charter market will continue to increase, and the market could again decline. This volatility in charter rates depends, among other
factors, on (i) the demand for crude oil, (ii) the inventories of crude oil in the United States and in other industrialized nations,
(iii) oil refining volumes, (iv) oil prices, and (v) any restrictions on crude oil production imposed by the Organization of the Petroleum
Exporting Countries, or OPEC, and non-OPEC oil producing countries.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">If the charter rates in the
oil tanker market decline from their current levels, our future earnings may be adversely affected, we may have to record impairment adjustments
to the carrying values of our fleet and we may not be able to comply with the financial covenants in our loan agreements.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Volatile economic conditions
throughout the world could have an adverse impact on our operations and financial results.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Among other factors, we face
risks attendant to changes in economic environments, changes in interest rates, and instability in the banking and securities markets
around the world.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The world economy continues
to face a number of challenges. Concerns persist regarding the debt burden of certain European countries and their ability to meet future
financial obligations and the overall stability of the euro. A renewed period of adverse development in the outlook for the financial
stability of European countries, or market perceptions concerning these and related issues, could reduce the overall demand for oil, and
thus for shipping and our services, and thereby could affect our financial position, results of operations and cash available for distribution.
In addition, turmoil and hostilities in the Middle East and other geographic areas and countries may negatively impact the world economy.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">A general deterioration in
the global economy may also cause a decrease in worldwide demand for certain goods and, thus, shipping. In the past, economic and governmental
factors, together with concurrent declines in charter rates and vessel values, have had a material adverse effect on our results of operations,
financial condition and cash flows, causing the price of our common shares to decline.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">European countries have recently
experienced relatively slow growth. Over the past several years, the credit markets in Europe have experienced significant contraction,
deleveraging and reduced liquidity, and European authorities continue to implement a broad variety of governmental action and/or new regulation
of the financial markets. Worldwide economic conditions have in the past impacted, and could in the future impact, lenders&rsquo; willingness
to provide credit to us and our customers. If economic conditions in Europe preclude or limit financing, we may not be able to obtain
financing on terms that are acceptable to us, or at all, even if conditions outside Europe remain favorable for lending.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>The current state of
the global financial markets and current economic conditions may adversely impact our results of operation, financial condition, cash
flows and ability to obtain financing or refinance our existing and future credit facilities on acceptable terms, which may negatively
impact our business.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Global financial markets and
economic conditions have been, and continue to be, volatile. Beginning in February 2020, due in part to fears associated with the spread
of COVID-19 (as more fully described above), global financial markets experienced volatility and a steep and abrupt downturn, followed
by a recovery, which volatility may continue as the COVID-19 pandemic continues. Credit markets and the debt and equity capital markets
have been distressed and the uncertainty surrounding the future of the global credit markets has resulted in reduced access to credit
worldwide, particularly for the shipping industry. These issues, along with significant write-offs in the financial services sector, the
re-pricing of credit risk and the uncertain economic conditions, have made, and may continue to make, it difficult to obtain additional
financing. The current state of global financial markets and current economic conditions might adversely impact our ability to issue additional
equity at prices that will not be dilutive to our existing shareholders or preclude us from issuing equity at all. Economic conditions
and the economic slow-down resulting from COVID-19 and the intentional governmental responses to the virus may also adversely affect the
market price of our common shares.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Also, as a result of concerns
about the stability of financial markets generally, and the solvency of counterparties specifically, the availability and cost of obtaining
money from the public and private equity and debt markets has become more difficult. Many lenders have increased interest rates, enacted
tighter lending standards, refused to refinance existing debt at all or on terms similar to current debt, and reduced, and in some cases
ceased, to provide funding to borrowers and other market participants, including equity and debt investors, and some have been unwilling
to invest on attractive terms or even at all. Due to these factors, we cannot be certain that financing will be available if needed and
to the extent required, or that we will be able to refinance our existing and future credit facilities, on acceptable terms or at all.
If financing or refinancing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our obligations
as they come due or we may be unable to enhance our existing business, complete additional vessel acquisitions or otherwise take advantage
of business opportunities as they arise. The ongoing COVID-19 outbreak has negatively impacted, and may continue to negatively impact,
global economic activity, demand for energy, and funds flows and sentiment in the global financial markets. Continued economic disruption
caused by the continued failure to control the spread of the virus could significantly impact our ability to obtain additional debt financing.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Volatility of LIBOR
and potential changes of the use of LIBOR as a benchmark could affect our profitability, earnings and cash flow.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The London Interbank Offered
Rate (&ldquo;LIBOR&rdquo;) is the subject of recent national, international and other regulatory guidance and proposals for reform. These
reforms and other pressures may cause LIBOR to be eliminated or to perform differently than in the past. The consequences of these developments
cannot be entirely predicted, but could include an increase in the cost of any of our future variable rate indebtedness and obligations.
LIBOR has been volatile in the past, with the spread between LIBOR and the prime lending rate widening significantly at times. Currently
our debt facility has interest rates that fluctuate with changes in LIBOR and hence significant changes in LIBOR could have a material
effect on the amount of interest payable on any future indebtedness, which in turn, could have an adverse effect on our financial condition.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Furthermore, the calculation
of interest in most financing agreements in our industry has been based on published LIBOR rates. Due in part to uncertainty relating
to the LIBOR calculation process, in recent years, the publication of LIBOR is expected to be discontinued in mid-2023. As a result, lenders
have insisted, and our lenders could in the future insist, on provisions that entitle the lenders, to replace published LIBOR as the base
for the interest calculation with another equivalent rate negotiated between the parties and/or their cost-of-funds rate. The triggering
of such provisions could significantly increase our lending costs, which would have an adverse effect on our profitability, earnings and
cash flow. The Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants,
has proposed an alternative rate to replace U.S. Dollar LIBOR: the Secured Overnight Financing Rate, or &ldquo;SOFR.&rdquo; The impact
of such a transition from LIBOR to SOFR could be significant for us.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In order to manage any future
exposure to interest rate fluctuations, we may from time to time use interest rate derivatives to effectively fix any floating rate debt
obligations. No assurance can however be given that the use of these derivative instruments, if any, may effectively protect us from adverse
interest rate movements. The use of interest rate derivatives may affect our results through mark to market valuation of these derivatives.
Also, adverse movements in interest rate derivatives may require us to post cash as collateral, which may impact our free cash position.
Interest rate derivatives may also be impacted by the transition from LIBOR to SOFR or other alternative rates.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>We are subject to complex
laws and regulations, including environmental regulations that can adversely affect the cost, manner or feasibility of doing business.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our operations are subject
to numerous laws and regulations in the form of international conventions and treaties, national, state and local laws and national and
international regulations in force in the jurisdictions in which our vessel, or vessels we acquire will operate or are registered, which
can significantly affect the operation of our vessel, or vessels we acquire. These regulations include, but are not limited to the International
Convention for the Prevention of Pollution from Ships of 1973, as from time to time amended and generally referred to as MARPOL, including
the designation of Emission Control Areas, or ECAs, thereunder, the International Convention on Load Lines of 1966, the International
Convention on Civil Liability for Oil Pollution Damage of 1969, generally referred to as CLC, the International Convention on Civil Liability
for Bunker Oil Pollution Damage, or Bunker Convention, the International Convention for the Safety of Life at Sea of 1974, or SOLAS, the
International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or ISM Code, the International Convention
for the Control and Management of Ships&rsquo; Ballast Water and Sediments, or the BWM Convention, the U.S. Oil Pollution Act of 1990,
or OPA, the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, the U.S. Clean Water Act, the U.S. Clean
Air Act, the U.S. Outer Continental Shelf Lands Act, the U.S. Maritime Transportation Security Act of 2002, or the MTSA, and European
Union regulations. Compliance with such laws, regulations and standards, where applicable, may require installation of costly equipment
or operational changes and may affect the resale value or useful lives of our vessel, or vessels we acquire. We may also incur additional
costs in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air emissions,
the management of ballast waters, maintenance and inspection, development and implementation of emergency procedures and insurance coverage
or other financial assurance of our ability to address pollution incidents. These costs could have a material adverse effect on our business,
results of operations, cash flows and financial condition. A failure to comply with applicable laws and regulations may result in administrative
and civil penalties, criminal sanctions or the suspension or termination of our operations.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Environmental laws often impose
strict liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability without regard
to whether we were negligent or at fault. Under OPA, for example, owners, operators and bareboat charterers are jointly and severally
strictly liable for the discharge of oil within the 200-mile exclusive economic zone around the United States. Events such as the 2010
explosion of the&nbsp;<I>Deepwater Horizon</I>&nbsp;and the subsequent release of oil into the Gulf of Mexico, or other events, may result
in further regulation of the shipping industry, and modifications to statutory liability schemes, which could have a material adverse
effect on our business, financial condition, results of operations and cash flows. An oil spill could result in significant liability,
including fines, penalties and criminal liability and remediation costs for natural resource damages under other federal, state and local
laws, as well as third-party damages. We are required to satisfy insurance and financial responsibility requirements for potential oil
(including marine fuel) spills and other pollution incidents. Although insurance covers certain environmental risks, there can be no assurance
that such insurance will be sufficient to cover all such risks or that any claims will not have a material adverse effect on our business,
results of operations, cash flows and financial condition and our ability to pay dividends, if any, in the future.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>We are subject to international
safety regulations and requirements imposed by classification societies and the failure to comply with these regulations may subject us
to increased liability, may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain
ports.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The operation of our vessel,
or vessels we acquire is affected by the requirements set forth in the United Nations&rsquo; International Maritime Organization&rsquo;s
International Management Code for the Safe Operation of Ships and Pollution Prevention, or ISM Code. The ISM Code requires ship owners,
ship managers and bareboat charterers to develop and maintain an extensive &ldquo;Safety Management System&rdquo; that includes the adoption
of a safety and environmental protection policy setting forth instructions and procedures for safe operation and describing procedures
for dealing with emergencies. We expect that any vessels that we acquire in the future will be ISM Code-certified when delivered to us.
The failure of a shipowner or bareboat charterer to comply with the ISM Code may subject it to increased liability, may invalidate existing
insurance or decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in,
certain ports, including United States and European Union ports.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In addition, the hull and
machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification
society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry
of the vessel and the International Convention for Safety of Life at Sea. If a vessel does not maintain its class and/or fails any annual
survey, intermediate survey or special survey, the vessel will be unable to trade between ports and will be unemployable, which will negatively
impact our revenues and results from operations.</P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Climate change and greenhouse gas restrictions
may adversely impact our operations and markets.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Due to concern over the risk
of climate change, a number of countries and the IMO have adopted, or are considering the adoption of, regulatory frameworks to reduce
greenhouse gas emissions. These regulatory measures may include, among others, adoption of cap and trade regimes, carbon taxes, increased
efficiency standards and incentives or mandates for renewable energy. Since January 1, 2020, IMO regulations have required vessels to
comply with a global cap on the sulfur in fuel oil used on board of 0.5%, down from the previous cap of 3.5%. Additionally, in April 2018,
nations at the MEPC 72 adopted an initial strategy to reduce greenhouse gas emissions from ships. The initial strategy identifies levels
of ambition to reducing greenhouse gas emissions, including (1) decreasing the carbon intensity from ships through implementation of further
phases of the EEDI for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international shipping,
by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse
emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out entirely.</P>

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

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white">Since January 1, 2020, ships have to either remove
sulfur from emissions or buy fuel with low sulfur content, which may lead to increased costs and supplementary investments for ship owners.
The interpretation of &ldquo;fuel oil used on board&rdquo; includes use in main engine, auxiliary engines and boilers. Shipowners may
comply with this regulation by (i) using 0.5% sulfur fuels on board, which are available around the world but at a higher cost; (ii) installing
scrubbers for cleaning of the exhaust gas; or (iii) by retrofitting vessels to be powered by liquefied natural gas, which may not be a
viable option due to the lack of supply network and high costs involved in this process. While currently our vessel has a scrubber installed,
costs of compliance with these regulatory changes for any non-scrubber vessels we may acquire may be significant and may have a material
adverse effect on our future performance, results of operations, cash flows and financial position.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In addition, although the
emissions of greenhouse gases from international shipping currently are not subject to the Kyoto Protocol to the United Nations Framework
Convention on Climate Change, which required adopting countries to implement national programs to reduce emissions of certain gases, or
the Paris Agreement (discussed further below), a new treaty may be adopted in the future that includes restrictions on shipping emissions.
Compliance with changes in laws, regulations and obligations relating to climate change affects the propulsion options in subsequent vessel
designs and could increase our costs related to acquiring new vessels, operating and maintaining our existing vessels and require us to
install new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions or administer and manage a greenhouse
gas emissions program. Revenue generation and strategic growth opportunities may also be adversely affected.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Adverse effects upon the oil
and gas industry relating to climate change, including growing public concern about the environmental impact of climate change, may also
adversely affect demand for our services. For example, increased regulation of greenhouse gases or other concerns relating to climate
change may reduce the demand for oil and gas in the future or create greater incentives for use of alternative energy sources. In addition,
the physical effects of climate change, including changes in weather patterns, extreme weather events, rising sea levels, scarcity of
water resources, may negatively impact our operations. Any long-term material adverse effect on the oil and gas industry could have a
significant financial and operational adverse impact on our business that we cannot predict with certainty at this time.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Our vessel, or vessels
we may acquire, may suffer damage due to the inherent operational risks of the tanker industry and we may experience unexpected dry-docking
costs, which may adversely affect our business and financial condition.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The operation of an ocean-going
vessel carries inherent risks. Our vessel, or vessels we may acquire and their cargoes are at risk of being damaged or lost because of
events such as marine disasters, bad weather and other acts of God, business interruptions caused by mechanical failures, grounding, fire,
explosions and collisions, human error, war, terrorism, piracy, diseases (such as the ongoing outbreak of COVID-19), quarantine and other
circumstances or events. These hazards may result in death or injury to persons, loss of revenues or property, the payment of ransoms,
environmental damage, higher insurance rates, damage to our customer relationships or delay or re-routing, which may also subject us to
litigation. In addition, the operation of tankers has unique operational risks associated with the transportation of oil. An oil spill
may cause significant environmental damage, and the costs associated with a catastrophic spill could exceed the insurance coverage available
to us. Compared to other types of vessels, tankers are exposed to a higher risk of damage and loss by fire, whether ignited by a terrorist
attack, collision, or other cause, due to the high flammability and high volume of the oil transported in such tankers.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">If our vessel, or vessels
we may acquire suffer damage, they may need to be repaired at a dry-docking facility. The costs of dry-dock repairs are unpredictable
and may be substantial. We may have to pay dry-docking costs that our insurance does not cover in full. The loss of earnings while these
vessels are being repaired and repositioned, as well as the actual cost of these repairs, would decrease our earnings. In addition, space
at dry-docking facilities is sometimes limited and not all dry-docking facilities are conveniently located. We may be unable to find space
at a suitable dry-docking facility or our vessel, or vessels we may acquire may be forced to travel to a dry-docking facility that is
not conveniently located to our vessels&rsquo; positions. The loss of earnings while these vessels are forced to wait for space or to
travel to more distant dry-docking facilities would decrease our earnings.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>The market value of
our vessel, and those we may acquire in the future, may fluctuate significantly, which could cause us to incur losses if we decide to
sell them following a decline in their market values or we may be required to write down their carrying value, which will adversely affect
our earnings.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The fair market value of our
vessel, or vessels we may acquire may increase and decrease depending on the following factors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>general economic and market conditions affecting the shipping industry;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>prevailing level of charter rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>competition from other shipping companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>types, sizes and ages of vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the availability of other modes of transportation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>supply and demand for vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>shipyard capacity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>cost of newbuildings;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>price of steel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>number of tankers scrapped;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>governmental or other regulations; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>technological advances.</TD></TR></TABLE>

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

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

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">If we sell our vessel or any
vessel we may acquire at a time when vessel prices have fallen, the sale price may be less than the vessel&rsquo;s carrying amount in
our financial statements, in which case we will realize a loss. Vessel prices can fluctuate significantly, and in the case where the market
value falls below the carrying amount, we will evaluate the vessel for a potential impairment adjustment. If the estimate of undiscounted
cash flows, excluding interest charges, expected to be generated by the use of the vessel is less than its carrying amount, we may be
required to write down the carrying amount of the vessel to its fair value in our financial statements and incur a loss and a reduction
in earnings.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>An over-supply of tanker
capacity may lead to reductions in charter hire rates and profitability.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The market supply of tankers
is affected by a number of factors such as demand for energy resources, crude oil, as well as strong overall economic growth of the world
economy. If the capacity of new&nbsp;tankers delivered exceeds the capacity of such tankers being scrapped and lost, vessel&nbsp;capacity
will increase, which could lead to reductions in charter rates. As of September 7, 2022, newbuilding orders have been placed for an aggregate
of approximately 4.8% of the existing global tanker fleet with the bulk of deliveries expected during 2023.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white; text-indent: 343.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">An over-supply of oil tankers
has already resulted in an increase in oil tanker charter hire rate volatility. If this volatility persists, we may not be able to find
profitable charters for our vessel, or vessels we may acquire, which could have a material adverse effect on our business, results of
operations, cash flows, financial condition and ability to pay dividends.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>If our vessel, or vessels
we may acquire, call on ports located in countries or territories that are the subject of sanctions or embargoes imposed by the U.S. government
or other governmental authorities, it could lead to monetary fines or adversely affect our business, reputation and the market for our
common shares.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">While our vessel has not called
on ports located in countries or territories that are the subject of country-wide or territory-wide sanctions or embargoes imposed by
the U.S. government or other governmental authorities (&ldquo;Sanctioned Jurisdictions&rdquo;) in violation of applicable sanctions or
embargo laws, in 2021, and although we intend to maintain compliance with all applicable sanctions and embargo laws, and we endeavor to
take precautions reasonably designed to ensure compliance with such laws, it is possible that, in the future, our vessels may call on
ports in Sanctioned Jurisdictions in violation of applicable sanctions or embargo laws on charterers' instructions and without our consent.
If such activities result in a violation of sanctions or embargo laws, we could be subject to monetary fines, penalties, or other sanctions,
and our reputation and the market for our common shares could be adversely affected.</P>

<P STYLE="font-size: 10pt; text-indent: 9pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white">The U.S. sanctions and embargo laws and regulations
vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and
embargo laws and regulations may be amended or expanded over time.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In particular, the ongoing
war in Ukraine could result in the imposition of further economic sanctions by the United States and the European Union against Russia.
Current or future counterparties of ours may be affiliated with persons or entities that are or may be in the future the subject of sanctions
imposed by the governments of the U.S., European Union, and/or other international bodies. If we determine that such sanctions require
us to terminate existing or future contracts to which we, or our subsidiary, are party or if we are found to be in violation of such applicable
sanctions, our results of operations may be adversely affected or we may suffer reputational harm.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Although we believe that we
have been in compliance with all applicable sanctions and embargo laws and regulations, and intend to maintain such compliance, any such
violation could result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets and
conduct our business, and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us.
In addition, certain institutional investors may have investment policies or restrictions that prevent them from holding securities of
companies that have contracts with countries identified by the U.S. government as state sponsors of terrorism. The determination by these
investors not to invest in, or to divest from, our common shares may adversely affect the price at which our common shares trade. Moreover,
our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our
vessels, and those violations could in turn negatively affect our reputation. Investor perception of the value of our common shares may
also be adversely affected by the consequences of war, the effects of terrorism, civil unrest and governmental actions in countries or
territories that we operate in.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Political instability,
terrorist or other attacks, war, international hostilities and public health threats can affect the tanker industry, which may adversely
affect our business.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We conduct most of our operations
outside of the United States, and our business, results of operations, cash flows, financial condition and available cash may be adversely
affected by changing economic, political and government conditions in the countries and regions where our vessel, or vessels we may acquire
are employed or registered. Moreover, we operate in a sector of the economy that is likely to be adversely impacted by the effects of
political conflicts, including the current political instability in the Middle East, Ukraine, and the South China Sea region and other
geographic countries and areas, geopolitical events such as the withdrawal of the U.K. from the European Union, or &ldquo;Brexit,&rdquo;
terrorist or other attacks, and war (or threatened war) or international hostilities, such as those between the United States and North
Korea.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The war between Russia and
Ukraine may lead to further regional and international conflicts or armed action. This war has disrupted supply chains and caused instability
in the energy markets and the global economy, with effects on the tanker market, which has experienced volatility. The United States,
United Kingdom and the European Union, among other countries, have announced sanctions against Russia, including sanctions targeting the
Russian oil sector, among those a prohibition on the import of oil from Russia to the United States. The ongoing war could result in the
imposition of further economic sanctions by the United States, the United Kingdom and the European Union against Russia, with uncertain
impacts on the tanker market. While much uncertainty remains regarding the global impact of the war in Ukraine, it is possible that such
tensions could adversely affect our business, financial condition, results of operation and cash flows. Furthermore, it is possible that
third parties with whom we have charter contracts may be impacted by events in Russia and Ukraine, which could adversely affect our operations.
Terrorist attacks such as those in Paris on November 13, 2015, Manchester on May 22, 2017, and the frequent incidents of terrorism in
the Middle East, and the continuing response of the United States and others to these attacks, as well as the threat of future terrorist
attacks around the world, continues to cause uncertainty in the world&rsquo;s financial markets and may affect our business, operating
results and financial condition. Continuing conflicts and recent developments in the Middle East, including increased tensions between
the U.S. and Iran, as well as the presence of U.S. or other armed forces in Iraq, Syria, Afghanistan and various other regions, may lead
to additional acts of terrorism and armed conflict around the world, which may contribute to further economic instability in the global
financial markets. As a result of the above, insurers have increased premiums and reduced or restricted coverage for losses caused by
terrorist acts generally. These uncertainties could also adversely affect our ability to obtain additional financing on terms acceptable
to us or at all. Any of these occurrences could have a material adverse impact on our operating results, revenues and costs. Additionally,
Brexit, or similar events in other jurisdictions, could impact global markets, including foreign exchange and securities markets; any
resulting changes in currency exchange rates, tariffs, treaties and other regulatory matters could in turn adversely impact our business
and operations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Further, governments may turn
to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping demand. In particular, leaders
in the United States have indicated that the United States may seek to implement more protective trade measures. There is significant
uncertainty about the future relationship between the United States, China and other exporting countries, including with respect to trade
policies, treaties, government regulations and tariffs. For example, in January 2019, the United States announced expanded sanctions against
Venezuela, which may have an effect on its oil output and in turn affect global oil supply. Protectionist developments, or the perception
that they may occur, may have a material adverse effect on global economic conditions, and may significantly reduce global trade. Moreover,
increasing trade protectionism may cause an increase in (a) the cost of goods exported from regions globally, (b) the length of time required
to transport goods and (c) the risks associated with exporting goods. Such increases may significantly affect the quantity of goods to
be shipped, shipping time schedules, voyage costs and other associated costs, which could have an adverse impact on the shipping industry,
and therefore our charterers and their business, operating results and financial condition and could thereby affect their ability to make
timely charter hire payments to us and to renew and increase the number of their time charters with us. This could have a material adverse
effect on our business, results of operations, financial condition and our ability to pay any cash distributions to our stockholders.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In January 2020, in response
to certain perceived terrorist activity, the United States launched an airstrike in Baghdad that killed a high-ranking Iranian general,
increasing hostilities between the U.S. and Iran. This attack or further escalations between the U.S. and Iran that may follow, could
result in retaliation from Iran that could potentially affect the shipping industry, through increased attacks on vessels in the Strait
of Hormuz (which already experienced an increased number of attacks on and seizures of vessels lately), or by potentially closing off
or limiting access to the Strait of Hormuz, where a significant portion of the world&rsquo;s oil supply passes through. Any restriction
on access to the Strait of Hormuz, or increased attacks on vessels in the area, could negatively impact our earnings, cash flow and results
of operations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In the past, political instability
has also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the
Arabian Gulf region. Acts of terrorism and piracy have also affected vessels trading in regions such as the South China Sea and the Gulf
of Aden off the coast of Somalia. Any of these occurrences could have a material adverse impact on our future performance, results of
operations, cash flows and financial position.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In addition, public health
threats, such as the coronavirus, influenza and other highly communicable diseases or viruses, outbreaks of which have from time to time
occurred in various parts of the world in which we operate, including China, could adversely impact our operations, and the operations
of our customers.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>The U.K.</I></B>&rsquo;<B><I>s
withdrawal from the European Union may have a negative effect on global economic conditions, financial markets and our business.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">On June 23, 2016, in a referendum
vote commonly referred to as &ldquo;Brexit&rdquo; a majority of voters in the U.K. voted to exit the European Union. Since then, the U.K.
and the EU negotiated the terms of a withdrawal agreement, which was approved in October 2019, ratified in January 2020 and effected in
December 31, 2020. The U.K formally exited the European Union on January 31, 2020, although a transition period remained in place until
December 2020 during which the U.K. was subject to the rules and regulations of the European Union while continuing to negotiate the parties&rsquo;
relationship going forward, including trade deals. It is unclear what long-term economic, financial, trade and legal implications the
withdrawal of the U.K. from the European Union would have and how such withdrawal would affect our business. In addition, Brexit may lead
other European Union member countries to consider referendums regarding their European Union membership. Any of these events, along with
any political, economic and regulatory changes that may occur could cause political and economic uncertainty and harm our business and
financial results.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Brexit contributes to considerable
uncertainty concerning the current and future economic environment. Brexit could adversely affect European or worldwide political, regulatory,
economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financial
markets.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Acts of piracy on ocean-going
vessels could adversely affect our business.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Acts of piracy have historically
affected ocean-going vessels trading in regions of the world such as the South China Sea, the Arabian Sea, the Red Sea, the Gulf of Aden
off the coast of Somalia, South China Sea, Sulu Sea, Celebes Sea, the Indian Ocean and in particular, the Gulf of Guinea, region off Nigeria,
which has experienced increased incidents of privacy in recent years. Sea piracy incidents continue to occur. Acts of piracy could result
in harm or danger to the crews that man our vessel, or vessels we may acquire.&nbsp; If insurers or the Joint War Committee characterize
the regions in which our vessel, or vessels we may acquire are deployed as &ldquo;war risk&rdquo; zones or &ldquo;war and strikes&rdquo;
listed areas, respectively, premiums payable for insurance coverage could increase significantly and such coverage may be more difficult
to obtain if available at all. In addition, crew costs, including costs that may be incurred to the extent we employ onboard security
guards, could increase in such circumstances. We may not be adequately insured to cover losses from these incidents, least of all for
bearing the cost of the applicable deductible(s) or unforeseen charges/costs, which could have a material adverse effect on us. In addition,
hijacking as a result of an act of piracy against our vessel, or vessels we may acquire, or an increase in cost or unavailability of insurance
for our vessel, or vessels we may acquire, could have a material&nbsp;adverse impact on our business, results of operations, cash flows,
financial condition and ability to pay dividends and may&nbsp;result in loss of revenues, increased costs and decreased cash flows to
our customers, which could impair their ability to&nbsp;make payments to us under our charters.</P>

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

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>An economic slowdown or changes in the economic
and political environment in the Asia Pacific region could have a material adverse effect on our business, financial condition and results
of operations.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We anticipate a significant
number of the port calls made by our vessel, or vessels we may acquire will continue to involve the loading or discharging of cargoes
in ports in the Asia Pacific region. As a result, any negative changes in economic conditions in any Asia Pacific country, particularly
in China, may have a material adverse effect on our business, financial condition and results of operations, as well as our future prospects.
Before the global economic financial crisis that began in 2008, China had one of the world&rsquo;s fastest growing economies in terms
of gross domestic product, or GDP, which had a significant impact on shipping demand. Although the year-over-year growth rate of China&rsquo;s
GDP was approximately 8.1% for the year ended December 31, 2021 the average GDP growth rate over the last ten years remains below pre-2008
levels. Furthermore, there is a rising threat of a Chinese financial crisis resulting from massive personal and corporate indebtedness
and &ldquo;trade wars&rdquo;. The International Monetary Fund has warned that continuing geopolitical tensions, between the United States
and China could derail recovery from the impacts of COVID-19. Although the United States and China signed a trade agreement in early 2020,
as further described below, there is no assurance that the Chinese economy will not experience a significant contraction in the future.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Although state-owned enterprises
still account for a substantial portion of the Chinese industrial output, in general, the Chinese government is reducing the level of
direct control that it exercises over the economy through state plans and other measures. There is an increasing level of freedom and
autonomy in areas such as allocation of resources, production, pricing and management and a gradual shift in emphasis to a &ldquo;market
economy&rdquo; and enterprise reform. Limited price reforms were undertaken with the result that prices for certain refined petroleum
products are principally determined by market forces. Many of the reforms are unprecedented or experimental and may be subject to revision,
change or abolition based upon the outcome of such experiments. If the Chinese government does not continue to pursue a policy of economic
reform, the level of imports to and exports from China could be adversely affected by changes to these economic reforms by the Chinese
government, as well as by changes in political, economic and social conditions or other relevant policies of the Chinese government, such
as changes in laws, regulations or export and import restrictions. Notwithstanding economic reform, the Chinese government may adopt policies
that favor domestic shipping and tanker companies and may hinder our ability to compete with them effectively. For example, China imposes
a tax for non-resident international transportation enterprises engaged in the provision of services of passengers or cargo, among other
items, in and out of China using their own, chartered or leased vessels. The regulation may subject international transportation companies
to Chinese enterprise income tax on profits generated from international transportation services passing through Chinese ports. This could
have an adverse impact on our charterers&rsquo; business, operating results and financial condition and could thereby affect their ability
to make timely charter hire payments to us and to renew and increase the number of their time charters with us. Moreover, an economic
slowdown in the economies of the European Union and other Asian countries may further adversely affect economic growth in China and elsewhere.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white">In addition, concerns regarding
the possibility of sovereign debt defaults by European Union member countries, including Greece, have in the past disrupted financial
markets throughout the world, and may lead to weaker consumer demand in the European Union, the United States, and other parts of the
world. The possibility of sovereign debt defaults by European Union member countries, including Greece, and the possibility of market
reforms to float the Chinese renminbi, either of which development could weaken the Euro against the Chinese renminbi, could adversely
affect consumer demand in the European Union. Moreover, the revaluation of the renminbi may negatively impact the United States&rsquo;
demand for imported goods, many of which are shipped from China. Future weak economic conditions could have a material adverse effect
on our business, results of operations and financial condition and our ability to pay dividends to our stockholders. Our business, financial
condition, results of operations, as well as our future prospects, will likely be materially and adversely affected by another economic
downturn in any of the aforementioned countries and regions.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Increased inspection
procedures and tighter import and export controls could increase costs and disrupt our business.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">International shipping is
subject to various security and customs inspection and related procedures in countries of origin and destination. Inspection procedures
can result in the seizure of, delay in the loading, off-loading or delivery of, the contents of our vessel, or vessels we may acquire
or the levying of customs duties, fines or other penalties against us. It is possible that changes to inspection procedures could impose
additional financial and legal obligations on us. Furthermore, changes to inspection procedures could also impose additional costs and
obligations on our customers and may, in certain cases, render the shipment of certain types of cargo uneconomical or impractical. Any
such changes or developments may have a material adverse effect on our business, financial condition, and results of operations.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>We rely on our information
systems to conduct our business, and failure to protect these systems against security breaches could adversely affect our business and
results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could
be harmed.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The efficient operation of
our business is dependent on computer hardware and software systems both onboard our vessel, or vessels we may acquire and at our onshore
offices. Information systems are vulnerable to security breaches by computer hackers and cyber terrorists. We rely on industry-accepted
security measures and technology to securely maintain confidential and proprietary information kept on our information systems. However,
these measures and technology may not adequately prevent cybersecurity breaches, the access, capture or alteration of information by criminals,
the exposure or exploitation of potential security vulnerabilities, the installation of malware or ransomware, acts of vandalism, computer
viruses, misplaced data or data loss. In addition, the unavailability of the information systems or the failure of these systems to perform
as anticipated for any reason could disrupt our business and could result in decreased performance and increased operating costs, causing
our business and results of operations to suffer. Any significant interruption or failure of our information systems or any significant
breach of security could adversely affect our business, results of operations and financial condition, as well as our cash flows, including
cash available for dividends to our stockholders.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Additionally, any changes
in the nature of cyber threats might require us to adopt additional procedures for monitoring cybersecurity, which could require additional
expenses and/or capital expenditures. Most recently, the war between Russia and Ukraine has been accompanied by cyber-attacks against
the Ukrainian government and other countries in the region. It is possible that these attacks could have collateral effects on additional
critical infrastructure and financial institutions globally, which could adversely affect our operations. It is difficult to assess the
likelihood of such threat and any potential impact at this time.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><U>RISKS RELATED TO OUR COMPANY</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Our loan agreement contains, and we expect that other future loan
agreements and financing arrangements will contain, restrictive covenants that may limit our liquidity and corporate activities, which
could limit our operational flexibility and have an adverse effect on our financial condition and results of operations.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our loan agreement contains, and we expect that other
future loan agreements and financing arrangements will contain, customary covenants and event of default clauses, financial covenants,
restrictive covenants and performance requirements, which may affect operational and financial flexibility. Such restrictions could affect,
and in many respects limit or prohibit, among other things, our ability to pay dividends, incur additional indebtedness, create liens,
sell assets, or engage in mergers or acquisitions. These restrictions could limit our ability to plan for or react to market conditions
or meet extraordinary capital needs or otherwise restrict corporate activities. There can be no assurance that such restrictions will
not adversely affect our ability to finance our future operations or capital needs.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">As a result of these restrictions, we may need to seek
permission from our lenders and other financing counterparties in order to engage in some corporate actions. Our lenders' and other financing
counterparties' interests may be different from ours and we may not be able to obtain their permission when needed. This may prevent us
from taking actions that we believe are in our best interests, which may adversely impact our revenues, results of operations and financial
condition.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">A failure by us to meet our payment and other obligations,
including our financial covenants and any security coverage requirements, could lead to defaults under our financing arrangements. Likewise,
a decrease in vessel values or adverse market conditions could cause us to breach our financial covenants or security requirements (the
market values of tanker vessels have generally experienced high volatility). In the event of a default that we cannot remedy, our lenders
and other financing counterparties could then accelerate their indebtedness and foreclose on the respective initial vessel comprising
our fleet and other vessels we may acquire. The loss of our vessel and other vessels we may acquire could have a material adverse effect
on our business, results of operations and financial condition.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Any loan agreements and financing arrangements we may
enter into in the future are expected to contain cross-default provisions, pursuant to which a default by us under a loan and the refusal
of any one lender or financing counterparty to grant or extend a waiver could result in the acceleration of our indebtedness under any
other loans and financing agreements we have entered into.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">There can be no assurance that we will obtain waivers,
deferrals and amendments of certain financial covenants, payment obligations and events of default under our loan facilities with our
lenders in the future, if needed.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Servicing current and
future debt will limit funds available for other purposes and impair our ability to react to changes in our business.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We must dedicate a portion
of our cash flow from operations to pay the principal and interest on our indebtedness. These payments limit funds otherwise available
for working capital, capital expenditures and other purposes. As of December 31, 2021, we had a total indebtedness of $36.5 million, excluding
deferred finance fees. Our current or future debt could have other significant consequences on our operations. For example, it could:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>increase our vulnerability to general economic downturns and adverse competitive and industry conditions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>require us to dedicate a substantial portion, if not all, of our cash flow from operations to payments on our indebtedness, thereby
reducing the availability of our cash flow to fund working capital, capital expenditures and other general corporate purposes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>place us at a competitive disadvantage compared to competitors that have less debt or better access to capital;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>limit our ability to raise additional financing on satisfactory terms or at all; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>adversely impact our ability to comply with the financial and other restrictive covenants of our current or future financing arrangements,
which could result in an event of default under such agreements.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Furthermore, our current or
future interest expense could increase if interest rates increase. If we do not have sufficient earnings, we may be required to refinance
all or part of our current or future debt, sell assets, borrow more money or sell more securities, and we cannot guarantee that the resulting
proceeds therefrom, if any, will be sufficient to meet our ongoing capital and operating needs.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>We will depend on officers and directors who are associated with
the Parent, which may create conflicts of interest</I></B><I>.</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our officers and directors will have fiduciary duties
to manage our business in a manner beneficial to us and our shareholders. However, Evangelos Pistiolis, who is expected to serve as our
President, Chief Executive Officer and Director upon the completion of the transactions, is also the President, Chief Executive Officer
and Director of the Parent and his affiliate and a trust established for the benefit of his family beneficially own a substantial amount
of preferred shares of the Parent. In addition, Alexandros Tsirikos, who is expected to serve as our Chief Financial Officer and as a
director upon the completion of the Spin-Off, is the Chief Financial Officer of the Parent, and [_____] and [_____], who are expected
to serve as independent directors upon the completion of the Spin-Off, also serve as directors of the Parent. These officers and directors
have fiduciary duties and responsibilities to manage the business of the Parent in a manner beneficial to it and its shareholders and
may have conflicts of interest in matters involving or affecting us and our customers or shareholders, or when faced with decisions that
could have different implications for the Parent than they do for us. The resolution of these potential conflicts may not always be in
our best interest or that of our shareholders and could have a material adverse effect on our business, results of operations, cash flows
and financial condition.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Our Parent and certain
of our Parent&rsquo;s and our executive officers have been subject to litigation in the past and we may be subject to similar or other
litigation in the future.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our Parent and certain of
its and our executive officers were defendants in purported class-action lawsuits pending in the U.S. District Court for the Eastern District
of New York, brought on behalf of our shareholders.&nbsp;The lawsuits alleged violations of Sections 9, 10(b), 20(a) and/or 20A of the
Securities Exchange Act of 1934, as amended, or the Exchange Act and Rule 10b-5 promulgated hereunder. In connection with these lawsuits,
certain co-defendants requested that our Parent indemnify and hold them harmless against all losses, including reasonable costs of defense,
arising from the litigation, pursuant to the provisions of the Common Stock Purchase Agreement between us and Kalani.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">On August 3, 2019 the Eastern
District Court of New York dismissed the case with prejudice.&nbsp;On August 26, 2019, plaintiffs appealed the dismissal to the United
States Court of Appeals for the Second Circuit. The Parent filed its response briefs on November 26 and November 27, 2019, and plaintiffs/appellants
filed their reply brief on December 11, 2019. The Court of Appeals held oral argument on March 10, 2020 and took the matter under advisement.
On April 2, 2020, the Court of Appeals issued a summary order affirming the District Court&rsquo;s decision dismissing Plaintiffs&rsquo;
claims and denying leave to amend and the case was finally concluded in our Parent&rsquo;s favor.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We or our Parent may, from
time to time, be a party to other litigation in the normal course of business. Monitoring and defending against legal actions, whether
or not meritorious, is time-consuming for our management and detracts from our ability to fully focus our internal resources on our business
activities. In addition, our legal fees and costs incurred in connection with such activities and any legal fees of co-defendants for
which we are deemed responsible may be significant and we could, in the future, be subject to judgments or enter into settlements of claims
for significant monetary damages. A decision adverse to our interests could result in the payment of substantial damages and could have
a material adverse effect on our cash flow, results of operations and financial position.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">With respect to any litigation,
our insurance may not reimburse us or may not be sufficient to reimburse us for the expenses or losses we may suffer in contesting and
concluding such lawsuit. Furthermore, our insurance does not cover legal fees associated with co-defendants. Substantial litigation costs,
including the substantial self-insured retention that we are required to satisfy before any insurance applied to the claim, or an adverse
result in any litigation may adversely impact our business, operating results or financial condition.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><B><I>Our current fleet consists of one Suezmax tanker
vessel. Any limitation in the availability or operation of this vessel could have a material adverse effect on our business, results of
operations and financial condition.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our current fleet consists of one Suezmax tanker vessel.
Until we identify and acquire additional vessels, we will depend upon this one vessel for all of our revenue. If our vessel is unable
to generate revenues as a result of off-hire time, early termination of the applicable time charter or otherwise, our business, results
of operations, financial condition and ability to pay dividends could be materially adversely affected. Our vessel is employed on a time
charter contract and until we identify and acquire additional vessels, we will rely upon one charterer for all of our revenue.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>We expect to be dependent
on a limited number of customers for a large part of our revenues, and failure of such counterparties to meet their obligations could
cause us to suffer losses or negatively impact our results of operations and cash flows.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">During 2021, 100% of our revenues
derived from one charterer, Clearlake Shipping Pte Ltd (&ldquo;Clearlake&rdquo;). Such agreement subjects us to counterparty risks. The
ability of Clearlake to perform its obligations under a contract with us will depend on a number of factors that are beyond our control
and may include, among other things, general economic conditions, the condition of the maritime industry, the overall financial condition
of the counterparty, charter rates received for specific types of vessels, work stoppages or other labor disturbances, including as a
result of the ongoing COVID-19 pandemic and various expenses. The combination of a reduction of cash flow resulting from declines in world
trade, a reduction in borrowing bases under reserve-based credit facilities and the lack of availability of debt or equity financing may
result in a significant reduction in the ability of charterers to make charter payments to us. In addition, in depressed market conditions,
charterers and customers may no longer need a vessel that is then under charter or contract or may be able to obtain a comparable vessel
at lower rates. As a result, charterers and customers may seek to renegotiate the terms of their existing charter agreements or avoid
their obligations under those contracts. Should one of our counterparties fail to honor its obligations under agreements with us, we could
sustain significant losses that could have a material adverse effect on our business, financial condition, results of operations and cash
flows.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>If we fail to manage
our planned growth properly, we may not be able to successfully expand our market share.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We intend to continue to grow
our fleet in the future in line with our strategy. Our future growth will primarily depend on our ability to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>generate excess cash flow for investment without jeopardizing our ability to cover current and foreseeable working capital needs (including
debt service);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>raise equity and obtain required financing for our existing and new operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>locate and acquire suitable vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>identify and consummate acquisitions or joint ventures;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>integrate any acquired business successfully with our existing operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our manager&rsquo;s ability to hire, train and retain qualified personnel and crew to manage and perate our growing business and fleet;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>enhance our customer base; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>manage expansion.</TD></TR></TABLE>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Growing any business by acquisition
presents numerous risks such as undisclosed liabilities and obligations, difficulty in obtaining additional qualified personnel, managing
relationships with customers and suppliers and integrating newly acquired operations into existing infrastructures. We may not be successful
in executing our growth plans and we may incur significant additional expenses and losses in connection therewith.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Delays or defaults by
the shipyards in the construction of newbuildings could increase our expenses and diminish our net income and cash flows.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">As of the date of this annual
report, we do not have any contracts for newbuilding vessels. We may enter into contracts for newbuilding vessels in the future. Vessel
construction projects are generally subject to risks of delay that are inherent in any large construction project, which may be caused
by numerous factors, including shortages of equipment, materials or skilled labor, unscheduled delays in the delivery of ordered materials
and equipment or shipyard construction, failure of equipment to meet quality and/or performance standards, financial or operating difficulties
experienced by equipment vendors or the shipyard, unanticipated actual or purported change orders, inability to obtain required permits
or approvals, design or engineering changes and work stoppages and other labor disputes, adverse weather conditions or any other events
of force majeure. Significant delays could adversely affect our financial position, results of operations and cash flows. Additionally,
failure to complete a project on time may result in the delay of revenue from that vessel, and we may continue to incur costs and expenses
related to delayed vessels, such as supervision expenses.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Our ability to obtain
additional debt financing may be dependent on our ability to charter our vessel, or vessels we may acquire, the performance of our charters
and the creditworthiness of our charterers.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our inability to re-charter
our vessel, or vessels we may acquire and the actual or perceived credit quality of our charterers, and any defaults by them, may materially
affect our ability to obtain the additional capital resources that we will require to purchase additional vessels or may significantly
increase our costs of obtaining such capital. Our inability to obtain financing, or receiving financing at a higher than anticipated cost,
may materially affect our results of operation and our ability to implement our business strategy.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>The industry for the
operation of tanker vessels and the transportation of oil is highly competitive and we may not be able to compete for charters with new
entrants or established companies with greater resources.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We will employ our tankers
and any additional vessels we may acquire in a highly competitive market that is capital intensive and highly fragmented. The operation
of tanker vessels and the transportation of cargoes shipped in these vessels, as well as the shipping industry in general, is extremely
competitive. Competition arises primarily from other vessel owners, including major oil companies as well as independent tanker shipping
companies, some of whom have substantially greater resources than we do. Competition for the transportation of oil can be intense and
depends on price, location, size, age, condition and the acceptability of the vessel and its operators to the charterers. Due in part
to the highly fragmented market, competitors with greater resources could enter and operate larger fleets through consolidations or acquisitions
that may be able to offer better prices and fleets than us.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>We may be unable to
attract and retain key management personnel and other employees in the international tanker shipping industry, which may negatively impact
the effectiveness of our management and our results of operations.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our success will depend to
a significant extent upon the abilities and efforts of our management team. All of our executive officers are employees of Central Mare
Inc., or Central Mare, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our President, Chief Executive Officer
and Director, and we will enter into agreements with Central Mare for the compensation of Mr. Evangelos J. Pistiolis; Alexandros Tsirikos,
our Chief Financial Officer and Director; Vangelis G. Ikonomou our Chief Operating Officer and Konstantinos Patis, our Chief Technical
Officer. The loss of any of these individuals could adversely affect our business prospects and financial condition. Difficulty in hiring
and retaining personnel could adversely affect our results of operations. We do not maintain &ldquo;key man&rdquo; life insurance on any
of our officers.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>If labor interruptions
are not resolved in a timely manner, they could have a material adverse effect on our business, results of operations, cash flows, financial
condition and available cash.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The Fleet Manager, is responsible
for recruiting, mainly through a crewing agent, the senior officers and all other crew members for our vessels and all other vessels we
may acquire. If not resolved in a timely and cost-effective manner, industrial action or other labor unrest could prevent or hinder our
operations from being carried out as we expect and could have a material adverse effect on our business, results of operations, cash flows,
financial condition and available cash.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><B><I></I></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>If we expand our business,
we will need to improve our operations and financial systems and staff; if we cannot improve these systems or recruit suitable employees,
our performance may be adversely affected.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our current operating and
financial systems may not be adequate if we implement a plan to expand the size of our fleet, and our attempts to improve those systems
may be ineffective. If we are unable to operate our financial and operations systems effectively or to recruit suitable employees as we
expand our fleet, our performance may be adversely affected.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>A drop in spot charter
rates may provide an incentive for some charterers to default on their charters, which could affect our cash flow and financial condition.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">When we enter into a time
charter or bareboat charter, rates under that charter are fixed throughout the term of the charter. If the spot charter rates in the tanker
shipping industry become significantly lower than the time charter equivalent rates that some of our charterers are obligated to pay us
under our then existing charters, the charterers may have incentive to default under that charter or attempt to renegotiate the charter.
If our charterers fail to pay their obligations, we would have to attempt to re-charter our vessel, or vessels we may acquire at lower
charter rates, and as a result we could sustain significant losses which could have a material adverse effect on our cash flow and financial
condition, which would affect our ability to meet our current or future loans or current leaseback obligations. If our current or future
lenders choose to accelerate our indebtedness and foreclose their liens, or if the owners of any leased vessels we may acquire choose
to repossess vessels in our fleet as a result of a default under any SLBs, our ability to continue to conduct our business would be impaired.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>An increase in operating
costs could decrease earnings and available cash.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Vessel operating costs include
the costs of crew, fuel (for spot-chartered vessels), provisions, deck and engine stores, insurance and maintenance and repairs, which
depend on a variety of factors, many of which are beyond our control. Some of these costs, primarily relating to insurance and enhanced
security measures, have been increasing. If any vessels we have or will acquire suffer damage, they may need to be repaired at a dry-docking
facility. The costs of dry-docking repairs are unpredictable and can be substantial. Increases in any of these expenses could decrease
our earnings and available cash.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>The aging of our fleet
may result in increased operating costs in the future, which could adversely affect our earnings.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In general, the cost of maintaining
a vessel in good operating condition increases with the age of the vessel. As our fleet ages, operating and other costs will increase.
In the case of bareboat charters, operating costs are borne by the bareboat charterer. Cargo insurance rates also increase with the age
of a vessel, making older vessels less desirable to charterers. Governmental regulations, including environmental regulations, safety
or other equipment standards related to the age of vessels may require expenditures for alterations or the addition of new equipment to
our vessel, or vessels we may acquire and may restrict the type of activities in which our vessel, or vessels we may acquire may engage.
As our fleet ages, market conditions might not justify those expenditures or enable us to operate our vessel, or vessels we may acquire
profitably during the remainder of their useful lives.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Unless we set aside
reserves or are able to borrow funds for vessel replacement, our revenue will decline at the end of a vessel</I></B>&rsquo;<B><I>s useful
life, which would adversely affect our business, results of operations and financial condition.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Unless we maintain reserves
or are able to borrow or raise funds for vessel replacement, we will be unable to replace the vessels in our fleet upon the expiration
of their remaining useful lives, which we estimate to be 25 years from the date of initial delivery from the shipyard. Our cash flows
and income are dependent on the revenues earned by the chartering of our vessel, or vessels we may acquire to customers. If we are unable
to replace the vessels in our fleet upon the expiration of their useful lives, our business, results of operations and financial condition
will be materially and adversely affected.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Purchasing and operating
secondhand vessels may result in increased operating costs and vessels off-hire, which could adversely affect our earnings.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We may expand our fleet through
the acquisition of secondhand vessels. While we rigorously inspect previously owned or secondhand vessels prior to purchase, this does
not normally provide us with the same knowledge about their condition and cost of any required (or anticipated) repairs that we would
have had if these vessels had been built for and operated exclusively by us. Accordingly, we may not discover defects or other problems
with such vessels prior to purchase. Any such hidden defects or problems, when detected, may be expensive to repair, and if not detected,
may result in accidents or other incidents for which we may become liable to third parties. Also, when purchasing previously owned vessels,
we do not receive the benefit of warranties from the builders if the vessels we buy are older than one year. In general, the costs to
maintain a vessel in good operating condition increase with the age and type of the vessel. In the case of chartered-in vessels, we run
the same risks.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Governmental regulations,
safety or other equipment standards related to the age of vessels may require expenditures for alterations, or the addition of new equipment,
to our vessel, or vessels we may acquire and may restrict the type of activities in which the vessels may engage. As our vessel, or vessels
we may acquire age, market conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder
of their useful lives.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>We may not have adequate
insurance to compensate us if we lose any vessels that we acquire.</I></B></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We carry insurance for all
vessels we acquire against those types of risks commonly insured against by vessel owners and operators. These insurances include hull
and machinery insurance, protection and indemnity insurance (which includes environmental damage and pollution insurance coverage), freight
demurrage and defense and war risk insurance. Reasonable insurance rates can best be obtained when the size and the age/trading profile
of the fleet is attractive. As a result, rates become less competitive as a fleet downsizes.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In the future, we may not
be able to obtain adequate insurance coverage at reasonable rates for the vessels we acquire. The insurers may not pay particular claims.
Our insurance policies also contain deductibles for which we will be responsible as well as limitations and exclusions that may increase
our costs or lower our revenue.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>We may be subject to
increased premium payments, or calls, as we obtain some of our insurance through protection and indemnity associations.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We may be subject to increased
premium payments, or calls, in amounts based on our claim records and the claim records of our Fleet Manager as well as the claim records
of other members of the protection and indemnity associations through which we receive insurance coverage for tort liability, including
pollution-related liability. In addition, our protection and indemnity associations may not have enough resources to cover claims made
against them. Our payment of these calls could result in significant expense to us, which could have a material adverse effect on our
business, results of operations and financial condition.</P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Increasing scrutiny and changing expectations
from investors, lenders and other market participants with respect to our Environmental, Social and Governance (</I></B>&ldquo;<B><I>ESG</I></B>&rdquo;<B><I>)
policies may impose additional costs on us or expose us to additional risks.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Companies across all industries
are facing increasing scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional investors, investment funds,
lenders and other market participants are increasingly focused on ESG practices and in recent years have placed increasing importance
on the implications and social cost of their investments. The increased focus and activism related to ESG and similar matters may hinder
access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a result of their assessment
of a company&rsquo;s ESG practices. Companies which do not adapt to or comply with investor, lender or other industry shareholder expectations
and standards, which are evolving, or which are perceived to have not responded appropriately to the growing concern for ESG issues, regardless
of whether there is a legal requirement to do so, may suffer from reputational damage and the business, financial condition, and/or stock
price of such a company could be materially and adversely affected.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We may face increasing pressures
from investors, lenders and other market participants, who are increasingly focused on climate change, to prioritize sustainable energy
practices, reduce our carbon footprint and promote sustainability. As a result, we may be required to implement more stringent ESG procedures
or standards so that our existing and future investors and lenders remain invested in us and make further investments in us. If we do
not meet these standards, our business and/or our ability to access capital could be harmed.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Additionally, certain investors
and lenders may exclude shipping companies, such as us, from their investing portfolios altogether due to&#8239;environmental, social&#8239;and
governance factors.&#8239; These limitations in both the debt and equity capital markets may affect our ability to develop as our plans
for growth may include accessing the equity and debt capital markets.&#8239; If those markets are unavailable, or if we are unable to
access alternative means of financing on acceptable terms, or at all, we may be unable to implement our business strategy, which would
have a material adverse effect on our financial condition and results of operations and impair our ability to service our indebtedness.
Further, it is likely that we will incur additional costs and require additional resources to monitor, report and comply with wide ranging
ESG requirements.&#8239; The occurrence of any of the foregoing could have a material adverse effect on our business and financial condition.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Technological innovation
and quality and efficiency requirements from our customers could reduce our charter hire income and the value of our vessel, or vessels
we may acquire.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our customers, in particular
those in the oil industry, have a high and increasing focus on quality and compliance standards with their suppliers across the entire
supply chain, including the shipping and transportation segment. Our continued compliance with these standards and quality requirements
is vital for our operations. Charter hire rates and the value and operational life of a vessel are determined by a number of factors including
the vessel&rsquo;s efficiency, operational flexibility and physical life. Efficiency includes speed, fuel economy and the ability to load
and discharge cargo quickly. Flexibility includes the ability to enter harbors, utilize related docking facilities and pass through canals
and straits. The length of a vessel&rsquo;s physical life is related to its original design and construction, its maintenance and the
impact of the stress of operations. If new vessels are built that are more efficient or more flexible or have longer physical lives than
our vessel, or vessels we may acquire, competition from these more technologically advanced vessels could adversely affect the amount
of charter hire payments we receive for our vessel, or vessels we may acquire, and the resale value of our vessel, or vessels we may acquire
could significantly decrease which may have a material adverse effect on our future performance, results of operations, cash flows and
financial position.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>The smuggling of drugs
or other contraband onto our vessel, or vessels we may acquire may lead to governmental claims against us.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our vessel, or vessels we
may acquire may call in ports where smugglers may attempt to hide drugs and other contraband on vessels, with or without the knowledge
of crew members. To the extent our vessel, or vessels we may acquire are found with contraband, whether inside or attached to the hull
of our vessel and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims that could
have an adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Maritime claimants could
arrest our vessel or vessels we acquire, which could interrupt our cash flow.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Crew members, suppliers of
goods and services to a vessel, shippers of cargo and other parties may be entitled to a maritime lien against that vessel for unsatisfied
debts, claims or damages. In many jurisdictions, a maritime lienholder may enforce its lien by &ldquo;arresting&rdquo; or &ldquo;attaching&rdquo;
a vessel through foreclosure proceedings. The arrest or attachment of one or more of our vessels or vessels we acquire could result in
a significant loss of earnings for the related off-hire period. In addition, in jurisdictions where the &ldquo;sister ship&rdquo; theory
of liability applies, a claimant may arrest the vessel which is subject to the claimant&rsquo;s maritime lien and any &ldquo;associated&rdquo;
vessel, which is any vessel owned or controlled by the same owner. In countries with &ldquo;sister ship&rdquo; liability laws, claims
might be asserted against us or any of our vessels for liabilities of any other vessels we may own.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Governments could requisition
our vessels or vessels we acquire during a period of war or emergency, resulting in loss of earnings.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">A government could requisition
vessels for title or hire. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Requisition
for hire occurs when a government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally,
requisitions occur during a period of war or emergency. Government requisition of any of our vessels or vessels we acquire could negatively
impact our revenues should we not receive adequate compensation.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>U.S. federal tax authorities
could treat us as a&nbsp;</I></B>&ldquo;<B><I>passive foreign investment company,</I></B>&rdquo;<B><I>&nbsp;which could have adverse U.S.
federal income tax consequences to U.S. shareholders.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">A foreign corporation will
be treated as a &ldquo;passive foreign investment company,&rdquo; or PFIC, for U.S. federal income tax purposes if either (1) at least
75% of its gross income for any taxable year consists of certain types of &ldquo;passive income&rdquo; or (2) at least 50% of the average
value of the corporation&rsquo;s assets produce or are held for the production of those types of &ldquo;passive income.&rdquo; For purposes
of these tests, &ldquo;passive income&rdquo; includes dividends, interest, gains from the sale or exchange of investment property and
rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of
a trade or business. Income derived from the performance of services does not constitute &ldquo;passive income&rdquo; for this purpose.
U.S. shareholders of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the
PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares
in the PFIC.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In general, income derived
from the bareboat charter of a vessel should be treated as &ldquo;passive income&rdquo; for purposes of determining whether a foreign
corporation is a PFIC, and such vessel should be treated as an asset which produces or is held for the production of &ldquo;passive income.&rdquo;&nbsp;
On the other hand, income derived from the time charter of a vessel should not be treated as &ldquo;passive income&rdquo; for such purpose,
but rather should be treated as services income; likewise, a time chartered vessel should generally not be treated as an asset which produces
or is held for the production of &ldquo;passive income.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We believe that the CTA Predecessor
was not a PFIC for its 2021 taxable year and we do not expect to be treated as a PFIC in the current or subsequent taxable years. In this
regard, we intend to treat the gross income we derive or are deemed to derive from our time chartering activities as services income,
rather than rental income. Accordingly, we believe that our income from our time chartering activities does not constitute &lsquo;&lsquo;passive
income,&rsquo;&rsquo; and the assets that we own and operate in connection with the production of that income do not constitute passive
assets.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">There is, however, no direct
legal authority under the PFIC rules addressing our proposed method of operation. Accordingly, no assurance can be given that the United
States Internal Revenue Service, or IRS, or a court of law will accept our position, and there is a risk that the IRS or a court of law
could determine that we are a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year
if there were to be changes in the nature and extent of our operations.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our U.S. shareholders may
face adverse U.S. federal income tax consequences and certain information reporting obligations as a result of us being treated as a PFIC.&nbsp;
Under the PFIC rules, unless those shareholders make an election available under the Code (which election could itself have adverse consequences
for such shareholders, as discussed below under &ldquo;Taxation&ndash; U.S. Federal Income Consequences&mdash;U.S. Federal Income Taxation
of U.S. Holders&rdquo;), such shareholders would be liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary
income plus interest upon excess distributions and upon any gain from the disposition of their common shares, as if the excess distribution
or gain had been recognized ratably over the shareholder&rsquo;s holding period of the common shares.&nbsp; See &ldquo;Taxation &mdash;U.S.
Federal Income Consequences&mdash;U.S. Federal Income Taxation of U.S. Holders&rdquo; for a more comprehensive discussion of the U.S.
federal income tax consequences to U.S. shareholders as a result of our status as a PFIC.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white"><B><I>We may be subject to U.S. federal income tax on our U.S. source
income, which would reduce our earnings.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Under the U.S. Internal Revenue
Code of 1986, as amended, or the Code, 50% of the gross shipping income of a vessel owning or chartering corporation, such as ourselves
and our subsidiary, that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States
is characterized as U.S. source shipping income and such income is subject to a 4% U.S. federal income tax without allowance for deduction,
unless that corporation qualifies for exemption from tax under Section 883 of the Code.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The CTA Predecessor did not
qualify for the tax exemption under Section 883 of the Code for its 2021 taxable year. Therefore, the CTA Predecessor was subject to an
effective 2% U.S. federal income tax on the gross shipping income derived during 2021 that is attributable to the transport of cargoes
to or from the United States. If we do not qualify for the exemption from tax under Section 883 of the Code in 2022 or subsequent years,
we would continue to be subject to this tax going forward.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>We plan to take the position that the Spin-Off will not qualify for
tax-free treatment under Section 355 of the Code.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white">For U.S. federal income tax purposes, if a corporate
division, such as the Spin-Off qualifies for tax-free treatment under Section 355 of the Code, the distribution of our common shares to
the Parent&rsquo;s shareholders would generally not be taxable as a distribution and shareholders would allocate a portion of their tax
basis in their shares of the Parent received in the Spin-Off. We intend to take the position that the Spin-Off will not satisfy all of
the requirements of Section 355 of the Code, and as such that the Spin-Off will not be treated as a tax-free corporate division for U.S.
federal income tax purposes. Based on this treatment, the distribution of our common shares to the Parent&rsquo;s shareholders will be
taxable as a distribution for U.S. federal income tax purposes. The tax treatment of the Spin-Off is discussed below at &ldquo;Tax Considerations
&ndash; U.S. Federal Income Taxation of U.S. Holders.&rdquo;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><I>We are a&nbsp;</I></B>&ldquo;<B><I>foreign
private issuer,</I></B>&rdquo;<B><I>&nbsp;which could make our common shares less attractive to some investors or otherwise harm our stock
price.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We are a &ldquo;foreign private
issuer,&rdquo; as such term is defined in Rule 405 under the Securities Act of 1933, as amended, or the Securities Act. As a &ldquo;foreign
private issuer&rdquo; the rules governing the information that we disclose differ from those governing U.S. corporations pursuant to the
Securities Exchange Act of 1934, as amended, or the Exchange Act. We are not required to file quarterly reports on Form 10-Q or provide
current reports on Form 8-K disclosing significant events within four days of their occurrence. In addition, our officers and directors
are exempt from the reporting and &ldquo;short-swing&rdquo; profit recovery provisions of Section 16 of the Exchange Act and related rules
with respect to their purchase and sales of our securities. Our exemption from the rules of Section 16 of the Exchange Act regarding sales
of common shares by insiders means that you will have less data in this regard than shareholders of U.S. companies that are subject to
the Exchange Act. Moreover, we are exempt from the proxy rules, and proxy statements that we distribute will not be subject to review
by the Commission. Accordingly, there may be less publicly available information concerning us than there is for other U.S. public companies.
These factors could make our common shares less attractive to some investors or otherwise harm our stock price.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><U>RISKS RELATED TO OUR COMMON SHARES</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>There is no existing market for our common shares, and a trading
market that will provide you with adequate liquidity may not develop. The price of our common shares may fluctuate significantly, and
you could lose all or part of your investment</I></B><I>.</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Prior to the Spin-Off, there has been no public market
for our common shares. We do not know the extent to which investor interest will lead to the development of a trading market or how liquid
that market might be. You may not be able to resell your common shares at or above the initial trading price. Additionally, the lack of
liquidity may result in wide bid-ask spreads, contribute to significant fluctuations in the market price of the common shares and limit
the number of investors who are able to buy the common shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I></I></B>&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I></I></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>The market price of our common shares may in the future be subject
to significant fluctuations. Further, there is no guarantee of a continuing public market to resell our common shares.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The market price of our common shares may in the future
be subject to significant fluctuations as a result of many factors, some of which are beyond our control. Among the factors that could
in the future affect our stock price are:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>quarterly variations in our results of operations;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">changes in market valuations of similar companies and stock market price and volume fluctuations generally;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>changes in earnings estimates or the publication of research reports by analysts;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>speculation in the press or investment community about our business or the shipping industry generally;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>strategic actions by us or our competitors such as acquisitions or restructurings;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>the thin trading market for our common shares, which makes it somewhat illiquid;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>regulatory developments;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>additions or departures of key personnel;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>general market conditions; and</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>domestic and international economic, market and currency factors unrelated to our performance.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The stock markets in general, and the markets for shipping
and shipping stocks in particular, have experienced extreme volatility that has sometimes been unrelated to the operating performance
of individual companies. These broad market fluctuations may adversely affect the trading price of our common stock.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Additionally, there is no guarantee of a continuing
public market to resell our common shares. We cannot assure you that an active and liquid public market for our common shares will continue.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><B><I>We may rely in part on equity issuances, which
will not require shareholder approval, to fund our growth, and such equity issuances which could dilute your ownership interests and may
depress the market price of our common shares.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We may issue additional common shares or other equity
securities of equal or senior rank in the future in connection with, among other things, future vessel acquisitions or repayment of outstanding
indebtedness, without shareholder approval, in a number of circumstances.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">As part of our business strategy, we may rely in part
on issuances of equity or preferred securities, which may carry voting rights and may be convertible into common shares, to fund the growth
of our fleet. We may issue such securities in private placements, including to related parties, or in registered offerings.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our issuance of additional common shares, including
upon conversion of convertible securities, or other equity securities of equal or senior rank, or with voting rights, may have the following
effects:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: White; width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>Our existing common shareholders&rsquo; proportionate ownership interest in us will decrease;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: White; width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>the amount of cash available for dividends payable per common share may decrease;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: White; width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>the relative voting strength of each previously outstanding common share may be diminished; and</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: White; width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>the market price of our common shares may decline.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>A possible &ldquo;short squeeze&rdquo; due to a sudden increase in
demand of our common stock that largely exceeds supply may lead to further price volatility in our common shares.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Investors may purchase our common shares to hedge existing
exposure in our common shares or to speculate on the price of our common shares. Speculation on the price of our common shares may involve
long and short exposures. To the extent aggregate short exposure exceeds the number of common shares available for purchase in the open
market, investors with short exposure may have to pay a premium to repurchase our common shares for delivery to lenders of our common
shares. Those repurchases may in turn, dramatically increase the price of our common shares until investors with short exposure are able
to purchase additional common shares to cover their short position. This is often referred to as a &ldquo;short squeeze.&rdquo; Following
such a short squeeze, once investors purchase the shares necessary to cover their short position, the price of our common shares may rapidly
decline. A short squeeze could lead to volatile price movements in our shares that are not directly correlated to the performance or prospects
of our company.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I></I></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>As a newly incorporated company, we may not have the surplus or net
profits required by law to pay dividends. The declaration and payment of dividends will always be subject to the discretion of our board
of directors and will depend on a number of factors. Our board of directors may not declare dividends in the future.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The declaration, timing and amount of any dividend is
subject to the discretion of our board of directors and will be dependent upon our earnings, financial condition, market prospects, capital
expenditure requirements, investment opportunities, restrictions in our loan agreements, the provisions of Marshall Islands law affecting
the payment of dividends to shareholders, overall market conditions and other factors. Our board of directors may not declare dividends
in the future.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Further, Marshall Islands law generally prohibits the
payment of dividends if the company is insolvent or would be rendered insolvent upon payment of such dividend, and dividends may be declared
and paid out of our operating surplus. Dividends may also be declared or paid out of net profits for the fiscal year in which the dividend
is declared and for the preceding fiscal year. As a newly incorporated company, we may not have the required surplus or net profits to
pay dividends, and we may be unable to pay dividends in any anticipated amount or at all.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Our President, Chief
Executive Officer and Director has significant influence over us, and a trust established for the benefit of his family may be deemed
to beneficially own, directly or indirectly, 100% of our Series D and our Series E Preferred Shares, and an affiliate of his may be deemed
to beneficially own 100% our Series F Preferred Shares, and thereby to control the outcome of matters on which our shareholders are entitled
to vote.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Following the Spin-Off, Lax
Trust, which is an irrevocable trust established for the benefit of certain family members of our President, Chief Executive Officer and
Director, Mr. Pistiolis, may be deemed to beneficially own, directly or indirectly, all of the [_____] outstanding shares of our Series
D Preferred Shares. Each Series D Preferred Share carries 1,000 votes. In addition, following the Spin-Off, the Lax Trust, through Family
Trading Inc., or Family Trading, may be deemed to beneficially own [_____] Series E Preferred Shares held by Family Trading, which will
represent all of the Series E Preferred Shares that are currently outstanding and which will be convertible into approximately [_____]
common shares immediately following the Spin-Off. Each Series E Preferred Share carries 1,000 votes. Africanus Inc., an affiliate of Mr.
Pistiolis, may be deemed to beneficially own all of the [_____] outstanding shares of our Series F Preferred Shares immediately following
the Spin-Off. Each Series F Preferred Share carries 10 votes.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">By the Lax Trust&rsquo;s beneficial
ownership of 100% of our Series D Preferred Shares and Series E Preferred Shares, and Africanus Inc.&rsquo;s beneficial ownership of 100%
of our Series F Preferred Shares, following the Spin-Off, the Lax Trust together with Africanus Inc. may be deemed to beneficially own
[_____]% of our total voting power and to control the outcome of matters on which our shareholders are entitled to vote, including the
election of our directors and other significant corporate actions. The interests of the Lax Trust, Africanus Inc., Mr. Pistiolis or the
family of Mr. Pistiolis may be different from your interests.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Anti-takeover provisions in our amended and restated articles of
incorporation and bylaws could make it difficult for our shareholders to replace or remove our current board of directors or could have
the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our common
shares.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Several provisions of our amended and restated articles
of incorporation and bylaws which we will adopt prior to the Spin-Off may have anti-takeover effects. These provisions are intended to
avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our board to maximize
shareholder value in connection with any unsolicited offer to acquire our company. However, these anti-take-over provisions could make
it difficult for our shareholders to change the composition of our board of directors in any one year, preventing them from changing the
composition of our management. In addition, the same provisions may discourage, delay or prevent a merger or acquisition that some shareholders
may consider favorable.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">authorize our board of directors to issue &ldquo;blank check&rdquo; preferred stock without shareholder approval, including preferred shares with superior voting rights, such as the Series D, E and F Preferred Shares;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>provide for a classified board of directors with staggered, three-year terms;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>permit the removal of any director only for cause;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">prohibiting shareholder action by written consent unless the written consent is signed by all shareholders entitled to vote on the action;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>limiting the persons who may call special meetings of shareholders; and</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">establishing advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted on by shareholders at meetings of shareholders.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">These anti-takeover provisions could substantially impede
the ability of our shareholders to impose a change in control and, as a result, may adversely affect the market price of our common shares
and your ability to realize any potential change of control premium.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>We are an &ldquo;emerging growth company&rdquo; and we cannot be
certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Stock less attractive to investors</I></B><I>.</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We are an &ldquo;emerging growth company&rdquo; as defined
in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public
companies that are not emerging growth companies. While we have elected to take advantage of some of the reduced reporting obligations,
we are choosing to &ldquo;opt-out&rdquo; of the extended transition period relating to the exemption from new or revised financial accounting
standards. We cannot predict if investors will find our Common Stock less attractive because we may rely on these exemptions. If some
investors find our Common Stock less attractive as a result, there may be a less active trading market for our Common Stock and our share
price may be more volatile.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">In addition, under the JOBS Act, our independent registered
public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to
Section 404 of the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley, for so long as we are an emerging growth company. For as long as we
take advantage of the reduced reporting obligations, the information that we provide shareholders may be different from information provided
by other public companies.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I></I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>We are incorporated
in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law, and as a result, shareholders may
have fewer rights and protections under Marshall Islands law than under a typical jurisdiction in the United States.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our corporate affairs are
governed by our Articles of Incorporation, as amended, our Bylaws, and by the Marshall Islands Business Corporations Act, or the BCA.
The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have
been few judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors
under the law of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors
under statutes or judicial precedent in existence in certain United States jurisdictions. Shareholder rights may differ as well. While
the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and other states with substantially
similar legislative provisions, our public shareholders may have more difficulty in protecting their interests in the face of actions
by management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>It may not be possible
for investors to serve process on or enforce U.S. judgments against us.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We and our subsidiary are
incorporated in jurisdictions outside the U.S. and substantially all of our assets and those of our subsidiary are located outside the
U.S. In addition, all of our directors and officers are non-residents of the U.S., and all or a substantial portion of the assets of these
non-residents are located outside the U.S. As a result, it may be difficult or impossible for U.S. investors to serve process within the
U.S. upon us, our subsidiary or our directors and officers or to enforce a judgment against us for civil liabilities in U.S. courts. In
addition, you should not assume that courts in the countries in which we or our subsidiary are incorporated or where our assets or the
assets of our subsidiary are located (1) would enforce judgments of U.S. courts obtained in actions against us or our subsidiary based
upon the civil liability provisions of applicable U.S. federal and state securities laws or (2) would enforce, in original actions, liabilities
against us or our subsidiary based on those laws.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Our Bylaws provide that
the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for certain disputes between us and our shareholders,
which could limit our shareholders</I></B>&rsquo;<B><I>&nbsp;ability to obtain a favorable judicial forum for disputes with us or our
directors, officers, or employees.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our Bylaws provide that, unless
the Company consents in writing to the selection of an alternative forum, the High Court of the Republic of Marshall Islands, shall be
the sole and exclusive forum for (i) any shareholders&rsquo; derivative action or proceeding brought on behalf of the Corporation, (ii)
any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation
or the Corporation&rsquo;s shareholders, (iii) any action asserting a claim arising pursuant to any provision of the Business Corporations
Act of the Republic of the Marshall Islands, or (iv) any action asserting a claim governed by the internal affairs doctrine. This forum
selection provision may limit a shareholder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or our directors, officers, or other employees, which may discourage lawsuits with respect to such claims.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>We may not achieve the
intended benefits of having a forum selection provision if it is found to be unenforceable.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our Bylaws include a forum
selection provision as under the section herein entitled &ldquo;Item 10. Additional Information&mdash;B. Memorandum and Articles of Association&rdquo;.
However, the enforceability of similar forum selection provisions in other companies&rsquo; governing documents has been challenged in
legal proceedings, and it is possible that in connection with any action a court could find the forum selection provision contained in
our Bylaws to be inapplicable or unenforceable in such action. If a court were to find the forum selection provision to be inapplicable
to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, we may incur additional costs associated
with resolving such action in other jurisdictions, which could adversely affect our business, financial condition and results of operations.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><U>RISKS RELATED TO OUR RELATIONSHIP WITH OUR
FLEET MANAGER AND ITS AFFILIATES</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>We are dependent on
our Fleet Manager to perform the day-to-day management of our fleet.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our executive management team
that will be provided by Central Mare consists of Evangelos J. Pistiolis; Alexandros Tsirikos, our Chief Financial Officer and Director;
Vangelis G. Ikonomou our Chief Operating Officer and Konstantinos Patis, our Chief Technical Officer. We subcontract the day-to-day vessel
management of our fleet, including crewing, maintenance and repair to our Fleet Manager. Furthermore, upon delivery of any vessels we
may acquire, we expect to subcontract their day-to-day management to our Fleet Manager. Our Fleet Manager is a related party affiliated
with the family of Mr. Pistiolis. We are dependent on our Fleet Manager for the technical and commercial operation of our fleet as well
as for all accounting and reporting functions and the loss of our Fleet Manager&rsquo;s services or its failure to perform obligations
to us could materially and adversely affect the results of our operations. If our Fleet Manager suffers material damage to its reputation
or relationships it may harm our ability to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR>
    <TD STYLE="width: 40px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 27px">&#9679;</TD>
    <TD STYLE="vertical-align: top">continue to operate our vessel, or vessels we may acquire and service our customers;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#9679;</TD>
    <TD STYLE="vertical-align: top">renew existing charters upon their expiration;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#9679;</TD>
    <TD STYLE="vertical-align: top">obtain new charters;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#9679;</TD>
    <TD STYLE="vertical-align: top">obtain financing on commercially acceptable terms;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#9679;</TD>
    <TD STYLE="vertical-align: top">obtain insurance on commercially acceptable terms;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#9679;</TD>
    <TD STYLE="vertical-align: top">maintain satisfactory relationships with our customers and suppliers; and</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#9679;</TD>
    <TD STYLE="vertical-align: top">successfully execute our growth strategy.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Our Fleet Manager is
a privately held company and there may be limited or no publicly available information about it.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our Fleet Manager is a privately
held company. The ability of our Fleet Manager to provide services for our benefit will depend in part on its own financial strength.
Circumstances beyond our control could impair our Fleet Manager&rsquo;s financial strength, and there may be limited publicly available
information about its financial condition. As a result, an investor in our common shares might have little advance warning of problems
affecting our Fleet Manager, even though these problems could have a material adverse effect on us.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B><I>Our Fleet Manager may
have conflicts of interest between us and its other clients.</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We subcontract the day-to-day
vessel management of our fleet, including crewing, maintenance and repair to our Fleet Manager. Our Fleet Manager may provide similar
services for vessels owned by other shipping companies, and it also may provide similar services to companies with which our Fleet Manager
is affiliated. These responsibilities and relationships could create conflicts of interest between our Fleet Manager&rsquo;s performance
of its obligations to us, on the one hand, and our Fleet Manager&rsquo;s performance of its obligations to its other clients, on the other
hand. These conflicts may arise in connection with the crewing, supply provisioning and operations of the vessels in our fleet versus
vessels owned by other clients of our Fleet Manager. In particular, our Fleet Manager may give preferential treatment to vessels owned
by other clients whose arrangements provide for greater economic benefit to our Fleet Manager. These conflicts of interest may have an
adverse effect on our results of operations.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><U>Risks Relating to the Spin-Off</U></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0"><B><I>We may be unable to achieve some or all of the benefits that we expect
to achieve from the Spin-Off</I></B><I>.</I></P>

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We believe that, as a publicly traded company, we will
be able to, among other things, better focus our financial and operational resources on our specific shipping business, implement and
maintain a capital structure designed to meet our specific needs, design and implement corporate strategies and policies that are targeted
to our business, more effectively respond to industry dynamics and create effective incentives for our management and employees that are
more closely tied to our business performance. However, by separating from the Parent, we may be more susceptible to market fluctuations
and have less leverage with customers, and we may experience other adverse events. In addition, we may be unable to achieve some or all
of the benefits that we expect to achieve as a separate company in the time we expect, if at all. The completion of the Spin-Off will
also require significant amounts of our management's time and effort, which may divert management's attention from operating and growing
our business.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>We may be unable to make, on a timely or cost-effective basis, the
changes necessary to operate as a publicly traded company, and we may experience increased costs after the Spin-Off.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Following the Spin-Off, we will need to provide internally
or obtain from unaffiliated third parties some of the services we currently receive from the Parent. We may be unable to replace these
services in a timely manner or on terms and conditions as favorable as those we receive from the Parent. We may be unable to successfully
establish the infrastructure or implement the changes necessary to operate independently or may incur additional costs. If we fail to
obtain the services necessary to operate effectively or if we incur greater costs in obtaining these services, our business, financial
condition and results of operations may be adversely affected.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I></I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>We have no operating history as a publicly traded company, and our
historical financial information is not necessarily representative of the results we would have achieved as a publicly traded company
and may not be a reliable indicator of our future results.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We derived the historical financial information included
in this registration statement in part from the Parent&rsquo;s consolidated financial statements, and this information does not necessarily
reflect the results of operations and financial position we would have achieved as a separate publicly-traded company during the periods
presented or those that we will achieve in the future. This is primarily because of the following factors:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">Prior to the Spin-Off, we operated as part of the Parent&rsquo;s broader corporate organization, and the Parent performed various corporate functions for us. Our historical financial information reflects allocations of corporate expenses from the Parent for these and similar functions. These allocations may not reflect the costs we will incur for similar services in the future as a publicly traded company.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">Our historical financial information does not reflect changes that we expect to experience in the future as a result of our separation from the Parent, including changes in our cost structure, personnel needs, tax structure, financing and business operations. As part of Parent, we enjoyed certain benefits from the Parent&rsquo;s operating diversity, size, borrowing leverage and available capital for investments, and we may lose these benefits after the Spin-Off. As a separate entity, we may be unable to purchase services and technologies or access capital markets on terms as favorable to us as those we obtained as part of the Parent prior to the Spin-Off. </TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Following the Spin-Off, we will also be responsible
for the additional costs associated with being a publicly traded company, including costs related to corporate governance, investor and
public relations and public reporting. In addition, certain costs incurred by the Parent, including executive oversight, accounting, treasury,
tax, legal, human resources, occupancy, procurement, information technology and other shared services, have historically been allocated
to us by the Parent; but these allocations may not reflect the future level of these costs to us as we begin to provide these services
ourselves. Therefore, our historical financial statements may not be indicative of our future performance as a separate publicly traded
company. We cannot assure you that our operating results will continue at a similar level when we are a separate publicly traded company.
For additional information about our past financial performance and the basis of presentation of our financial statements, see &ldquo;Item
5. Operating and Financial Review and Prospects&rdquo; and our historical financial statements and the notes thereto included elsewhere
in this registration statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>We may not be able to access the credit and capital markets at the
times and in the amounts needed on acceptable terms.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">From time to time we may need to access the capital
markets to obtain long-term and short-term financing. We have not previously accessed the capital markets as a separate public company,
and our access to, and the availability of, financing on acceptable terms and conditions in the future will be impacted by many factors,
including our financial performance, our credit ratings or absence thereof, the liquidity of the overall capital markets and the state
of the economy. We cannot assure you that we will have access to the capital markets at the times and in the amounts needed or on terms
acceptable to us.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px"><B>ITEM 4.</B></TD>
    <TD><B>INFORMATION ON THE COMPANY</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>A.</B></TD>
    <TD><B>History and Development of the Company</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><I>Overview</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">We are an international owner and operator of a modern,
fuel efficient eco, 157,000 dwt Suezmax tanker, the M/T Eco Malibu with an age of 1.3 years, focusing on the transportation of crude oil.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">We intend to actively consider further expansion into
the Suezmax tanker space. However, our acquisition targets may include other seaborne transportation sectors depending on our assessment
of market conditions and available opportunities at the time when an acquisition is possible. Our targets may include newbuilding vessels
or vessels from the secondhand market, including acquisitions from unrelated third parties, the Parent or other related parties.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Currently, we do not have any agreements or commitments
to acquire additional vessels. The Parent has granted us a right of first offer over its remaining Suezmax fleet consisting of four Suezmax
crude oil carriers currently owned by the Parent. Pursuant to this right of first offer, we have the right, but not the obligation, to
purchase one or all of the four identified vessels in the event the Parent determines to sell the vessels, at fair market value at the
time of sale. In addition, the Parent has granted us a right of first refusal with respect to sale, acquisition and chartering opportunities
available to it with respect to Suezmax vessels.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">We were incorporated under the laws of the Republic
of the Marshall Islands, pursuant to the BCA, on August 11, 2022. Our executive offices are currently located at 1 Vas. Sofias and Meg.
Alexandrou Str, 15124 Maroussi, Greece and our telephone number is +30 210 812 8107. Our website is www. [_____]. The SEC maintains a
website that contains reports, proxy and information statements, and other information that we file electronically at www.sec.gov.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><FONT STYLE="background-color: white">On May 6, 2021,
we entered into a senior debt facility with Alpha Bank of $38 million for the financing of the vessel M/T Eco Malibu. The loan is payable
in 12 consecutive quarterly installments of $0.75 million followed by 12 consecutive quarterly installments of $0.63 million, commencing
three months from draw down, and a balloon payment of $21.5 million payable together with the last installment. The facility bears interest
at LIBOR plus a margin of 3.00%.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Reasons for the Spin-Off</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The Parent currently owns and operates a fleet of modern,
fuel efficient &ldquo;ECO&rdquo; tanker vessels focusing on the transportation of crude oil as well clean petroleum products and bulk
liquid chemicals consisting of 2 VLCCs, 5 Suezmaxes and 3 MR tankers, two of which are 50% owned.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Following the Spin-Off, we will own and operate one
Suezmax crude oil tanker vessel, and intend to pursue a pure-play or focused acquisition strategy by opportunistically considering expansion
mainly into Suezmax crude oil tanker vessels.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">By providing a pure-play or more focused investment
opportunity versus the Parent&rsquo;s more diversified fleet while leveraging our management&rsquo;s track record of success in building
a fleet, we and the Parent believe that the Spin-Off will maximize both the Parent&rsquo;s and our shareholders&rsquo; returns, as investment
value will be created by allowing investors to make independent investment decisions with respect to each of us and the Parent based on,
among other factors, our different business models, strategies, risk exposures, valuation potential and shipping industries. We and the
Parent also believe that the Spin-Off may better position both companies for potential sale or merger opportunities in the future.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">In determining whether to effect the spin-off, the board
of directors of the Parent also considered the costs and risks associated with the transaction, including those associated with preparing
us to become a separate publicly traded company, the risk of volatility in our and the Parent&rsquo;s stock price that may occur immediately
following the Spin-Off, including the potential impact on the price of our common shares due to sales by our shareholders whose investment
objectives may not be met by our Common Stock, the time that it may take for us to attract an appropriate shareholder base, and the resulting
risk that the trading value of the two separate entities after the Spin-Off may be less than the trading value of the Parent&rsquo;s common
shares before the Spin-Off. Notwithstanding these costs and risks, however, the Parent&rsquo;s board of directors determined that a spin-off,
in the form contemplated herein, and the combined but separate ownership of the Parent common shares and our common shares is the best
alternative to enhance long-term shareholder value relative to other strategic alternatives.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>B.</B></TD>
    <TD><B>Business Overview</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">We are an international owner and operator of a modern, fuel efficient eco,
157,000 dwt Suezmax tanker, the M/T Eco Malibu with an age of 1.3 years, focusing on the transportation of crude oil.</P>

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">The following table lists the vessel in our fleet as of the date of this
registration statement:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;<B>Vessel Name</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Year <BR>
Built</I></B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Dwt</I></B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Flag</I></B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Yard</I></B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Type of Employment</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;M/T Eco Malibu</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><I>2021</I></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><I>157,000</I></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><I>Marshall Islands</I></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><I>Hyundai</I></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><I>Time Charter<SUP>(1)</SUP></I></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This vessel is chartered by Clearlake Shipping Pte Ltd (&ldquo;Clearlake&rdquo;), for a firm term of three years at a gross daily rate of $33,950, with a charterer&rsquo;s option to extend for two additional years at $34,750 and $36,750, respectively.</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Our Business Strategy</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><I>Competitive Strengths</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><I>Opportunity for growth.</I> We believe we will be
well positioned to opportunistically expand and maximize our current fleet due to competitive cost structure, strong customer relationships
and experienced management team.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><I>Demonstrated access to financing</I>. We believe
that we are well placed to take advantage of business opportunities due to the Parent&rsquo;s operational platform, which we aim to leverage
on, along with our management team&rsquo;s demonstrated access to financing at the Parent. We believe that our ability to access financing
will continue to allow us to capture additional market opportunities when they arise.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><I>Experienced management team</I>. We expect certain
officers and directors of our Parent to serve on our board of directors and management team and as such we believe that our management
team's reputation and track record in building shipping fleets should provide us with access to attractive acquisition, chartering and
vessel financing opportunities.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><I>Modern, Fuel Efficient, Scrubber Fitted Fleet. </I>Our
vessel has the latest-generation, fuel efficient design and specifications. We believe that modern, fuel-efficient vessels like ours command
higher charter rates than conventional vessels.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Strategies</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><I>Opportunistic and sector-agnostic vessel acquisition
strategy. </I>Shipping markets are divided into various key sectors including the dry bulk, tanker, gas and container markets, with each
of them further segregated to sub-sectors. We plan to exploit opportunities in any sector and sub-sector that provides an attractive demand
and supply profile as well as a positive market outlook in the medium to long-term by acquiring vessels trading on this sector. The&nbsp;decision
for entering a new sector will be based on robust fundamentals and thoughtful analysis of factors affecting both the demand side and the
supply side, while the selection of the target vessel will be subject to strict qualitative criteria including the environmental performance
and energy efficiency of the acquisition candidates.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><I>Expand our fleet through accretive acquisitions</I>.
We intend to grow our current fleet through timely and selective acquisitions of additional vessels at attractive valuations. In evaluating
acquisitions, we consider and analyze, among other things, our expectation of fundamental developments in the shipping industry, the level
of liquidity in the resale and charter market, the vessel condition and technical specifications, the expected remaining useful life,
as well as the overall strategic positioning of our fleet and customers. For vessels acquired with charters attached, we also consider
the credit quality of the charterer and the duration and terms of the contracts in place. Based on our management team&rsquo;s successful
track record, commercial expertise and reputation in the marketplace as well as our transparent and public corporate structure, we believe
that we are well-positioned to source off-market opportunities to acquire secondhand vessels. As a result, we may be able to acquire vessels
on more favorable terms than what would be obtained without access to such opportunities.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><I>Access to attractive chartering opportunities</I>.
Our senior management in combination with our Fleet Manager has built relationships with many well-known charterers, which we believe
is the result of our reputation for reliable service, safety and dependability. Through a combination of fixed period time charters and
spot charters, our Parent has historically provided services to many national, regional and international oil companies, charterers and
oil traders, including Shell, BP, ExxonMobil, Petrobras, ConocoPhillips, Pemex, Hellenic Petroleum, Glencore, Clearlake, Vitol and Trafigura.
We focus on the needs of our customers and intend to acquire tankers and upgrade our fleet based on the requirements and specifications
of our charterers, which we believe will enable us to obtain repeat business from our customers.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><I>Environmental, Social, Governance, or ESG, Practices</I>:
We actively manage a broad range of ESG initiatives, taking into consideration their expected impact on the sustainability of our business
over time, and the potential impact of our business on society and the environment. Scrubber installations, Existing Vessel Design Index,
or EEXI, upgrades, and Energy Saving Devices (&ldquo;ESDs&rdquo;) installations, weather routing, slow steaming, ballast and trim optimization
during the ballast voyage legs, application of noise reduction designs and frequent propeller and hull cleaning policy constitute examples
of the environmental practices our management team has deployed. Moreover, we pay considerable attention to our human resources both on
our vessel, or vessels we may acquire and ashore, proven by a variety of practices, including, gender discrimination elimination, performance
KPIs, worldwide training and medical insurance.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Management of Our Fleet</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Prior to the consummation of the Spin-Off, we will enter
into a letter agreement (the &ldquo;CSI Letter Agreement&rdquo;) with our Fleet Manager, a related party affiliated with the family of
Evangelos J. Pistiolis that will detail the terms on which any vessels we may acquire will be managed. Our vessel-owning subsidiary has
entered into a management agreements or the Management Agreement, with our Fleet Manager on May 28, 2020. Both the Management Agreement
and the CSI Letter Agreement can only be terminated subject to an eighteen-month advance notice, subject to a termination fee equal to
twelve months of fees payable under the CSI Letter Agreement or the Management Agreement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Pursuant to the CSI Letter Agreement, as well as the
Management Agreement (together, the &ldquo;Management Agreements&rdquo;) concluded between our Fleet Manager and the Company&rsquo;s vessel-owning
subsidiary, we pay a management fee of $572 per day per vessel for the provision of technical, commercial, operation, insurance, bunkering
and crew management, commencing three months before the vessel is scheduled to be delivered by the shipyard. In addition, the Management
Agreements provide for payment to our Fleet Manager of: (i) $520 per day for superintendent visits plus actual expenses; (ii) a chartering
commission of 1.25% on all freight, hire and demurrage revenues; (iii) a commission of 1.00% on all gross vessel sale proceeds or the
purchase price paid for vessels and (iv) a financing fee of 0.2% on derivative agreements and loan financing or refinancing. Our Fleet
Manager also performs supervision services for all of the Company&rsquo;s newbuilding vessels while the vessels are under construction,
for which we pay our Fleet Manager the actual cost of the supervision services plus a fee of 7% of such supervision services.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our Fleet Manager provides, at cost, all accounting,
reporting and administrative services. Finally, the Management Agreements provide for a performance incentive fee for the provision of
management services to be determined at the discretion of our Board of Directors. The Management Agreements have an initial term of five
years, after which they will continue to be in effect until terminated by either party subject to an eighteen-month advance notice of
termination. Pursuant to the terms of the Management Agreements, all fees payable to our Fleet Manager are adjusted annually according
to the US Consumer Price Inflation (&ldquo;CPI&rdquo;) of the previous year and if CPI is less than 2% then a 2% increase is effected.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Employment of Our Fleet</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">As of the date of this registration statement, our current
vessel is chartered on a time charter by Clearlake Shipping Pte Ltd, for a firm term of three years at a gross daily rate of $33,950,
with a charterer&rsquo;s option to extend for two additional years at $34,750 and $36,750, respectively. The abovementioned time charter
commenced on May 15, 2021. A time charter is generally a contract to provide your ship for a predefined period to the charterer for an
agreed daily US$ rate. This rate can be fixed or index-linked, with the latter mounting volatility of freight earnings, as shipping freight
indices fluctuate on a seasonal and year-to-year basis. Fluctuations derive from imbalances in the availability of cargoes for shipment
and the number of vessels available at any given time to transport these cargoes. Vessels operating in the time charter market ensure
that there will be employment on the vessel for the defined period, while the index-linked hire rate may enable us to capture increased
profit margins during periods of improvements in tanker vessel charter rates.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white"><B><U>The International Shipping Industry</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The seaborne transportation
industry is a vital link in international trade, with ocean going vessels representing the most efficient and often the only method of
transporting large volumes of basic commodities and finished products. Demand for tankers is dictated by world oil demand and trade, which
is influenced by many factors, including international economic activity; geographic changes in oil production, processing, and consumption;
oil price levels; inventory policies of the major oil and oil trading companies; and strategic inventory policies of countries such as
the United States, China and India.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Shipping demand, measured
in tonne-miles, is a product of (a) the amount of cargo transported in ocean going vessels, multiplied by (b) the distance over which
this cargo is transported. The distance is the more variable element of the tonne-mile demand equation and is determined by seaborne trading
patterns, which are principally influenced by the locations of production and consumption. Seaborne trading patterns are also periodically
influenced by geo-political events that divert vessels from normal trading patterns, as well as by inter-regional trading activity created
by commodity supply and demand imbalances. Tonnage of oil shipped is primarily a function of global oil consumption, which is driven by
economic activity as well as the long-term impact of oil prices on the location and related volume of oil production. Tonnage of oil shipped
is also influenced by transportation alternatives (such as pipelines) and the output of refineries.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Demand for tankers and tonnage
of oil shipped is primarily a function of global oil consumption, which is driven by economic activity, as well as the long-term impact
of oil prices on the location and related volume of oil production. Global oil demand returned to limited growth in 2010 and has since
been expanding at a modest pace, as a steady rise in Asia has outweighed decreasing demand in Europe and in the United States, with a
notable exception for 2020 and 2021 in which years the COVID 19 epidemic dramatically reduced oil demand. According to the International
Energy Agency, global oil demand for 2021 has increased to approximately 96.5 million barrels/day compared to approximately 91 million
barrels/day during 2020.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We strategically monitor developments
in the tanker industry on a regular basis and, subject to market demand, will seek to enter into shorter or longer time or bareboat charters
according to prevailing market conditions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We will compete for charters
on the basis of price, vessel location, size, age and condition of the vessel, as well as on our reputation as an operator. We will arrange
our time charters and bareboat charters through the use of brokers, who negotiate the terms of the charters based on market conditions.
We currently compete primarily with owners of tankers in Suezmax&nbsp;class size. Ownership of tankers is highly fragmented and is divided
among major oil companies and independent vessel owners.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><U>Customers</U></B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">The only customer of the CTA Predecessor during the last year was Clearlake Shipping Inc.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white"><B><U>Seasonality</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Historically, oil trade and,
therefore, charter rates increased in the winter months and eased in the summer months as demand for oil and oil products in the Northern
Hemisphere rose in colder weather and fell in warmer weather. The tanker industry, in general, has become less dependent on the seasonal
transport of heating oil than a decade ago as new uses for oil and oil products have developed, spreading consumption more evenly over
the year. This is most apparent from the higher seasonal demand during the summer months due to energy requirements for air conditioning
and motor vehicles. This seasonality may affect operating results. However, to the extent that our vessel, or any vessels we may acquire
are chartered at fixed rates on a long-term basis, seasonal factors will not have a significant direct effect on our business.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Environmental and Other Regulations</B></P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Government regulation and laws significantly affect
the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws and
regulations in force in the countries in which our vessel and other vessels we may acquire may operate or are registered relating to safety
and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous
materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations
and other requirements entails significant expense, including vessel modifications and implementation of certain operating procedures.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">A variety of government and private entities subject
our vessel and other vessels we may acquire to both scheduled and unscheduled inspections. These entities include the local port authorities
(applicable national authorities such as the United States Coast Guard, or USCG, harbor master or equivalent), classification societies,
flag state administrations (countries of registry), terminal operators and charterers. Certain of these entities require us to obtain
permits, licenses, certificates and other authorizations for the operation of our vessel and other vessels we may acquire. Failure to
maintain necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of the operation
of one or more of our vessel and other vessels we may acquire.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Increasing environmental concerns have created a demand
for vessels that conform to stricter environmental standards. We are required to maintain operating standards for our vessel and other
vessels we may acquire that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance
with United States and international regulations. We believe that the operation of our vessel is in substantial compliance with applicable
environmental laws and regulations and that our vessel has all material permits, licenses, certificates or other authorizations necessary
for the conduct of our operations. However, because such laws and regulations frequently change and may impose increasingly stricter requirements,
we cannot predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful
lives of our vessel and other vessels we may acquire. In addition, a future serious marine incident that causes significant adverse environmental
impact could result in additional legislation or regulation that could negatively affect our profitability.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>International Maritime Organization</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The IMO, the United Nations agency for maritime safety
and the prevention of pollution by vessels, has adopted the International Convention for the Prevention of Pollution from Ships, 1973,
as modified by the Protocol of 1978&nbsp;relating thereto, collectively referred to as MARPOL 73/78 and herein as MARPOL, the International
Convention for the Safety of Life at Sea of 1974, or SOLAS Convention, the International Convention on Standards of Training, Certification
and Watchkeeping for Seafarers, or STCW, and the International Convention on Load Lines of 1966, or LL Convention. MARPOL establishes
environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, the handling and disposal of noxious
liquids and the handling of harmful substances in packaged forms. MARPOL is applicable to dry bulk, tanker and LNG carriers, among other
vessels, and is broken into six Annexes, each of which regulates a different source of pollution. Annex&nbsp;I relates to oil leakage
or spilling; Annexes II and III relate to harmful substances carried in bulk in liquid or in packaged form, respectively; Annexes IV and
V relate to sewage and garbage management, respectively; and Annex&nbsp;VI, lastly, relates to air emissions. Annex&nbsp;VI was separately
adopted by the IMO in September of 1997.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">In 2013, the IMO&rsquo;s Marine Environmental Protection
Committee, or the MEPC, adopted a resolution amending MARPOL Annex&nbsp;I Condition Assessment Scheme, or CAS. These amendments became
effective on October&nbsp;1, 2014 and require compliance with the 2011 International Code on the Enhanced Programme of Inspections during
Surveys of Bulk Carriers and Oil Tankers, or ESP Code, which provides for enhanced inspection programs. We may need to make certain financial
expenditures to comply with these amendments.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Air Emissions</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">In September of 1997, the IMO adopted Annex&nbsp;VI
to MARPOL to address air pollution from vessels. Effective May 2005, Annex&nbsp;VI sets limits on sulfur oxide and nitrogen oxide emissions
from all commercial vessel exhausts and prohibits &ldquo;deliberate emissions&rdquo; of ozone depleting substances (such as halons and
chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex&nbsp;VI
also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls
on sulfur emissions, as explained below. Emissions of &ldquo;volatile organic compounds&rdquo; from certain vessels, and the shipboard
incineration (from incinerators installed after January&nbsp;1, 2000) of certain substances (such as polychlorinated biphenyls, or PCBs)
are also prohibited. We believe that our vessel is currently compliant in all material respects with these regulations.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The MEPC adopted amendments to Annex&nbsp;VI regarding
emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July&nbsp;1,
2010. The amended Annex&nbsp;VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of
the amount of sulfur contained in any fuel oil used on board ships. Effective January&nbsp;1, 2020, there has been a global limit of 0.5%
m/m sulfur oxide emissions (reduced from 3.50%). This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels,
or certain exhaust gas cleaning systems. Ships are required to obtain bunker delivery notes and International Air Pollution Prevention,
or IAPP, Certificates from their flag states that specify sulfur content. Additionally, at MEPC 73, amendments to Annex&nbsp;VI to prohibit
the carriage of bunkers above 0.5% sulfur on ships became effective on March&nbsp;1, 2020. Additional amendments to Annex&nbsp;VI revising,
among other terms, the definition of &ldquo;Sulphur content of fuel oil&rdquo; and &ldquo;low-flashpoint fuel&rdquo; and pertaining to
the sampling and testing of onboard fuel oil, will become effective in 2022. These regulations subject ocean-going vessels to stringent
emissions controls and may cause us to incur substantial costs.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Sulfur content standards are even stricter within certain
&ldquo;Emission Control Areas,&rdquo; or ECAs. As of January&nbsp;1, 2015, ships operating within an ECA were not permitted to use fuel
with sulfur content in excess of 0.1%. </P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Amended AnnexVI establishes procedures for
designating new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea
area, North American area and United States Caribbean Sea area. Ocean-going vessels in these areas will be subject to stringent
emission controls and may cause us to incur additional costs. If other ECAs are approved by the IMO, or other new or more stringent
requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental
Protection Agency, or EPA, or the states where we operate, compliance with these regulations could entail significant capital
expenditures or otherwise increase the costs of our operations.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Amended Annex&nbsp;VI also establishes new tiers of
stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. Now Annex&nbsp;VI provides
for a three-tier reduction in Nox emissions from marine diesel engines, with the final tier (or Tier III) to apply to engines installed
on vessels constructed on or after January&nbsp;1, 2016 and which operate in the North American ECA or the U.S. Caribbean Sea ECA as well
as ECAs designated in the future by the IMO. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen
oxide for ships built after January&nbsp;1, 2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards in
late 2009. Additionally, amendments to Annex&nbsp;II, which strengthen discharge requirements for cargo residues and tank washings in
specified sea areas (including North West European waters, Baltic Sea area, Western European waters and Norwegian Sea), came into effect
in January 2021.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">As determined at the MEPC 70, the new Regulation 22A
of MARPOL Annex&nbsp;VI became effective as of March&nbsp;1, 2018 and requires ships above 5,000 gross tonnage to collect and report annual
data on fuel oil consumption to an IMO database, with the first year of data collection commencing on January&nbsp;1, 2019. The IMO intends
to use such data as the first step in its roadmap (through 2023) for developing its strategy to reduce greenhouse gas emissions from ships,
as discussed further below.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">As of January&nbsp;1, 2013, MARPOL made mandatory certain
measures relating to energy efficiency for ships. All&nbsp;ships are now required to develop and implement Ship Energy Efficiency Management
Plans, or SEEMPS, and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the
Energy Efficiency Design Index, or EEDI. Under these measures, by 2025, all new ships built will be 30% more energy efficient than those
built in 2014.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We may incur costs to comply with these revised standards.
Additional or new conventions, laws and regulations may be adopted that could require the installation of expensive emission control systems
and could adversely affect our business, results of operations, cash flows and financial condition.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Safety Management System Requirements</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The SOLAS Convention was amended to address the safe
manning of vessels and emergency training drills. The&nbsp;Convention of Limitation of Liability for Maritime Claims, or the LLMC, sets
limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. We believe that our vessel
is in substantial compliance with SOLAS and LLMC standards.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Under Chapter IX of the SOLAS Convention, or the International
Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or the ISM Code, our operations are also subject
to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive
safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth
instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the
safety management system that we and our technical management team have developed for compliance with the ISM Code. The failure of a vessel
owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance
coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The ISM Code requires that vessel operators obtain a
safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel&rsquo;s management with
the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has
been awarded a document of compliance, issued by each flag state, under the ISM Code. We have obtained applicable documents of compliance
for our offices and safety management certificates for our vessel for which the certificates are required by the IMO. The document of
compliance and safety management certificate are renewed as required.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Amendments to the SOLAS Convention Chapter VII apply
to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous Goods Code,
or IMDG Code. Effective January&nbsp;1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting
the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and classification requirements for dangerous
goods, and (3) new mandatory training requirements. Amendments to the IMDG Code relating to segregation requirements for certain substances,
and classification and transport of carbon, following incidents involving the spontaneous ignition of charcoal, come into effect in June
2022.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The IMO has also adopted the International Convention
on Standards of Training, Certification and Watchkeeping for Seafarers, or STCW. As of February 2017, all seafarers are required to meet
the STCW standards and be in possession of a valid STCW certificate. Flag states that have ratified SOLAS and STCW generally employ the
classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm
compliance.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Furthermore, recent actions by the IMO&rsquo;s Maritime
Safety Committee and United States agencies indicate that cybersecurity regulations for the maritime industry are likely to be further
developed in the near future in an attempt to combat cybersecurity threats. For example, effective January 2021, cyber-risk management
systems must be incorporated by shipowners and managers. This might cause companies to create additional procedures for monitoring cybersecurity,
which could require additional expenses and/or capital expenditures. The impact of such regulations is hard to predict at this time.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><I>Pollution Control and Liability Requirements</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The IMO has negotiated international conventions that
impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. For example,
the IMO adopted the International Convention for the Control and Management of Ships&rsquo; Ballast Water and Sediments, or the BWM Convention,
in 2004. The BWM Convention entered into force on September&nbsp;9, 2017. The BWM Convention requires ships to manage their ballast water
to remove, render harmless, or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and
sediments. The BWM Convention&rsquo;s implementing regulations call for a phased introduction of mandatory ballast water exchange requirements,
to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast water record book and an international
ballast water management certificate.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Specifically, ships over 400 gross tons generally must
comply with a &ldquo;D-1 standard,&rdquo; requiring the exchange of ballast water only in open seas and away from coastal waters. The
&ldquo;D-2 standard&rdquo; specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending
on the IOPP renewal dates. For most ships, compliance with the D-2 standard will involve installing on-board systems to treat ballast
water and eliminate unwanted organisms. Ballast Water Management systems (or BWMS), which include systems that make use of chemical, biocides,
organisms or biological mechanisms, or which alter the chemical or physical characteristics of the Ballast Water, must be approved in
accordance with IMO Guidelines (Regulation D-3). Pursuant to the BWM Convention amendments that entered into force in October 2019, BWMS
installed on or after October&nbsp;28, 2020 shall be approved in accordance with BWMS Code, while BWMS installed before October&nbsp;23,
2020 must be approved taking into account guidelines developed by the IMO or the BWMS Code. Costs of compliance with these regulations
may be substantial. The cost of compliance could increase for ocean carriers and may have a material effect on our operations. However,
many countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction
of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering its waters from another country
to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain reporting requirements. Amendments
to the BWM Convention concerning commissioning testing of BWMS will become effective in 2022. The Suezmax vessel that will comprise our
initial fleet was drydocked has Ballast Water Treatment System that ensures compliance with the new environmental regulations.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The IMO also adopted the International Convention on
Civil Liability for Bunker Oil Pollution Damage, or the Bunker Convention, to impose strict liability on ship owners (including the registered
owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges
of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage
in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the
amount calculated in accordance with the LLMC). With respect to non-ratifying states, liability for spills or releases of oil carried
as fuel in ship&rsquo;s bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or
damages occur.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Ships are required to maintain a certificate attesting
that they maintain adequate insurance to cover an incident. In jurisdictions such as the United States where the Bunker Convention has
not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability
basis.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Anti-Fouling Requirements</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">In 2001, the IMO adopted the International Convention
on the Control of Harmful Anti-fouling Systems on Ships, or the &ldquo;Anti-fouling Convention.&rdquo; The Anti-fouling Convention entered
into force in September 2008, and prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea
life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages will also be required to undergo an initial
survey before the vessel is put into service or before an International Anti-fouling System Certificate is issued for the first time;
and subsequent surveys when the anti-fouling systems are altered or replaced. In 2023, amendments to the Anti-fouling Convention will
come into effect which include controls on the biocide cybutryne; ships shall not apply or re-apply anti-fouling systems containing this
substance from January&nbsp;1, 2023. We have obtained Anti-fouling System Certificates for our vessel that is subject to the Anti-fouling
Convention.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Compliance Enforcement</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Noncompliance with the ISM Code or other IMO regulations
may subject the ship owner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected
vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities have indicated
that vessels not in compliance with the ISM Code by applicable deadlines will be prohibited from trading in U.S. and European Union ports,
respectively. As of the date of this registration statement, our vessel is ISM Code certified. However, there can be no assurance that
such certificates will be maintained in the future<B>.</B> The IMO continues to review and introduce new regulations. It is impossible
to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our operations.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>United States Regulations</I></B></P>

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation
and Liability Act</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The U.S. Oil Pollution Act of 1990, or OPA, established
an extensive regulatory and liability regime for the protection and clean-up of the environment from oil spills. OPA affects all &ldquo;owners
and operators&rdquo; whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S.
waters, which includes the U.S.&rsquo;s territorial sea and its 200 nautical mile exclusive economic zone around the U.S. The U.S. has
also enacted the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, which applies to the discharge of hazardous
substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA both define &ldquo;owner and operator&rdquo;
in the case of a vessel as any person owning, operating or chartering by demise, the vessel. Both OPA and CERCLA impact our operations.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Under OPA, vessel owners and operators are &ldquo;responsible
parties&rdquo; and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party,
an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges
of oil from their vessels, including bunkers (fuel). OPA defines these other damages broadly to include:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">(i)</TD>
    <TD>injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">(ii)</TD>
    <TD>injury to, or economic losses resulting from, the destruction of real and personal property;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">(iii)</TD>
    <TD>loss of subsistence use of natural resources that are injured, destroyed or lost;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">(iv)</TD>
    <TD STYLE="text-align: justify">net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">(v)</TD>
    <TD STYLE="text-align: justify">lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">(vi)</TD>
    <TD STYLE="text-align: justify">net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">OPA contains statutory caps on liability and damages;
such caps do not apply to direct clean-up costs. Effective November&nbsp;12, 2019, the USCG adjusted the limits of OPA liability for non-tank
vessels, edible oil tank vessels, and any oil spill response vessels, to the greater of $1,200 per gross ton or $997,100 (subject to periodic
adjustment for inflation). These limits of liability do not apply if an incident was proximately caused by the violation of an applicable
U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to
a contractual relationship), or a responsible party&rsquo;s gross negligence or willful misconduct. The&nbsp;limitation on liability similarly
does not apply if the responsible party fails or refuses to (i)&nbsp;report the incident where the responsible party knows or has reason
to know of the incident; (ii)&nbsp;reasonably cooperate and assist as requested in connection with oil removal activities; or (iii)&nbsp;without
sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 I, I) or the Intervention on the High
Seas Act.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">CERCLA contains a similar liability regime whereby owners
and operators of vessels are liable for clean-up, removal and remedial costs, as well as damages for injury to, or destruction or loss
of, natural resources, including the reasonable costs associated with assessing the same, and health assessments or health effects studies.
There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God
or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0&nbsp;million for vessels carrying a hazardous
substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible
person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful
misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards
or regulations. The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation
and assistance as requested in connection with response activities where the vessel is subject to OPA.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">OPA and CERCLA each preserve the right to recover damages
under existing law, including maritime tort law. OPA and CERCLA both require owners and operators of vessels to establish and maintain
with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible
person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance,
a surety bond, qualification as a self-insurer or a guarantee. We comply and plan to comply going forward with the USCG&rsquo;s financial
responsibility regulations by providing applicable certificates of financial responsibility.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The 2010 <I>Deepwater Horizon</I> oil spill in the Gulf
of Mexico resulted in additional regulatory initiatives or statutes, including higher liability caps under OPA, new regulations regarding
offshore oil and gas drilling, and a pilot inspection program for offshore facilities. However, several of these initiatives and regulations
have been or may be revised. For example, the U.S. Bureau of Safety and Environmental Enforcement&rsquo;s, or BSEE, revised Production
Safety Systems Rule, or PSSR, effective December&nbsp;27, 2018, modified and relaxed certain environmental and safety protections under
the 2016 PSSR. Additionally, the BSEE released a final Well Control Rule, which eliminated a number of provisions which could affect offshore
drilling operations. Compliance with any new requirements of OPA&nbsp;and future legislation or regulations applicable to the operation
of our vessel and other vessels we may acquire could negatively impact the cost of our operations and adversely affect our business.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">OPA specifically permits individual states to impose
their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum,
the levels of liability established under OPA and some states have enacted legislation providing for unlimited liability for oil spills.
Many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for
removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than
U.S. federal law. Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants within
their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations
defining vessel owners&rsquo; responsibilities under these laws. The Company intends to comply with all applicable state regulations in
the ports where the Company&rsquo;s vessels call.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We currently maintain pollution liability coverage insurance
in the amount of $1&nbsp;billion per incident for our vessel. If the damages from a catastrophic spill were to exceed our insurance coverage,
that could have an adverse effect on our business and results of operation.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Other United States Environmental Initiatives</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The U.S. Clean Air Act of 1970 (including its amendments
of 1977 and 1990), or CAA, requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air
contaminants. The CAA requires states to adopt State Implementation Plans, or SIPs, some of which regulate emissions resulting from vessel
loading and unloading operations which may affect our vessel and other vessels we may acquire.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The U.S. Clean Water Act, or CWA, prohibits the discharge
of oil, hazardous substances and ballast water in U.S.&nbsp;navigable waters unless authorized by a duly-issued permit or exemption, and
imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the
costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In 2015, the EPA&nbsp;expanded
the definition of &ldquo;waters of the United States,&rdquo; or WOTUS, thereby expanding federal authority under the CWA. In April 2020,
the EPA and Department of the Army published the Navigable Waters Protection Rule to finalize a revised WOTUS definition, which rule became
effective in June 2020. However, in light of a court order issued by the U.S. District Court for the District of Arizona on August&nbsp;30,
2021, the EPA and U.S. Army Corps of Engineers are interpreting WOTUS consistent with the pre-2015 regulatory regime. In November 2021,
the EPA and U.S. Army Corps of Engineers announced the signing of a proposed rule to revise the definition of WOTUS, which proposes to
put back into place the pre-2015 definition.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The EPA and the USCG have also enacted rules relating
to ballast water discharge, compliance with which requires the installation of equipment on our vessel and other vessels we may acquire
to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially
substantial costs, and/or otherwise restrict our vessel and other vessels we may acquire from entering U.S. Waters. The EPA will regulate
these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters
pursuant to the Vessel Incidental Discharge Act, or VIDA, which was signed into law on December&nbsp;4, 2018 and will replace the 2013
Vessel General Permit, or VGP, program (as discussed above) and current Coast Guard ballast water management regulations adopted under
the U.S. National Invasive Species Act, or NISA, such as mid-ocean ballast exchange programs and installation of approved USCG technology
for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters. Non-military, non-recreational vessels
greater than 79 feet in length must continue to comply with the requirements of the VGP, including submission of a Notice of Intent, or
NOI, or retention of a PARI form and submission of annual reports. We have submitted NOIs for our vessel where required. Compliance with
the EPA, U.S. Coast Guard and state regulations could require the installation of ballast water treatment equipment on our vessel and
other vessels we may acquire or the implementation of other port facility disposal procedures at potentially substantial cost or may otherwise
restrict our vessel and other vessels we may acquire from entering U.S. waters.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>European Union Regulations</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">In October 2009, the European Union amended a directive
to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with
intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality
of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all
types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in
danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims. Regulation
(EU) 2015/757 of the European Parliament and of the Council of 29 April 2015 (&nbsp;amended by Regulation (EU) 2016/2071 with respect
to methods of calculating, inter alia, emission and consumption) governs the monitoring, reporting and verification of carbon dioxide
emissions from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor
and report carbon dioxide emissions annually, which may cause us to incur additional expenses. As of January 2019, large ships calling
at EU ports have been required to collect and publish data on carbon dioxide emissions and other information. The system entered into
force on 1&nbsp;March 2018. July 2020 saw the European Parliament&rsquo;s Committee on Environment, Public Health and Food Safety vote
in favor of the inclusion of vessels of 5,000 gross tons and above in the EU Emissions Trading System (in addition to voting for a revision
to the monitoring, reporting and verification of CO2 emissions). In September 2020, the European Parliament adopted the proposal from
the European Commission to amend the regulation on monitoring carbon dioxide emissions from maritime transport.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">On July 14, 2021, the European Commission published
a package of draft proposals as part of its &lsquo;Fit for 55&rsquo; environmental legislative agenda and as part of the wider EU Green
Deal growth strategy. The Proposals are not yet in final form and may be subject to amendment. There are two key initiatives relevant
to maritime arising from the Proposals: (a) a bespoke emissions trading scheme for the maritime sector (Maritime ETS) which is due to
commence in 2023 and which is to apply to all ships above a gross tonnage of 5,000; and (b) a FuelEU draft regulation which seeks to require
all ships above a gross tonnage of 5,000 to carry on board a &lsquo;FuelEU certificate of compliance&rsquo; from 30 June 2025 as evidence
of compliance with the limits on the greenhouse gas intensity of the energy used on-board by a ship and with the requirements on the use
of on-shore power supply (OPS) at berth. More specifically, Maritime ETS is to apply gradually over the period from 2023-2025. The cap
under the ETS would be set by taking into account EU MRV system emissions data for the years 2018 and 2019, adjusted, from year 2021 and
is to capture 100% of the emissions from intra-EU maritime voyages; 100% of emissions from ships at berth in EU ports; and 50% of emissions
from voyages which start or end at EU ports (but the other destination is outside the EU). More recent proposed amendments signal that
100% of non-EU emissions may be caught if the IMO does not introduce a global market-based measure by 2028. Furthermore, the proposals
envisage that all maritime allowances would be auctioned and there will be no free allocation. Both proposals are currently being negotiated
and final drafts are expected in the summer of 2022.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Responsible recycling and scrapping of ships is becoming
an increasingly important issue for shipowners and charterers alike as the industry strives to replace old ships with cleaner, more energy
efficient models. The recognition of the need to impose recycling obligations on the shipping industry is not new. In 2009, the IMO oversaw
the creation of the Hong Kong Ship Recycling Convention (the &ldquo;Hong Kong Convention&rdquo;), which sets standards for ship recycling.
Concerned at the lack of progress in satisfying the conditions needed to bring the Hong Kong Convention into force, the EU published its
own Ship Recycling Regulation 1257/2013 (SRR) in 2013, with a view to facilitating early ratification of the Hong Kong Convention both
within the EU and in other countries outside the EU. As the Hong Kong Convention has yet to come into force, the 2013 regulations are
vital to responsible ship recycling in the EU. SRR requires that, from 31 December 2020, all existing ships sailing under the flag of
EU member states and non-EU flagged ships calling at an EU port or anchorage must carry on-board an Inventory of Hazardous Materials (IHM)
with a certificate or statement of compliance, as appropriate. For EU-flagged vessels, a certificate (either an Inventory Certificate
or Ready for Recycling Certificate) will be necessary, while non-EU flagged vessels will need a Statement of Compliance.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The European Union has adopted several regulations and
directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age, and flag as well as
the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a
minimum ban period and a definitive ban for repeated offenses. The regulation also provided the European Union with greater authority
and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty
payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur
content fuel for their main and auxiliary engines. Since January&nbsp;1, 2015, vessels have been required to burn fuel with sulfur content
not exceeding 0.1% while within EU member states&rsquo; territorial seas, exclusive economic zones and pollution control zones that are
included in &ldquo;Sox Emission Control Areas.&rdquo; EU Directive (EU) 2016/802 establishes limits on the maximum sulfur content of gas
oils and heavy fuel oil and contains fuel-specific requirements for ships calling at EU ports.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">EU Directive 2004/35/CE (as amended) regarding the prevention
and remedying of environmental damage addresses liability for environmental damage (including damage to water, land, protected species
and habitats) on the basis of the &ldquo;polluter pays&rdquo; principle. Operators whose activities caused the environmental damage are
liable for the damage (subject to certain exceptions). With regard to specified activities causing environmental damage, operators are
strictly liable. The directive applies where damage has already occurred and where there is an imminent threat of damage. The directive
requires preventative and remedial actions, and that operators report environmental damage or an imminent threat of such damage.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>International Labor Organization</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The International Labor Organization, or the ILO, is
a specialized agency of the UN that has adopted the Maritime Labor Convention 2006, or MLC 2006. A Maritime Labor Certificate and a Declaration
of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships above 500 gross tons in international trade.
We believe that our vessel is in substantial compliance with and are certified to meet MLC 2006.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Greenhouse Gas Regulation</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Currently, the emissions of greenhouse gases from international
shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change (this task having been delegated
to the IMO), which entered into force in 2005 and pursuant to which adopting countries have been required to implement national programs
to reduce greenhouse gas emissions with targets extended through 2020. International negotiations are continuing with respect to a successor
to the Kyoto Protocol, and restrictions on shipping emissions may be included in any new treaty. In December 2009, more than 27 nations,
including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas emissions.
The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November&nbsp;4,
2016 and does not directly limit greenhouse gas emissions from ships. The United States rejoined the Paris Agreement in February 2021.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">At MEPC 70 and MEPC 71, a draft outline of the structure
of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from ships was approved.
In accordance with this roadmap, in April 2018, nations at the MEPC 72 adopted an initial strategy to reduce greenhouse gas emissions
from ships. The initial strategy identifies &ldquo;levels of ambition&rdquo; to reducing greenhouse gas emissions, including (1) decreasing
the carbon intensity from ships through implementation of further phases of the Energy-Efficiency Design Index for new ships (while the
Ship Energy-Efficiency Management Plan is mandatory for all vessels); (2) reducing carbon dioxide emissions per transport work, as an
average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels;
and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing
them out entirely. The initial strategy notes that technological innovation, alternative fuels and/or energy sources for international
shipping will be integral to achieve the overall ambition. These regulations could cause us to incur additional substantial expenses.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">As noted above, the 70<SUP>th</SUP> MEPC meeting in
October 2016 adopted a mandatory data collection system (DCS) which requires ships above 5,000 gross tons to report consumption data for
fuel oil, hours under way and distance travelled. Unlike the EU MRV (see below), the IMO DCS covers any maritime activity carried out
by ships, including dredging, pipeline laying, ice-breaking, fish-catching and off-shore installations. The SEEMPs of all ships covered
by the IMO DCS must include a description of the methodology for data collection and reporting. After each calendar year, the aggregated
data are reported to the flag state. If the data have been reported in accordance with the requirements, the flag state issues a statement
of compliance to the ship. Flag states subsequently transfer this data to an IMO ship fuel oil consumption database, which is part of
the Global Integrated Shipping Information System (GISIS) platform. IMO will then produce annual reports, summarizing the data collected.
Thus, currently, data related to the GHG emissions of ships above 5,000 gross tons calling at ports in the European Economic Area (EEA)
must be reported in two separate, but largely overlapping, systems: the EU MRV, which applies since 2018, and the IMO DCS &ndash; which
applies since 2019. The proposed revision of Regulation (EU) 2015/757 adopted on 4 February 2019 aims to align and facilitate the simultaneous
implementation of the two systems however it is still not clear when the proposal will be adopted.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">IMO&rsquo;s MEPC 76 adopted amendments to MARPOL Annex&nbsp;VI
that will require ships to reduce their greenhouse gas emissions. Effective November&nbsp;1, 2022, the Revised MARPOL Annex&nbsp;VI will
enter into force. The revised Annex&nbsp;VI includes carbon intensity measures (requirements for ships to calculate their Energy Efficiency
Existing Ship Index (EEXI)) following technical means to improve their energy efficiency and to establish their annual operational carbon
intensity indicator and rating. MEPC 76 also adopted guidelines to support implementation of the amendments.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">In 2021, the EU adopted a European Climate Law (Regulation
(EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas emissions in the EU by 2050, with an intermediate target of
reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July 2021, the European Commission launched the
Fit for 55 (described above) to support the climate policy agenda. As of January 2019, large ships calling at EU ports have been required
to collect and publish data on carbon dioxide emissions and other information.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">In the United States, the EPA issued a finding that
greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas emissions from certain mobile sources,
and proposed regulations to limit greenhouse gas emissions from large stationary sources. The EPA or individual U.S. states could enact
environmental regulations that could negatively affect our operations.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Any passage of climate control legislation or other
regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international level
to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant expenditures
which we cannot predict with certainty at this time. Even in the absence of climate control legislation, our business may be indirectly
affected to the extent that climate change may result in sea level changes or certain weather events.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Vessel Security Regulations</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Since the terrorist attacks of September&nbsp;11, 2001
in the United States, there have been a variety of initiatives intended to enhance vessel security such as the U.S. Maritime Transportation
Security Act of 2002, or MTSA.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">To&nbsp;implement certain portions of the MTSA, the USCG issued regulations
requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United
States and at certain ports and facilities, some of which are regulated by the EPA.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Similarly, Chapter XI-2 of the SOLAS Convention imposes
detailed security obligations on vessels and port authorities and mandates compliance with the International Ship and Port Facilities
Security Code, or the ISPS Code. The ISPS Code is designed to enhance the security of ports and ships against terrorism. To trade internationally,
a vessel must attain an International Ship Security Certificate, or ISSC, from a recognized security organization approved by the vessel&rsquo;s
flag state. Ships operating without a valid certificate may be detained, expelled from, or refused entry at port until they obtain an
ISSC. The various requirements, some of which are found in the SOLAS Convention, include, for example, on-board installation of automatic
identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships
and shore stations, including information on a ship&rsquo;s identity, position, course, speed and navigational status; on-board installation
of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore; the development of vessel security
plans; ship identification number to be permanently marked on a vessel&rsquo;s hull; a continuous synopsis record kept onboard showing
a vessel&rsquo;s history including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship
was registered with that state, the ship&rsquo;s identification number, the port at which the ship is registered and the name of the registered
owner(s) and their registered address; and compliance with flag state security certification requirements.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The USCG regulations, intended to align with international
maritime security standards, exempt non-U.S.&nbsp;vessels from MTSA vessel security measures, provided such vessels have on board a valid
ISSC that attests to the vessel&rsquo;s compliance with the SOLAS Convention security requirements and the ISPS Code. Future security
measures could have a significant negative financial impact on us. We intend to comply with the various security measures addressed by
MTSA, the SOLAS Convention and the ISPS Code.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The cost of vessel security measures has also been affected
by the escalation in the frequency of acts of piracy against ships, notably off the coast of Somalia, including the Gulf of Aden and Arabian
Sea area. Substantial loss of revenue and other costs may be incurred as a result of detention of a vessel or additional security measures,
and the risk of uninsured losses could significantly and negatively affect our business. Costs may be incurred in taking additional security
measures in accordance with Best Management Practices to Deter Piracy, notably those contained in the BMP5 industry standard.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Inspection by Classification Societies</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The hull and machinery of every commercial vessel must
be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe
and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance
underwriters make it a condition for insurance coverage and lending that a vessel be certified &ldquo;in class&rdquo; by a classification
society which is a member of the International Association of Classification Societies, the IACS. The IACS has adopted harmonized Common
Structural Rules, or the Rules, which apply to oil tankers and bulk carriers constructed on or after July&nbsp;1, 2015. The Rules attempt
to create a level of consistency between IACS Societies. Our vessel is certified as being &ldquo;in class&rdquo; by her Classification
Society (American Bureau of Shipping).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">A vessel must undergo annual surveys, intermediate surveys,
drydockings and special surveys. In lieu of a special survey, a vessel&rsquo;s machinery may be on a continuous survey cycle, under which
the machinery would be surveyed periodically over a five-year period. Every vessel is also required to be drydocked every 30 to 36 months
for inspection of the underwater parts of the vessel. If any vessel does not maintain its class and/or fails any annual survey, intermediate
survey, drydocking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable
which could cause us to be in violation of certain covenants in our loan agreements. Any such inability to carry cargo or be employed,
or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Risk of Loss and Liability Insurance</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>General</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The operation of any cargo vessel includes risks such
as mechanical failure, physical damage, collision, property loss, cargo loss or damage and business interruption due to political circumstances
in foreign countries, piracy incidents, hostilities and labor strikes. In addition, there is always an inherent possibility of marine
disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international
trade. OPA, which imposes virtually unlimited liability upon shipowners, operators and bareboat charterers of any vessel trading in the
exclusive economic zone of the United States for certain oil pollution accidents in the United States, has made liability insurance more
expensive for shipowners and operators trading in the United States market. We carry insurance coverage as customary in the shipping industry.
However, not all risks can be insured, specific claims may be rejected and we might not be always able to obtain adequate insurance coverage
at reasonable rates.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Hull &amp; Machinery and War Risks Insurances</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We maintain marine hull and machinery and war risks
insurances, which include the risk of actual or constructive total loss, for our vessel. Our vessel is covered up to at least its fair
market value with a deductible of $150,000 per incident. We also maintain increased value coverage for our vessel. Under this increased
value coverage, in the event of total loss of the vessel, we will be able to recover the sum insured under the increased value policy
in addition to the sum insured under the hull and machinery policy. Increased value insurance also covers excess liabilities which are
not recoverable under our hull and machinery policy by reason of under insurance.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Protection and Indemnity Insurance</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Protection and indemnity insurance, provided by mutual
protection and indemnity associations, or P&amp;I&nbsp;Associations, covers our third-party liabilities in connection with our shipping
activities. This includes third-party liability and other related expenses of injury, illness or death of crew, passengers and other third
parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property such as fixed
and floating objects, pollution arising from oil or other substances, salvage, towing and other related costs, including wreck removal.
Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual associations,
or &ldquo;clubs.&rdquo;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our coverage limit is as per International Group&rsquo;s
rules, where there are standard sub-limits for oil pollution at $1&nbsp;billion, passenger liability at $2&nbsp;billion and seamen liabilities
at $3&nbsp;billion. The 13 P&amp;I Associations that comprise the International Group insure approximately 90% of the world&rsquo;s commercial
tonnage and have entered into a pooling agreement to reinsure each association&rsquo;s liabilities in excess of each association&rsquo;s
own retention of $10&nbsp;million up to, currently, approximately $8&nbsp;billion. As a member of a P&amp;I Association, which is a member
of the International Group, we are subject to calls payable to the associations based on our claim records as well as the claim records
of all other members of the individual associations and members of the shipping pool of P&amp;I Associations comprising the International
Group.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Permits and Authorizations</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We are required by various governmental and quasi-governmental
agencies to obtain certain permits, licenses and certificates with respect to our vessel and other vessels we may acquire. The kinds of
permits, licenses and certificates required depend upon several factors, including the commodity transported, the waters in which the
vessel operates, the nationality of the vessel&rsquo;s crew and the age of a vessel. We believe that we have obtained all permits, licenses
and certificates currently required to permit our vessel to operate as planned. Additional laws and regulations, environmental or otherwise,
may be adopted which could limit our ability to do business or increase the cost of us doing business in the future.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>C.</B></TD>
    <TD><B>Organizational Structure</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Central Tactical Acquisitions is a wholly owned subsidiary
of the Parent and following the Spin-Off will be the owner of all of the issued and outstanding shares of the CTA Predecessor, Athenean
Empire Inc., incorporated under the laws of the Republic of the Marshall Islands.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>D.</B></TD>
    <TD><B>Property, Plants and Equipment</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">We do not own any real estate property. We maintain
our principal executive offices at 1 Vas. Sofias and Meg. Alexandrou Str, 15124 Maroussi, Greece. Other than our vessel, we do not have
any material property. See &ldquo;<I>Item 4.B. Business Overview &ndash; Our Current Fleet</I>&rdquo;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px"><B>ITEM 4A.</B></TD>
    <TD><B>UNRESOLVED STAFF COMMENTS</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">None.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px"><B>ITEM 5.</B></TD>
    <TD><B>OPERATING AND FINANCIAL REVIEW AND PROSPECTS</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">The following discussion of the results of our operations
and our financial condition should be read in conjunction with the financial statements and the notes to those statements included in
&ldquo;Item 18. Financial Statements.&rdquo; This discussion contains forward-looking statements that involve risks, uncertainties, and
assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors,
including those set forth in &ldquo;Item 3. Key Information&ndash;D. Risk Factors.&rdquo;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>A.</B></TD>
    <TD><B>Operating Results</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white"><B><U>Factors Affecting our Results of Operations</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We believe that the important
measures for analyzing trends in the results of our operations consist of the following:</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 57pt; background-color: white"><I>Calendar days</I>. We define calendar days as the total
number of days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during
the relevant period and affect both the amount of revenues and expenses that we record during that period.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 57pt; background-color: white"><I>Available days.&nbsp;</I>We define available days as the
number of calendar days less the aggregate number of days that our vessels are off-hire due to scheduled repairs, or scheduled guarantee
inspections in the case of new buildings, vessel upgrades or special or intermediate surveys and the aggregate amount of time that we
spend positioning our vessels. Companies in the shipping industry generally use available days to measure the number of days in a period
during which vessels should be capable of generating revenues.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 57pt; background-color: white"><I>Operating days.&nbsp;</I>We define operating days as the
number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen technical circumstances.
The shipping industry uses operating days to measure the aggregate number of days in a period that our vessels actually generate revenues.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 57pt; background-color: white"><I>Fleet utilization.&nbsp;</I>We calculate fleet utilization
by dividing the number of operating days during a period by the number of available days during that period. The shipping industry uses
fleet utilization to measure a company&rsquo;s efficiency in finding suitable employment for its vessels and minimizing the number of
days that its vessels are off-hire for reasons other than scheduled repairs or scheduled guarantee inspections in the case of new buildings,
vessel upgrades, special or intermediate surveys and vessel positioning.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 57pt; background-color: white"><I>TCE Revenues / TCE Rates.&nbsp;</I>We define TCE revenues
as revenues minus voyage expenses. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage,
which would otherwise be paid by a charterer under a time charter, as well as commissions. We believe that presenting revenues net of
voyage expenses neutralizes the variability created by unique costs associated with particular voyages or the deployment of vessels on
the spot market and facilitates comparisons between periods on a consistent basis. We calculate daily TCE rates by dividing TCE revenues
by operating days for the relevant time period. TCE revenues include demurrage revenue, which represents fees charged to charterers associated
with our spot market voyages when the charterer exceeds the agreed upon time required to load or discharge a cargo. The company&rsquo;s
calculation of TCE may not be similar to other method of calculation of other companies.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In the shipping industry,
economic decisions are based on vessels&rsquo; deployment upon anticipated TCE rates, and industry analysts typically measure shipping
freight rates in terms of TCE rates. This is because under time-charter and bareboat contracts the customer usually pays the voyage expenses,
while under voyage charters the ship-owner usually pays the voyage expenses, which typically are added to the hire rate at an approximate
cost. Consistent with industry practice, we use TCE rates because it provides a means of comparison between different types of vessel
employment and, therefore, assists our decision-making process.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In evaluating our financial
condition, we focus on the below measures to assess our historical operating performance and we use future estimates of the same measures
to assess our future financial performance. In assessing the future performance of our fleet, the greatest uncertainty relates to future
charter rates at the expiration of a vessel&rsquo;s present period employment, whether under a time charter or a bareboat charter. Decisions
about future purchases and sales of vessels are based on the availability of excess internal funds, the availability of financing and
the financial and operational evaluation of such actions and depend on the overall state of the shipping market and the availability of
relevant purchase candidates.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><U>Time Charter Revenues</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Our Time charter revenues
are driven primarily by the number and size of vessels in our fleet, the number of operating days during which our vessels generate revenues
and the amount of daily charterhire that our vessels earn under charters, which, in turn, are affected by a number of factors, including
our decisions relating to vessel acquisitions and disposals, the amount of time that we spend positioning our vessels, the amount of time
that our vessels spend in dry-dock undergoing repairs, maintenance and upgrade work, the duration of the charter, the age, condition and
specifications of our vessels, levels of supply and demand in the global transportation market for oil and other factors affecting spot
market charter rates such as vessel supply and demand imbalances.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Vessels operating on period
charters, time charters or bareboat charters provide more predictable cash flows, but can yield lower profit margins than vessels operating
in the short-term, or spot, charter market during periods characterized by favorable market conditions. Vessels operating in the spot
charter market, either directly or through a pool arrangement, could generate revenues that are less predictable, but could enable us
to capture increased profit margins during periods of improvements in charter rates, although we could be exposed to the risk of declining
charter rates, which could have a materially adverse impact on our financial performance. If we employ vessels on period charters, future
spot market rates may be higher or lower than the rates at which we have employed our vessels on period time charters.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Under a time charter, the
charterer typically pays us a fixed daily charter hire rate and bears all voyage expenses, including the cost of bunkers (fuel oil) and
port and canal charges. We remain responsible for paying the chartered vessel&rsquo;s operating expenses, including the cost of crewing,
insuring, repairing and maintaining the vessel, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses,
and we also pay commissions to CSI, one or more unaffiliated ship brokers and to in-house brokers associated with the charterer for the
arrangement of the relevant charter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Under a bareboat charter,
the vessel is chartered for a stipulated period of time, which gives the charterer possession and control of the vessel, including the
right to appoint the master and the crew. Under bareboat charters, all voyage and operating costs are paid by the charterer.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">As of the date of this registration
statements, we have not bareboat chartered-in any vessels. We may in the future operate vessels in the spot market until the vessels have
been chartered under appropriate medium to long-term charters.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><U>Vessel Operating Expenses</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Vessel operating expenses
include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable
stores, tonnage taxes and value added tax, or VAT, and other miscellaneous expenses. We analyze vessel operating expenses on a U.S. dollar
per day basis. Additionally, vessel operating expenses can fluctuate due to factors beyond our control, such as unplanned repairs and
maintenance attributable to damages or regulatory compliance and factors which may affect the shipping industry in general, such as developments
relating to insurance premiums, or developments relating to the availability of crew.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><U>Dry-docking Costs</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Dry-docking costs relate to
regularly scheduled intermediate survey or special survey dry-docking necessary to preserve the quality of our vessels as well as to comply
with international shipping standards and environmental laws and regulations. Dry-docking costs can vary according to the age of the vessel,
the location where the dry-dock takes place, shipyard availability, local availability of manpower and material, and the billing currency
of the yard. Please see &ldquo;Item 18. Financial Statements&mdash;Note 2&mdash;Significant Accounting Policies.&rdquo; In the case of
tankers, dry-docking costs may also be affected by new rules and regulations. For further information please see &ldquo;Item 4. Information
on the Company&mdash;B. Business Overview&mdash;Environmental Regulations.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><U>Management Fees&mdash;Related Parties</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">As from May 28, 2020, our
vessel owning subsidiary has outsourced to CSI, a related party controlled by the family of Mr. Evangelos J. Pistiolis, all operational,
technical and commercial functions relating to the chartering and operation of our vessels. See &ldquo;Item7. Major shareholders and related
party transactions &mdash; B. Related Party Transactions&rdquo;.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><U>General and Administrative Expenses</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">General and administrative
expenses represent an allocation of the expenses incurred by our Parent based on the number of calendar days of Central Tactical Acquisitions&rsquo;
vessel to total calendar days of the Parent&rsquo;s fleet. These expenses consisted mainly of executive compensation, professional fees,
utilities and directors' liability insurance.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B><U>Interest and Finance Costs</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We incur interest expense
on outstanding indebtedness under our loans, which we include in interest and finance costs. We also incur finance costs in establishing
those debt facilities which are deferred and amortized over the period of the respective facility. The amortization of the finance costs
is presented in interest and finance costs.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B>Main components of managing our business and
main drivers of profitability</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The management of financial,
general and administrative elements involved in the conduct of our business and ownership of our vessel requires the following main components:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">&#9679;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">management of our financial resources, including banking relationships, i.e., administration
of bank loans and bank accounts;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">&#9679;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">management of our accounting system and records and financial reporting;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">&#9679;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">administration of the legal and regulatory requirements affecting our business and assets;
and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">&#9679;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">management of the relationships with our service providers and customers.</TD>
</TR></TABLE>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">The principal factors that affect our profitability, cash flows and
shareholders&rsquo; return on investment include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">&#9679;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">charter rates and periods of charter hire for our tanker;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">&#9679;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">utilization of our tanker (earnings efficiency);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">&#9679;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">levels of our tanker&rsquo;s operating expenses and dry-docking costs;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">&#9679;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">depreciation and amortization expenses;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">&#9679;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">financing costs; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">&#9679;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">fluctuations in foreign exchange rates.</TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Results of Operations of CTA Predecessor </B></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><B>CARVE-OUT STATEMENTS OF OPERATIONS</B></TD><TD STYLE="font-size: 10pt; font-weight: bold"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; font-weight: bold"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><B>PERIOD AND YEAR ENDED DECEMBER 31, 2020 and 2021</B></TD><TD STYLE="font-size: 10pt; font-weight: bold"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; font-weight: bold"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><B>(Expressed in thousands of U.S. Dollars)</B></TD><TD STYLE="font-size: 10pt; font-weight: bold"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; font-weight: bold"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">2020</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="width: 74%; font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 10pt">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">-</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">7,809</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&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: center">&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; font-weight: bold; text-align: justify">EXPENSES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&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: center">&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; padding-left: 10pt">Voyage expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</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: center">186</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; padding-left: 10pt">Vessel operating expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</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: center">1,520</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; padding-left: 10pt">Vessel depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</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: center">1,425</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; padding-left: 10pt">Management fees-related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</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: center">167</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; padding-left: 10pt">General and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</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: center">182</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 10pt">Operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">4,329</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&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: center">&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; font-weight: bold; text-align: justify">OTHER EXPENSES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&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: center">&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; padding-left: 10pt">Interest and finance costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</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: center">(849)</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 10pt">Total other expenses, net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">(849)</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&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: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(182,220,232)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Net Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">3,480</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Since our only vessel, M/T Eco Malibu was delivered
from the Hyundai Heavy Industries shipyard of South Korea on May 11, 2021 our only period of operation depicted in these carve-out statements
of operations is the period May 11 to December 31, 2021.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">During the period ended December 31, 2020 we did not
incur any expenses as the vessel was under construction and hence all construction related costs were capitalized as well as our Parent
did not apportion any overhead expense to us since the agreed allocation key is calendar days and in 2020 we had none.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Implications of Being an Emerging Growth Company</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We had less than $1.07&nbsp;billion in revenue during
our last fiscal year, which means that we qualify as an &ldquo;emerging growth company&rdquo; as defined in the JOBS Act. An emerging
growth company may take advantage or specified reduced reporting and other burdens that are otherwise applicable generally to public companies.
These provisions include:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">exemption from the auditor attestation requirement in the assessment of the emerging growth company&rsquo;s internal controls over financial reporting under Section 404(b) of Sarbanes-Oxley;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement to the auditor&rsquo;s report in which the auditor would be required to provide additional information about the audit and financial statements.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">We may take advantage of these provisions until the
end of the fiscal year following the fifth anniversary of our initial public offering or such earlier time that we are no longer an emerging
growth company. We will cease to be an emerging growth company if, among other things, we have more than $1.07&nbsp;billion in &ldquo;total
annual gross revenues&rdquo; during the most recently completed fiscal year. We may choose to take advantage of some, but not all, of
these reduced burdens. For as long as we take advantage of the reduced reporting obligations, the information that we provide shareholders
may be different from information provided by other public companies. We are choosing to &ldquo;opt out&rdquo; of the extended transition
period relating to the exemption from new or revised financial accounting standards and as a result, we will comply with new or revised
accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth public companies. Section
107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting
standards is irrevocable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>B.</B></TD>
    <TD><B>Liquidity and Capital Resources </B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Since our formation, our principal sources of funds
have been funds in the form of equity or working capital provided by our Parent, operating cash flow and long-term borrowing. Our principal
use of funds has been capital expenditures to build our vessel, maintain the quality of our vessel, comply with international shipping
standards and environmental laws and regulations and fund working capital requirements.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Our business is capital intensive and its future success
will depend on our ability to maintain a high-quality fleet through the acquisition of newer vessels and the selective sale of older vessels.
Future acquisitions are subject to management&rsquo;s expectation of future market conditions, our ability to acquire vessels on favorable
terms and our liquidity and capital resources.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">As of December 31, 2021, we had an indebtedness of
$36.1 million, which after excluding unamortized financing fees amounts to a total indebtedness of $36.5 million. As of December 31, 2021,
our cash and cash equivalent balances amounted to $2.2 million, held in U.S. Dollar accounts, $0.5 million of which are classified as
restricted cash.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">As of the date of this annual report we have no contractual
commitments for the acquisition of any vessel. Our cash flow projections indicate that cash on hand and cash to be provided by operating
activities will be sufficient to cover the liquidity needs that become due in the twelve-month period ending one year after the financial
statements' issuance.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>Working Capital Requirements and Sources of Capital</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">As of December 31, 2021, we had a working capital deficit
(current assets less current liabilities) of $24.7 million which mainly comprised from the amount due to Parent company of $22.3 million
as a result of advances provided by the Parent for the construction and financing of our vessel as well as for the provision of working
capital to us. The Parent company has waived the right to request on demand, the abovementioned amount and is payable to the Parent from
our excess cashflow only after we have serviced our voyage, operating, general and administrative expenses, management fees, loan repayments
and interest and finance costs. For the year ended December 31, 2021 we realized a net income of $3.5 million and generated cash flow
from operations of $6,1 million . In our opinion we will be able to finance our working capital deficit and our obligations as they come
due over the next twelve months following the date of the issuance of this registration statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Our operating cash flow for 2022 is expected to increase
compared to 2021, as the contribution of the vessel we have taken delivery of in the second quarter of 2021 will increase our operating
cash flow.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Loan Arrangements</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">On&nbsp;May 6, 2021,&nbsp;the CTA Predecessor entered
into a credit facility with Alpha Bank for $38.0 million&nbsp;for the financing of the vessel M/T Eco Malibu. This facility was drawn
down in full. The credit facility is repayable in&nbsp;12&nbsp;consecutive quarterly installments of $0.75 million and&nbsp;12&nbsp;consecutive
quarterly installments of $0.625 million, commencing&nbsp;three&nbsp;months from draw down, and a balloon payment of $21.5 million&nbsp;payable
together with the last installment.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Pursuant to the amendment to the facility we expect
to enter into prior to consummation of the Spin-Off, the facility will contain various covenants, including (i) an asset cover ratio of&nbsp;125%,
(ii) a ratio of total net debt to the aggregate market value of the Company&rsquo;s [and on the Parent&rsquo;s] fleet, current or future,
of&nbsp;no&nbsp;more than&nbsp;75% and minimum free liquidity of $500,000&nbsp;per delivered vessel owned/operated by the Company [or
the Parent]. Additionally, the facility contains restrictions on [us and on] the Parent incurring further indebtedness or guarantees and
change of control provisions (whereby Mr. Evangelos J. Pistiolis&nbsp;may&nbsp;not&nbsp;control less than&nbsp;50.1%&nbsp;of the voting
rights of the Company). It also restricts the CTA Predecessor from paying dividends if such a payment will result in an event of default
or in a breach of covenants under the loan agreement.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The facility bears interest at LIBOR plus a margin of&nbsp;3.00%.
The applicable LIBOR as of&nbsp;December 31, 2021<I>&nbsp;</I>was approximately&nbsp;0.10%.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">In [_____] 2022, we received approval from the lender
to amend this loan facility [subject to us, together with the Parent becoming joint guarantors of the facility] upon consummation of the
Spin-Off. We expect to enter into an amendment with the lender prior to the Spin-Off substantially in the form filed as an exhibit to
this registration statement. As of the date of this registration statement we are in compliance with all covenants in this facility.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>C.</B></TD>
    <TD><B>Research and development, patents and licenses, etc.</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>D.</B></TD>
    <TD><B>Trend Information </B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Our results of operations depend primarily on the charter
rates earned by our vessel. Over the course of 2021, the BDTI reached a high of 835 and a low of 492. Historically and even more so since
the start of the financial crisis in 2008 the performance of the BDTI has been characterized by high volatility.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Meanwhile, the war in Ukraine has amplified the volatility
in the tanker market with the BDTI ranging since the beginning of the year between 679 and 1,744. In the short term, the effect of the
invasion of Ukraine has been positive for the tanker market, yet the overall longer term effect on ton-mile demand is uncertain given
that cargoes exported previously from Russia will need to be substituted by cargoes from different sources due to the oil embargo enacted
by the United States, the European Union and the United Kingdom.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">In addition, the continuing war in Ukraine led to increased
economic uncertainty amidst fears of a more generalized military conflict or significant inflationary pressures, due to the increases
in fuel and grain prices following the sanctions imposed on Russia. Whether the present dislocation in the markets and resultant inflationary
pressures will transition to a long-term inflationary environment is uncertain, and the effects of such a development on charter rates,
vessel demand and operating expenses in the sector in which we operate are uncertain. As described above, the initial effect of the invasion
in Ukraine on the tanker freight market was positive, despite the short-term volatility in charter rates and increases on specific items
of operating costs, mainly in the context of increased crew costs. If these conditions are sustained, the longer-term net impact on the
tanker market and our business would be difficult to predict. However, such events may have unpredictable consequences, and contribute
to instability in global economy, a decrease in supply or cause a decrease in worldwide demand for certain goods and, thus, shipping.
Regarding the possible impact of supply chain disruptions that have or may emanate from the military conflict in Ukraine, our operations
have not been affected materially and we do not expect them to be in the future. The trading patterns of our vessel do not involve calling
at Russian or Ukrainian ports, while on the other hand our suppliers and service providers have so far not been subject to any restrictions
or disruptions in their operations.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Since its outbreak in late 2019, the COVID-19 pandemic
has caused severe global disruptions and may continue to affect the economic conditions regionally as well as globally and otherwise impact
our operations and the operations of our customers and suppliers. During the year ended December 31, 2021 we encountered certain prolonged
delays embarking and disembarking crew onto our vessel as a result of restrictions at ports placed by various countries due to COVID-19
as well as a slight increase in operating expenses relating to crew as well as an increase in fuel expenses during off-hires. While it
is still too early to fully assess the overall impact that COVID-19 will have on our financial condition and operations and on the tanker
industry in general, we assess that the tanker charter rates have been volatile as a result of COVID-19 and that the tanker industry in
general and our Company specifically are likely to continue to be exposed to volatility in the near term. However, there is still high
uncertainty on how the pandemic will evolve, with new variants emerging, forcing governments in affected countries to impose travel bans,
quarantines and other emergency public health measures depending on the severity of the situation on each case. The recent lockdowns in
certain cities in China have caused disruptions in the country&rsquo;s production and supply chain and further continuation or expansion
of these lockdowns may have an adverse impact on the global economy, including volatility in the tanker market. An increase in the severity
or duration or a resurgence of the COVID-19 pandemic could have an adverse impact on the Company&rsquo;s business, results of operations,
cash flows, financial condition, the carrying value of the Company&rsquo;s assets and the fair values of the Company&rsquo;s vessel, or
any vessels we may acquire.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>EBITDA</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">This registration statement
describes Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), which is not a measure prepared in accordance with
U.S. GAAP (i.e., a &ldquo;Non-US GAAP&rdquo; measure). We define EBITDA as earnings before interest, taxes, depreciation and amortization.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">EBITDA is a non-U.S. GAAP
financial measure that is used as a supplemental financial measure by management and external users of financial statements, such as investors,
to assess our financial and operating performance. We believe that this non-U.S. GAAP financial measure assists our management and investors
by increasing the comparability of our performance from period to period. This is achieved by excluding the potentially disparate effects
between periods of interest, taxes, depreciation and amortization, and which items are affected by various and possibly changing financing
methods, capital structure and historical cost basis and which items may significantly affect results of operations between periods.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">This Non-U.S. GAAP measure
should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP.
In evaluating EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments
in this presentation. Our definition of EBITDA may not be the same as reported by other companies in the shipping industry or other industries.
EBITDA does not represent and should not be considered as an alternative to operating income or cash flow from operations, as determined
by U.S. GAAP.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><U>Reconciliation of Net Income to EBITDA</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Year and period ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: justify">(Expressed in thousands of U.S. Dollars)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(222,234,246)">
    <TD STYLE="width: 74%; font-size: 10pt; font-weight: bold; text-align: justify">Net Income</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">-</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">3,480</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; 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: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&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: center">&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; padding-left: 10pt">Add: Vessel depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</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: center">1,425</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; padding-left: 10pt">Add: Interest and finance costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</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: center">849</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(222,234,246)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">EBITDA</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">5,754</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Performance Indicators</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The figures shown below are financial and non-financial
statistical metrics used by management to measure performance of our vessel, i. For the &ldquo;Fleet Data&rdquo; figures, there are no
comparable U.S. GAAP measures.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Fleet Data:</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: center">&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: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Calendar days</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center">234.4</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Available days</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: center">-</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: center">233.8</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: left">Operating days</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: center">-</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: center">230.0</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-size: 10pt; text-align: left">Fleet utilization</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: center">-</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: center">98.38%</TD><TD STYLE="font-size: 10pt; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&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: center">&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: center">&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-size: 10pt; font-weight: bold">Average Daily Results:</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: center">&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: center">&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: left">TCE rate</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: center">-</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"></TD><TD STYLE="font-size: 10pt; text-align: center">$33,142</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-size: 10pt; text-align: left">Daily Vessel Operating Expenses<SUP>(1)</SUP></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: center">-</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: center">$6,485</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>TCE rate</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Time charter equivalent rate, or TCE rate, is a measure of the average daily revenue performance
of a vessel. Our definition of TCE may not be the same as reported by other companies in the shipping industry or other industries. Our
method of calculating TCE rate is determined by dividing TCE revenues by operating days for the relevant time period. TCE revenues are
revenues minus voyage expenses. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage,
which would otherwise be paid by the charterer under a time charter contract, but are payable by us in the case of a voyage charter, as
well as commissions. TCE revenues and TCE rate, which are non-U.S. GAAP measures, provide additional supplemental information in conjunction
with shipping revenues, the most directly comparable U.S. GAAP measure. We use TCE rates and TCE revenues to compare period-to-period
changes in our performance and it assists investors and our management in evaluating our financial performance. The following table reconciles
our net revenues from vessel to TCE rate.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><I>(Expressed in U.S. Dollars)</I></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(222,234,246)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Net revenues from vessels</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center">$7,809,231</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Voyage expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">186,464</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(222,234,246)">
    <TD STYLE="font-size: 10pt; text-align: left">Time charter equivalent revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$&NegativeThickSpace;7,622,767</FONT></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">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&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: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(222,234,246)">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Operating days</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">-</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">230.0</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Daily time charter equivalent rate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</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"></TD><TD STYLE="font-size: 10pt; text-align: center">$33,142</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="text-align: justify">The following table reconciles our vessel operating expenses to Daily Vessel Operating Expenses. Daily operating expenses are derived by dividing total operating expenses by calendar days.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-bottom: 1pt">(In US Dollars)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&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; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&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: 74%; font-size: 10pt; text-align: left">Vessel operating expenses</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center">$1,520,174</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&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: center">&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-size: 10pt; font-style: italic; text-align: left">Calendar days</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">-</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">234.4</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Daily vessel operating expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</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"></TD><TD STYLE="font-size: 10pt; text-align: center">$6,485</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>E.</B></TD>
    <TD><B>Critical Accounting Estimates</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The discussion and analysis of our financial condition
and results of operations are&#9; based upon our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation
of those financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities,
revenues and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements. Actual results
may differ from these estimates under different assumptions and conditions.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Critical accounting estimates are those that reflect
significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions.
We have described below what we believe is our most critical accounting estimate, because it generally involves a comparatively higher
degree of judgment in its application. For a description of all our significant accounting policies, see Note 2 to our audited carve-out
financial statements included in this registration statement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Impairment of Long-lived Assets</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="background-color: white">Critical accounting
estimates are those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation
uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="background-color: white">We prepared our
carve-out financial statements in accordance with U.S. GAAP, which requires us to make estimates in the application of our accounting
policies based on our best assumptions, judgments and opinions. We base these estimates on the information currently available to us and
on various other assumptions we believe are reasonable under the circumstances. Actual results may differ from these estimates under different
assumptions or conditions. Following is a discussion of the accounting policies that involve a high degree of judgment and the methods
of their application. For a further description of our material accounting policies, please read Note 2 of the carve-out financial statements
included elsewhere in this registration statement.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="background-color: white">We evaluate the
existence of impairment indicators whenever events or changes in circumstances indicate that the carrying values of our long-lived assets
are not recoverable. Such indicators of potential impairment include, vessel sales and purchases, business plans and overall market conditions.
If there are indications for impairment present, we determine undiscounted projected net operating cash flows for each vessel and compare
it to the vessel&rsquo;s carrying value. If the carrying value of the related vessel exceeds its undiscounted future net cash flows, the
carrying value is reduced to its fair value.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The carrying values of our vessels may not represent
their fair market value at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter
rates and the cost of newbuildings.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Although we believe that the assumptions used to evaluate
potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long
charter rates and vessel values will remain at their current levels or whether they will improve or decrease by any significant degree.
Charter rates may be at depressed levels for some time, which could adversely affect our revenue and profitability, and future assessments
of vessel impairment.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In order to perform the undiscounted cash flow test,
we make assumptions about future charter rates, commissions, vessel operating expenses, dry-dock costs, fleet utilization, scrap rates
used to calculate estimated proceeds at the end of vessels&rsquo; useful lives and the estimated remaining useful lives of the vessels.
These assumptions are based on historical trends as well as future expectations. The projected net operating cash flows are determined
by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent
for the unfixed days (based on the ten year historical averages of the one-year, three-year and five-year time charter rates) over the
remaining useful life of each vessel, which we estimate to be 25 years from the date of initial delivery from the shipyard. Expected outflows
for scheduled vessels&rsquo; maintenance and vessel operating expenses are based on historical data, and adjusted annually assuming an
average annual inflation derived from the most recent twenty-year average consumer price index. Effective fleet utilization, average commissions,
dry-dock costs and scrap values are also based on historical data.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In Note 2 to our audited carve-out financial statements
included in this registration statement we discuss our policy for impairing the carrying value of our vessel. During the past year, the
market values of Suezmax tankers have increased and hence we believe that there are no indications for impairment of our vessel.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">As of December 31, 2021, based on third party valuations,
the basic charter-free market value of our operating vessel is higher than its carrying value by approximately 15%.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Our estimates of basic charter-free market value assume
that our vessel is in good and seaworthy condition without need for repair and if inspected would be certified in class without notations
of any kind. Our estimates are based on third party valuations from established shipbrokers.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Our vessel is currently employed under a long-term,
above-market time charter. For more information, see &ldquo;Business Overview&mdash;Our Fleet.&rdquo; We believe that in a sale of our
vessel with charter attached, we would receive a premium over the vessels&rsquo; charter-free market value.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px"><B>ITEM 6.</B></TD>
    <TD><B>DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>A.</B></TD>
    <TD>Directors and Senior Management</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Set forth below are the names, ages and positions of
our directors and executive officers following the Spin-Off. Members of our board of directors are elected annually on a staggered basis,
and each director elected holds office for a three-year term. Officers are elected from time to time by vote of our board of directors
and hold office until a successor is elected. The business address of each of our directors and executive officers listed below is 1 Vas.
Sofias and Meg. Alexandrou Str, 15124 Maroussi, Greece.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border-bottom: black 1pt solid"><B>Name</B></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: center"><B>Age</B></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 42%; border-bottom: black 1pt solid"><B>Position</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Evangelos J. Pistiolis</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">49</TD>
    <TD>&nbsp;</TD>
    <TD>Director, President, Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Alexandros Tsirikos</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">48</TD>
    <TD>&nbsp;</TD>
    <TD>Director, Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Konstantinos Patis</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">48</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Technical Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Vangelis G. Ikonomou</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">57</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Operating Officer</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>[_____]</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">[_____]</TD>
    <TD>&nbsp;</TD>
    <TD>Independent Non-Executive Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>[_____]</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">[_____]</TD>
    <TD>&nbsp;</TD>
    <TD>Independent Non-Executive Director</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>[_____]</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">[_____]</TD>
    <TD>&nbsp;</TD>
    <TD>Independent Non-Executive Director</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Biographical information with
respect to each of our directors and executives is set forth below.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B>Evangelos J. Pistiolis</B>&nbsp;will
be appointed a member of our board of directors and our President and Chief Executive Officer and has been the Parent&rsquo;s President
and Chief Executive Officer, and has served on the Parent&rsquo;s Board of Directors since July 2004. Mr. Pistiolis graduated from Southampton
Institute of Higher Education in 1999, where he studied shipping operations and from Technical University of Munich in 1994 with a bachelor&rsquo;s
degree in mechanical engineering. His career in shipping started in 1992 when he was involved with the day-to-day operations of a small
fleet of dry bulk vessels. From 1994 through 1995, he worked at Howe Robinson &amp; Co. Ltd., a London shipbroker specializing in container
vessels. While studying at the Southampton Institute of Higher Education, Mr. Pistiolis oversaw the daily operations of Compass United
Maritime Container Vessels, a ship management company located in Greece.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B>Alexandros Tsirikos</B>&nbsp;will
be appointed as a member of our board of directors and our President and Chief Executive Officer and has been the Parent&rsquo;s Chief
Financial Officer since April 1, 2009. Mr. Tsirikos is a U.K. qualified Chartered Accountant (ACA) and has been employed with the Parent
since July 2007 as its Corporate Development Officer. Prior to joining the Parent, Mr. Tsirikos was a manager with PricewaterhouseCoopers,
or PwC, where he worked as a member of the PwC Advisory team and the PwC Assurance team, thereby drawing experience both from consulting
as well as auditing. As a member of PwC&rsquo;s Advisory team, he led and participated in numerous projects in the public and the private
sectors, including strategic planning and business modeling, investment analysis and appraisal, feasibility studies, costing and project
management. As a member of the PwC&rsquo;s Assurance team, Mr. Tsirikos was part of the International Financial Reporting Standards, or
IFRS, technical team of PwC Greece and lead numerous IFRS conversion projects for listed companies. He holds a Master&rsquo;s of Science
in Shipping Trade and Finance from City University of London and a bachelor&rsquo;s degree with honors in Business Administration from
Boston University in the United States. He speaks English, French and Greek.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B>Konstantinos Patis</B>&nbsp;will
be appointed as our Chief Technical Officer effective as of the effective time of this registration statement and has served as the Parent&rsquo;s
Chief Technical Officer since January 2018. Mr. Patis holds a Master&rsquo;s of Science and a Bachelor&rsquo;s degree, both in Marine
Engineering from the University of Newcastle upon Tyne in the UK, as well as a Bachelor&rsquo;s degree in Naval Architecture from the
Technological Educational Institute of Athens, in Greece. He started his career in 1997 acting as a Superintendent Engineer, thereafter
as Fleet Manager and from 2014 as Technical Manager in various ship management companies in Greece, like Cyprus Sea Lines, Technomar Shipping,
Aeolian Investments, Arion Shipping operating diverse fleets of Tankers, Bulk Carriers and Containers and was involved in the technical
supervision, repairs, dry docks and construction of new projects.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B>Vangelis G. Ikonomou&nbsp;</B>will
be appointed as our Chief Technical Officer effective as of the effective time of this registration statement and is the Parent&rsquo;s
Chief Operating Officer. Prior to joining us, Mr. Ikonomou was the Commercial Director of Primal Tankers Inc. From 2000 to 2002, Mr. Ikonomou
worked with George Moundreas &amp; Company S.A. where he was responsible for the purchase and sale of second-hand vessels and initiated
and developed a shipping industry research department. Mr. Ikonomou worked, from 1993 to 2000, for Eastern Mediterranean Maritime Ltd.,
a ship management company in Greece, in the commercial as well as the safety and quality departments. Mr. Ikonomou holds a Master&rsquo;s
degree in Shipping Trade and Finance from the City University Business School in London, a bachelor&rsquo;s degree in Business Administration
from the University of Athens in Greece and a Navigation Officer Degree from the Higher State Merchant Marine Academy in Greece.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">[_____]</P>

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">[_____]</P>

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">[_____]</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our officers and the other individuals providing services
to us or our subsidiaries may face a conflict regarding the allocation of their time between our business and the other business interests
of the Parent or its affiliates. The amount of time our officers and such other individuals providing services to us will allocate between
our business and the business of the Parent and its affiliates will vary from time to time depending on various circumstances and needs
of the businesses, such as the level of strategic activity of each business. While there will be no formal requirements or guidelines
for the allocation of time spent between our business and the other businesses they are involved in, the performance of their duties will
be subject to the ongoing oversight of our board of directors.</P>

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">No family relationships exist among any of the directors and executive officers.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>B.</B></TD>
    <TD><B>Compensation</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Following the Spin-Off, we expect to pay aggregate cash
compensation of $[_____] million per year for the services of our executive officers and directors. Each director will be fully indemnified
by us for actions associated with being a director to the extent permitted under Marshall Islands law. We have not adopted, and do not
anticipate adopting an equity incentive plan and have not granted any awards to directors or officers of the Company. We do not have a
retirement plan for our officers or directors.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We will enter into an agreement with Central Mare Inc.,
or Central Mare, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our President, Chief Executive Officer and
Director, pursuant to which Central Mare will furnish our four executive officers as described below.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Under the terms of the agreement for the provision of
our four executive officers, we are obligated to pay we are obligated to pay annual base salary and additional incentive compensation
as determined by our Board of Directors. The initial term of the agreement will expire on [_____] and will be automatically extended for
successive one-year terms unless Central Mare or we provide notice of non-renewal at least sixty days prior to the expiration of the then
applicable term.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">If any of our officers&rsquo; employment is terminated
without cause, he is entitled to certain personal and household security costs. If he is removed from our Board of Directors or not re-elected,
then his employment terminates automatically without prejudice to Central Mare&rsquo;s rights to pursue damages for such termination.
In the event of a change of control, each officer is entitled to receive a cash payment of three years&rsquo; annual base salary. The
agreement also contains death and disability provisions for each officer. In addition, the officers are is subject to non-competition
and non-solicitation undertakings.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>C.</B></TD>
    <TD><B>Board Practices</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Our directors do not have service contracts and do not
receive any benefits upon termination of their directorships. Our board of directors has an audit committee, a compensation committee
and a nominating committee. Our board of directors has adopted a charter for each of these committees.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Audit Committee</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our audit committee consists of [_____] and [_____].
Our board of directors has determined that the members of the audit committee meet the applicable independence requirements of the Commission
and the [_____].</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The audit committee has powers and performs the functions
customarily performed by such a committee (including those required of such a committee by the [ ] and the Commission). The audit committee
is responsible for selecting and meeting with our independent registered public accounting firm regarding, among other matters, audits
and the adequacy of our accounting and control systems.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Compensation Committee</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our compensation committee consists of [_____] and [_____],
each of whom is an independent director. The compensation committee reviews and approves the compensation of our executive officers.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Nominating Committee</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our nominating committee consists of [_____] and [_____],
each of whom is an independent director. The nominating committee is responsible for overseeing the selection of persons to be nominated
to serve on our board of directors.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>D.</B></TD>
    <TD><B>Employees</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><FONT STYLE="background-color: white"></FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><FONT STYLE="background-color: white">We have no direct
employees while our four executive officers and a number of administrative employees are furnished to us pursuant to agreements with Central
Mare, as described below. Our Fleet Manager ensures that all seamen have the qualifications and licenses required to comply with international
regulations and shipping conventions, and that our vessels employ experienced and competent personnel. As of December 31, 2021, we employed
21 sea-going employees, indirectly through our Fleet Manager.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><B>E.</B></TD>
    <TD><B>Share Ownership</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">The common shares beneficially owned by our directors
and executive officers are disclosed below in &ldquo;Item 7. Major Shareholders and Related Party Transactions.&rdquo;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px"><B>ITEM 7.</B></TD>
    <TD><B>MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>A.&emsp;Major Shareholders</B></P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The following table sets forth information regarding
beneficial ownership of our voting securities, comprising our common shares, Series D Preferred Shares, Series E Preferred Shares, and
Series F Preferred Shares, immediately following the completion of the Spin-Off by each person or entity known by us to be the beneficial
owner of more than 5% of each class of our voting securities, each of our directors and executive officers, and all of our directors and
executive officers as a group. To the best of our knowledge, except as disclosed in the table below or with respect to our directors and
executive officers, we are not, and will not be following the Spin-Off, controlled, directly or indirectly, by another corporation, by
any foreign government or by any other natural or legal persons. All shareholders of common stock are entitled to one vote for each common
share held, holders of our Series D Preferred Shares are entitled to [1,000] votes per Series D Preferred Share held, holders of our Series
E Preferred Shares are entitled to [1,000] votes per Series E Preferred Share held, and holders of our Series F Preferred Shares are entitled
to [10] votes per Series F Preferred Share held.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Except as otherwise noted below, we based the share
amounts reported in the table below on each person&rsquo;s beneficial ownership of the Parent common shares on the date of this registration
statement, assuming the shareholding structure of the Parent immediately prior to the Spin-Off will be the same as its shareholding structure
as of the date of this registration statement, and giving effect to a distribution in the Spin-Off at the distribution ratio of one common
share for every [_____] common shares of Parent held by such person. As of September 7, 2022, the Parent had 56,723,820 shares of common
stock, 100,000 Series D Preferred Shares, 13,452 Series E Preferred Shares, and 6,334,442 Series F Preferred Shares outstanding. Information
for certain holders is based on their latest filings with the Securities and Exchange Commission with respect to beneficial ownership
of common shares of the Parent or information delivered to us.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 55%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Identity of Person or Group</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Shares Beneficially Owned</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: black 1pt solid">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Percent </B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>of </B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Class</B></P></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD>Lax Trust<SUP>(1)</SUP></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">
    <P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45pt">[_____] Series D Preferred Shares</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.45pt">[_____] Series E Preferred Shares</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">[_____] Common Shares<SUP>(2)</SUP></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">
    <P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25pt">100%</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25pt">100%</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">[_____]%</P></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom">Africanus Inc.<SUP>(3)</SUP></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">[_____] Series F Preferred Shares</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">100%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Directors and executive officers as a group*</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">[_____]</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">[_____]%</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Less than one percent.</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">(1)&nbsp;&nbsp;&nbsp; The Lax Trust is an irrevocable trust established for the benefit of certain family members of Mr. Evangelos J. Pistiolis, our President,
Chief Executive Officer and Director. The business address of the Lax Trust is Level 3, 18 Stanley Street, Auckland 1010, New Zealand.
Immediately following the completion of the Spin-Off, the [_____] Series E Preferred Shares held by Family Trading may be converted to
[_____] common shares.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">(2)&nbsp;&nbsp;&nbsp; Consisting of common shares issuable on exercise
of Series E Preferred Shares. Immediately following the completion of the Spin-Off, the [_____] Series E Preferred Shares held by Family
Trading beneficially owned by Lax Trust may be converted to [_____] common shares.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">(3)&nbsp;&nbsp;&nbsp;&nbsp;Africanus Inc. is an affiliate of Mr. Pistiolis.
The business address of Africanus Inc. is 11 Kanari Street, 10671 Athens, Greece.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Following the completion of the Spin-Off, we expect
to have [_____] shareholders of record, [_____] of which are located in the United States holding an aggregate of approximately [_____]
of our common shares, representing [_____]% of our outstanding common shares. However, one of the U.S. shareholders of record will be
Cede &amp; Co., a nominee of The Depository Trust Company, which will hold approximately [_____] of our common shares immediately following
the completion of the Spin-Off. Accordingly, we believe that the shares that will be held by Cede &amp; Co. will include common shares
beneficially owned by both holders in the United States and non-U.S. beneficial owners. We are not aware of any arrangements the operation
of which may at a subsequent date result in our change of control.</P>

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>B.&emsp;Related Party Transactions</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Right of First Refusal and Right of First Offer</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">We will enter into a rights of first refusal agreement
with the Parent prior to the Spin-Off where the Parent agrees that we will have a right of first refusal with respect to any opportunity
available to it to sell, acquire or charter-in any Suezmax vessel as well as with respect to chartering opportunities, other than short-term
charters with a term of 13 months or less, available to the Parent for Suezmax vessels. In addition, the Parent has granted us a right
of first offer over its remaining Suezmax fleet consisting of four Suezmax crude oil carriers currently owned by the Parent. Pursuant
to this right of first offer, we have the right, but not the obligation, to purchase one or all of the four identified vessels in the
event the Parent determines to sell the vessels, at fair market value at the time of sale.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Management Agreements</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Please see &ldquo;ITEM 4. Information on the Company
- B. Business Overview - Management of Our Fleet&rdquo; for a description of the management of our vessel, or any vessels we may acquire
from CSI and &ldquo;ITEM 6. Directors, Senior Management and Employees-B. Compensation.&rdquo; for a description of the terms under which
our officers are provided to us by Central Mare.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Contribution and Conveyance Agreement</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We will enter into the Contribution and Conveyance Agreement
with the Parent prior to the Spin-Off. Pursuant to the Contribution and Conveyance Agreement, the Parent will, immediately prior to the
Spin-Off, (i) contribute the CTA Predecessor, together with $1.0 million in working capital, to us in exchange for the shares to be distributed
in the Spin-Off and (ii) indemnify us and the CTA Predecessor for any and all obligations and other liabilities arising from or relating
to the operation, management or employment of our vessel prior to the effective date of the Spin-Off.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Exchange Agreement</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We will enter into an Exchange Agreement prior to the
Spin-Off pursuant to which Lax Trust, Africanus, Inc. and the Parent will agree that, in exchange for our Series D, Series E and Series
F Preferred Shares distributed to Lax Trust and Africanus, Inc., respectively, in the Spin-Off, an equivalent number of the outstanding
Series D, Series E and Series F preferred shares of the Parent will be cancelled. We have also agreed with the Lax Trust for them to waive
the provision that entitles the holder of Series E Preferred Shares to be granted a number of common shares in any share dividend or distribution
on an as-if-converted basis.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>C.&emsp;Interests of Experts and Counsel</B></P>

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

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px"><B>ITEM 8.</B></TD>
    <TD><B>FINANCIAL INFORMATION</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>A.&emsp;Carve-out Statements and Other Financial Information</B></P>

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

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">See Item 18.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Legal Proceedings</B></P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Various claims, suits, and complaints, including those
involving government regulations and product liability, arise in the ordinary course of the shipping business. We are not a party to any
material litigation where claims or counterclaims have been filed against us other than routine legal proceedings incidental to our business.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Dividend Policy</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The declaration, timing and amount of any dividend is
subject to the discretion of our board of directors and will be dependent upon our earnings, financial condition, market prospects, capital
expenditure requirements, investment opportunities, restrictions in our loan agreements, the provisions of the Marshall Islands law affecting
the payment of dividends to shareholders, overall market conditions and other factors. We have not declared any dividends since our inception.
Our board of directors may review and amend our dividend policy from time to time in light of our plans for future growth and other factors.
In addition, since we are a holding company with no material assets other than the shares of our subsidiary and affiliates through which
we conduct our operations, our ability to pay dividends will depend on our subsidiary and affiliates distributing to us their earnings
and cash flow. Our loan agreement imposes certain limitations on our ability to pay dividends and our subsidiary&rsquo;s ability to make
distributions to us.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>B.&emsp;Significant Changes</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">There have been no significant changes since the date
of the carve-out financial statements included in this registration statement, other than those described in note 11 &ldquo;Subsequent
events&rdquo; of such financial statements.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px"><B>ITEM 9.</B></TD>
    <TD><B>THE OFFER AND LISTING</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>A.&emsp;Offer and Listing Details</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">There currently is no existing public trading market
for our common shares. However, we have applied to have our common shares listed on the [_____] under the ticker symbol &ldquo;[_____].&rdquo;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>B.&emsp;Plan of Distribution</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our common shares will be distributed by the Parent
by the declaration and issuance of a distribution to holders of the Parent&rsquo;s common stock. The Spin-Off is conditioned on, among
other things, the approval of the Parent&rsquo;s board of directors and obtaining certain regulatory and third-party consents and approvals,
including the approval of our request for our common shares to be listed on the New York Stock Exchange or the Nasdaq Capital Market and
the effectiveness of this registration statement. As of September 7, 2022, the Parent has 56,723,820 shares of common stock outstanding.
The Parent may sell additional shares of common stock and it may have a greater number of shares outstanding on the Spin-Off record date;
but we do not expect the distribution ratio to change if this occurs.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The Spin-Off is not being underwritten by an investment
bank or otherwise. The purpose of the Spin-Off is described in the section of this registration statement entitled &ldquo;History and
Development of the Company.&rdquo; The Parent will pay any fees or other expenses incurred in connection with the Spin-Off and the application
for the listing of our common shares on the [_____]. We anticipate the aggregate fees and expenses in connection with the Spin-Off to
be approximately $[0.5 million].</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>C.&emsp;Markets</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our common shares are expected to be listed and traded
on the New York Stock Exchange or the Nasdaq Capital Market under the symbol&nbsp;&ldquo;[_____].&rdquo;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>D.&emsp;Selling Shareholders</B></P>

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

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>E.&emsp;Dilution</B></P>

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

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>F.&emsp;Expenses of the Issue</B></P>

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

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px"><B>ITEM 10.</B></TD>
    <TD><B>ADDITIONAL INFORMATION</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>A.&emsp;Share Capital</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The following is a summary of the description of our
capital stock and the material terms of our amended and restated articles of incorporation and bylaws which we will adopt prior to the
Spin-Off. Because the following is a summary, it does not contain all of the information that you may find useful. We refer you to our
amended and restated articles of incorporation and bylaws, which are filed as exhibits hereto and are incorporated herein by reference.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Authorized Capitalization</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Upon consummation of the spin-off, our authorized capital
stock will consist of 1,000,000,000 shares of common stock, par value $0.01, of which approximately [_____]&nbsp;shares will be issued
and outstanding, and 20,000,000 shares of preferred stock, par value $0.01, of which [_____] shares are designated Series D Preferred
Stock, [_____] shares are designated Series E Preferred Stock and [_____] shares are designated Series F Preferred Stock. All of our shares
of stock are in registered form.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Common Stock</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Each outstanding share of common stock entitles the
holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding
shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends, if any, declared by our board
of directors out of funds legally available for dividends. Upon our dissolution or liquidation or the sale of all or substantially all
of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation
preferences, if any, the holders of our common stock will be entitled to receive pro rata our remaining assets available for distribution.
Holders of common stock do not have conversion, redemption or preemptive rights to subscribe to any of our securities. The rights, preferences
and privileges of holders of common stock are subject to the rights of the holders of our preferred stock.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Prior to the Spin-Off, the Parent as our sole shareholder
will also approve the amendment of our amended and restated articles of incorporation to effect one or more reverse stock splits of the
shares of our common stock issued and outstanding at the time of the reverse split at a cumulative exchange ratio of between one-for-two
and one-for-five hundred, with our board of directors to determine, in its sole discretion, whether to implement any reverse stock split,
as well as the specific timing and ratio, within such approved range of ratios; provided that any such reverse stock split or splits are
implemented prior to the third anniversary of the Spin-Off. While our board of directors will exercise its sole discretion as to whether
and in what circumstances to effect any reverse stock split pursuant to this amendment of our amended and restated articles of incorporation,
the Parent&rsquo;s determination to approve such amendment is intended to provide us the means to maintain compliance with the continued
listing requirements of the [_____], in particular the bid price requirement, as well as to realize certain beneficial effects of a higher
trading price for our common shares, including the ability to appeal to certain investors and potentially increased trading liquidity.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">American Stock Transfer &amp; Trust Company, LLC is the transfer agent and
registrar for our common shares.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Preferred Stock</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our board of directors is authorized to provide for
the issuance of preferred stock in one or more series with designations as may be stated in the resolution or resolutions providing for
the issue of such preferred stock. At the time that any series of our preferred stock is authorized, our board of directors will fix the
dividend rights, any conversion rights, any voting rights, redemption provisions, liquidation preferences and any other rights, preferences,
privileges and restrictions of that series, as well as the number of shares constituting that series and their designation. Our board
of directors could, without shareholder approval, cause us to issue preferred stock which has voting, conversion and other rights and
preferences that could adversely affect the voting power and other rights of holders of our common shares and preferred shares, or make
it more difficult to effect a change in control. In addition, preferred stock could be used to dilute the share ownership of persons seeking
to obtain control of us and thereby hinder a possible takeover attempt which, if our shareholders were offered a premium over the market
value of their shares, might be viewed as being beneficial to our shareholders. The material terms of any series of preferred stock that
we offer through a prospectus supplement will be described in that prospectus supplement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Series D Preferred Stock</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The following description of the characteristics of
the Series D Preferred Shares is a summary and does not purport to be complete and is qualified by reference to the Statement of Designation
which is filed as an exhibit hereto and is incorporated herein by reference.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The Series D Preferred Stock
has the following characteristics:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Conversion.</I>&nbsp;The
Series D Preferred Shares are not convertible into common shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Voting.</I>&nbsp;Each Series
D Preferred Share has the voting power of [1,000] common shares. In order to satisfy the minimum percentage of voting of Mr. Evangelos
J. Pistiolis contained in the Alpha Bank facility as described above as well as any future such minimum voting rights covenants the voting
rights per share of Series D Preferred Shares are adjusted such that during the term of any facility containing such a minimum voting
percentage covenant, the combined voting power controlled by Mr. Evangelos J. Pistiolis or any related parties affiliated with Mr. Evangelos
J. Pistiolis and the Lax Trust does not fall below a majority of our total voting power, irrespective of any new common or preferred stock
issuances.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Distributions.</I>&nbsp;The
Series D Preferred Shares shall have no dividend or distribution rights.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Maturity.</I>&nbsp;The
Series D Preferred Shares shall expire and all outstanding Series D shares shall be redeemed by us for par value on the date that any
financing facility with any financial institution which requires that any member of the family of Mr. Evangelos J. Pistiolis maintains
a specific minimum ownership or voting interest (either directly and/or indirectly through companies or other entities beneficially owned
by any member of the Pistiolis family and/or trusts or foundations of which any member of the Pistiolis family are beneficiaries) of our
issued and outstanding common shares, respectively, are fully repaid or reach their maturity date. The Series D Preferred Shares shall
not be otherwise redeemable. Currently the senior secured loan with Alpha Bank has similar provisions that are satisfied via the existence
of the Series D Shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Liquidation, Dissolution
or Winding Up.</I>&nbsp;Upon any liquidation, dissolution or winding up of our Company, the Series D Preferred Shares shall have a liquidation
preference of $0.01 per share.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Series E Preferred Stock</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The following description of the characteristics of
the Series E Preferred Shares is a summary and does not purport to be complete and is qualified by reference to the Statement of Designation
which is filed as an exhibit hereto and is incorporated herein by reference.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0; background-color: white">The Series E Preferred Shares
have the following characteristics:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Conversion</I>.&nbsp;Each
holder of Series E Preferred Shares, at any time and from time to time, has the right, subject to certain conditions, to convert all or
any portion of the Series E Preferred Shares then held by such holder into the Issuer&rsquo;s Common Shares at the conversion rate then
in effect. Each Series E Preferred Share is convertible into the number of the Issuer&rsquo;s Common Shares equal to the quotient of $1,000
plus any accrued and unpaid dividends divided by the lesser of the following four prices (the &ldquo;Series E Conversion Price&rdquo;):
(i) $[_____], (ii) 80% of the lowest daily VWAP of the Issuer's Common Shares over the twenty consecutive trading days expiring on the
trading day immediately prior to the date of delivery of a conversion notice, (iii) the conversion price or exercise price per share of
any of the Issuer&rsquo;s then outstanding convertible shares or warrants, (iv) the lowest issuance price of the Issuer&rsquo;s Common
Shares in any transaction from the date of the issuance the Series E Perpetual Preferred Stock onwards, but in no event will the Series
E Conversion Price be less than $[0.60] (the &ldquo;Floor Price&rdquo;). The Floor Price is adjusted (decreased) in case of splits or
subdivisions of our outstanding shares and is not adjusted in case of reverse stock splits or combinations of our outstanding shares.
Finally, the Series E Conversion Price is subject to appropriate adjustment in the event of certain dividends and distributions, stock
combinations, reclassifications or similar events affecting the Common Shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Limitations of Conversion.</I>&nbsp;Holders
of the shares of Series E Preferred Shares shall be entitled to convert the Series E Preferred Shares in full, regardless of the beneficial
ownership percentage of the holder after giving effect to such conversion.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white; text-indent: 168.2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Voting</I>.&nbsp;The holders
of Series E Preferred Shares are entitled to the voting power of [one thousand (1,000)] of our common shares.&nbsp; The holders of Series
E Preferred Shares and the holders of our common shares shall vote together as one class on all matters submitted to a vote of our shareholders.
The holders of Series E Preferred Shares have no special voting rights and their consent shall not be required for taking any corporate
action.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Distributions</I>.&nbsp;The
holders of Series E Preferred Shares are entitled to receive certain dividends and distributions paid to holders of Common Shares on an
as-converted basis. Upon any liquidation, dissolution or winding up of our Company, the holders of Series E Preferred Shares shall be
entitled to receive the net assets of our Company pari passu with the Common Shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Redemption</I>.&nbsp;&nbsp;We
at our option shall have the right to redeem a portion or all of the outstanding Series E Preferred Shares. We shall pay an amount equal
to one thousand dollars ($1,000) per each Series E Preferred Shares, or the Liquidation Amount, plus a redemption premium equal to twenty
percent (20%) of the Liquidation Amount being redeemed, plus an amount equal to any accrued and unpaid dividends on such Preferred Shares
(collectively referred to as the &ldquo;Redemption Amount&rdquo;). In order to make a redemption, we shall first provide one business
day advance written notice to the holders of our intention to make a redemption, or the Redemption Notice, setting forth the amount it
desires to redeem. After receipt of the Redemption Notice, the holders shall have the right to elect to convert all or any portion of
its Series E Preferred Shares. Upon the expiration of the one business day period, we shall deliver to each holder the Redemption Amount
with respect to the amount redeemed after giving effect to conversions effected during the notice period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The Series E Preferred Shares
shall not be subject to redemption in cash at the option of the holders thereof under any circumstance.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Dividends.</I>&nbsp;The
holders of outstanding Series E Preferred Shares shall be entitled to receive out of funds legally available for the purpose, semi-annual
dividends payable in cash on the last day of June and December in each year (each such date being referred to herein as a &ldquo;Semi
Annual Dividend Payment Date&rdquo;), commencing on the first Semi Annual Dividend Payment Date in an amount per share (rounded to the
nearest cent) equal to fifteen percent (15%) per year of the liquidation amount of the then outstanding Series E Preferred Shares computed
on the basis of a 365-day year and the actual days elapsed.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Accrued but unpaid dividends
shall bear interest at fifteen percent (15%). Dividends paid on the Series E Preferred Shares in an amount less than the total amount
of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such
shares at the time outstanding. Our Board of Directors may fix a record date for the determination of holders of Series E Preferred Shares
entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more than 30 days prior to the
date fixed for the payment thereof.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Ranking</I>. All shares
of Series E Preferred Shares shall rank pari passu with all classes of our common shares.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Series F Preferred Stock</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The following description of the characteristics of
the Series F Preferred Shares is a summary and does not purport to be complete and is qualified by reference to the Statement of Designation
which is filed as an exhibit hereto and is incorporated herein by reference.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">The Series F Preferred Stock
has the following characteristics:</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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    <!-- Field: /Page -->

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Voting</I>.&nbsp; The holders
of Series F Preferred Shares are entitled to the voting power of [ten (10)] of our common shares per Series F Preferred Share.&nbsp; The
holders of Series F Preferred Shares and the holders of common shares shall vote together as one class on all matters submitted to a vote
of shareholders. Except as required by law, the holders of Series F Preferred Shares have no special voting rights and their consent shall
not be required for taking any corporate action.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Distributions</I>.&nbsp;Upon
any liquidation, dissolution or winding up of our Company, the holders of Series F Preferred Shares shall be entitled to receive the net
assets of the Company pari passu with the Common Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Redemption</I>.&nbsp;&nbsp;The
Company at its option shall have the right to redeem a portion or all of the outstanding Series F Preferred Shares. Upon an optional redemption,
the Company shall pay an amount equal to $10 per Series F Preferred Share redeemed (the &ldquo;Liquidation Amount&rdquo;), plus a redemption
premium of 20% of the Liquidation Amount. The Series F Preferred Shares include a mandatory redemption provision tied to minimum voting
requirements for the Company&rsquo;s major shareholders, including affiliates of the CEO, pursuant to which if such minimum voting rights
fall below 50% the Company is obliged to redeem the full amount of the then outstanding Series F Preferred Shares at a redemption premium
of 40%, as detailed in the Certificate of Designation for the Series F Preferred Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Dividends</I>.&nbsp;The
holders of outstanding Series F Preferred Shares shall be entitled to receive semi-annual dividends payable in cash at a rate of 13.5%
per year of the Liquidation Amount of the then outstanding Series F Preferred Shares. In addition, a one-time cash dividend equal to 4.0%
of the Liquidation Amount is payable to the Buyer 30 days following the issuance of Series F Preferred Shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><I>Ranking</I>. All shares
of Series F Preferred Shares shall rank pari passu with the Company&rsquo;s common shares.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Preferred Stock Purchase Rights</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Prior to the Spin-Off, we will enter into a Shareholders
Rights Agreement, or the Rights Agreement, with American Stock Transfer &amp; Trust Company, LLC, as Rights Agent.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Under the Rights Agreement, we will declare a dividend
payable of one preferred stock purchase right, or Right, for each share of common stock outstanding immediately prior to the Spin-Off.
Each Right entitles the registered holder to purchase from us one one-thousandth of a share of Series A Participating Preferred Stock,
par value $0.0001, at an exercise price of $40.00 per share. The Rights will separate from the common stock and become exercisable only
if a person or group acquires beneficial ownership of 15% or more of our common stock (including through entry into certain derivative
positions) in a transaction not approved by our board of directors. In that situation, each holder of a Right (other than the acquiring
person, whose Rights will become void and will not be exercisable) will have the right to purchase, upon payment of the exercise price,
a number of shares of our common stock having a then-current market value equal to twice the exercise price. In addition, if the Company
is acquired in a merger or other business combination after an acquiring person acquires 15% or more of our common stock, each holder
of the Right will thereafter have the right to purchase, upon payment of the exercise price, a number of shares of common stock of the
acquiring person having a then-current market value equal to twice the exercise price. The acquiring person will not be entitled to exercise
these Rights. Until a Right is exercised, the holder of a Right will have no rights to vote or receive dividends or any other shareholder
rights.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The Rights may have anti-takeover effects. The Rights
will cause substantial dilution to any person or group that attempts to acquire us without the approval of our board of directors. As
a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because our board
of directors can approve a redemption of the Rights or a permitted offer, the Rights should not interfere with a merger or other business
combination approved by our board of directors.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We have summarized the material terms and conditions
of the Rights Agreement and the Rights below. For a complete description of the Rights, we encourage you to read the Rights Agreement,
which we have filed as an exhibit hereto.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Detachment of the Rights</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The Rights are attached to all certificates representing
our currently outstanding common stock, or, in the case of uncertificated common shares registered in book entry form, which we refer
to as &ldquo;book entry shares,&rdquo; by notation in book entry accounts reflecting ownership, and will attach to all common stock certificates
and book entry shares we issue prior to the Rights distribution date that we describe below. The Rights are not exercisable until after
the Rights distribution date and will expire at the close of business on July 1, 2032, unless we redeem or exchange them earlier as we
describe below. The Rights will separate from the common stock and a Rights distribution date would occur, subject to specified exceptions,
on the earlier of the following two dates:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">the 10<SUP>th</SUP> day after public announcement that a person or group has acquired ownership of 15% or more of the Company&rsquo;s common stock; or</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">the 10<SUP>th</SUP> business day (or such later date as determined by the Company&rsquo;s board of directors) after a person or group announces a tender or exchange offer which would result in that person or group holding 15% or more of the Company&rsquo;s common stock.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&ldquo;Acquiring person&rdquo; is generally defined
in the Rights Agreement as any person, together with all affiliates or associates, who beneficially owns 15% or more of the Company&rsquo;s
common stock then outstanding. However, the Company, any subsidiary of the Company or any employee benefit plan of the Company or of any
subsidiary of the Company, any person holding shares of common stock for or pursuant to the terms of any such plan, or a passive institutional
investor, are excluded from the definition of &ldquo;acquiring person.&rdquo; Inadvertent owners that would otherwise become an acquiring
person, including those who would have this designation as a result of repurchases of common stock by us, will not become acquiring persons
as a result of those transactions.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our board of directors may defer the Rights distribution
date in some circumstances, and some inadvertent acquisitions will not result in a person becoming an acquiring person if the person promptly
divests itself of a sufficient number of shares of common stock.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Until the Rights distribution date: (i)&nbsp;the Rights
will be evidenced by the certificates for shares of Common Stock registered in the names of the holders thereof or, in the case of uncertificated
shares of Common Stock registered in book-entry form by notation in book entry accounts reflecting the ownership of such shares of Common
Stock (which certificates and Book Entry Shares, as applicable, shall also be deemed to be Rights Certificates) and not by separate Rights
Certificates and (ii)&nbsp;the right to receive Rights Certificates will be transferable only in connection with the transfer of shares
of Common Stock.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">As soon as practicable after the Distribution Date,
we will prepare, execute and send, or cause to be sent (and the Rights Agent will, if requested and provided with all necessary information
and documents, in the discretion of the Rights Agent, at the expense of the Company, send or cause to be sent) by first-class, postage-prepaid
mail, to each record holder of shares of Common Stock as of the Close of Business on the Distribution Date, at the address of such holder
shown on the records of the Company, or the transfer agent or registrar for the Common Stock, a Rights Certificate evidencing one Right
for each share of Common Stock so held.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We will not issue Rights with any shares of common stock
we issue after the Rights distribution date, except as our board of directors may otherwise determine.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Flip-In Event</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">If an Acquiring Person obtains beneficial ownership
of 15% or more of the Common Shares, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of
Common Shares (or, in certain circumstances, cash, property or other securities of the Company) having a then-current market value of
twice the Exercise Price. However, the Rights are not exercisable following the occurrence of the foregoing event until such time as the
Rights are no longer redeemable by the Company, as further described below under &ldquo;Redemption of Rights&rdquo;.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Following the occurrence of an event set forth in preceding
paragraph, all Rights that are or, under certain circumstances specified in the Rights Agreement, were beneficially owned by an Acquiring
Person or certain of its transferees will be null and void.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Flip-Over Event</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">If, after an Acquiring Person obtains 15% or more of
the Common Shares, (i)&nbsp;the Company merges into another entity; (ii)&nbsp;an acquiring entity merges into the Company; or (iii)&nbsp;the
Company sells or transfers 50% or more of its assets, cash flow or earning power, then each Right (except for Rights that have previously
been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of Common Shares of the
person engaging in the transaction having a then-current market value of twice the Exercise Price.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Anti-dilution</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We may adjust the purchase price of the Preferred Shares,
the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend,
a stock split, or a reclassification of the Preferred Shares or Common Shares. No adjustments to the Exercise Price of less than 1% will
be made.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Redemption of Rights</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We may redeem the Rights for $0.0001 per Right under
certain circumstances. If we redeem any Rights, we must redeem all of the Rights. Once the Rights are redeemed, the only right of the
holders of the Rights will be to receive the redemption price of $0.0001 per Right. The redemption price will be adjusted if we effect
a stock dividend or a stock split.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Exchange of Rights</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">After a person or group becomes an Acquiring Person,
but before an Acquiring Person owns 50% or more of the outstanding Common Shares, the our board of directors may extinguish the Rights
by exchanging one Common Share or an equivalent security for each Right, other than Rights held by the Acquiring Person. In certain circumstances,
we may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal to one Common Share.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Amendment of Terms of Rights</I></P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The terms of the Rights and the Rights Agreement may
be amended in any respect without the consent of the holders of the Rights on or prior to the Distribution Date. Thereafter, the terms
of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions, in order
to (i)&nbsp;cure any ambiguities; (ii)&nbsp;correct or supplement any provision contained in the Rights Agreement that may be defective
or inconsistent with any other provision therein; (iii)&nbsp;shorten or lengthen any time period pursuant to the Rights Agreement; or
(iv)&nbsp;make changes that do not adversely affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate
or associate of an Acquiring Person).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>B.&emsp;Memorandum and Articles of Association</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Information regarding the rights, preferences and restrictions
attaching to each class of our shares is described in the section entitled &ldquo;Item 10.A. &ndash; Share Capital&rdquo; above.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Our Amended and restated articles of incorporation and Bylaws</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The following description of our amended and restated
articles of incorporation and bylaws is a summary of the amended and restated articles of incorporation and bylaws that we intend to adopt
prior to the Spin-Off and is qualified by reference to our amended and restated articles of incorporation and bylaws which shall be filed
by amendment as an exhibit to this registration statement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Under our bylaws, annual shareholder meetings will be
held at a time and place selected by our board of directors. The meetings may be held in or outside of the Marshall Islands. Special meetings
of the shareholders, unless otherwise prescribed by law, may be called for any purpose or purposes at any time by the chairman of the
board of directors, a majority of the entire board of directors, or the chief executive officer. Notice of every annual and special meeting
of shareholders shall be given at least 15 but not more than 60 days before such meeting to each shareholder of record entitled to vote
thereat.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our directors are elected by the affirmative vote of
a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to vote in the election. Our amended
and restated articles of incorporation and bylaws do not provide for cumulative voting in the election of directors.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The board of directors must consist of at least one
member. Each director shall be elected to serve until the third succeeding annual meeting of shareholders and until his successor shall
have been duly elected and qualified, except in the event of his death, resignation, removal, or the earlier termination of his term of
office. The board of directors has the authority to fix the amounts which shall be payable to the members of our board of directors, and
to members of any committee, for attendance at any meeting or for services rendered to us.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Classified Board</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our amended and restated articles of incorporation provide
for the division of our board of directors into three classes of directors, with each class as nearly equal in number as possible, serving
staggered, three-year terms. Approximately one-third of our board of directors will be elected each year. This classified board provision
could discourage a third party from making a tender offer for our shares or attempting to obtain control of our company. It could also
delay shareholders who do not agree with the policies of the board of directors from removing a majority of the board of directors for
two years.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Election and Removal</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our bylaws require parties other than the board of directors
to give advance written notice of nominations for the election of directors. The entire board of directors or any individual director
may be removed, with cause, by the vote of two-thirds of the votes eligible to be cast by the holders of outstanding shares of our capital
stock then entitled to vote at an election of directors. No director may be removed without cause by either the shareholders or the board
of directors. Except as otherwise provided by applicable law, cause for the removal of a director shall be deemed to exist only if the
director whose removal is proposed: (i)&nbsp;has been convicted, or has been granted immunity to testify in any proceeding in which another
has been convicted, of a felony by a court of competent jurisdiction and that conviction is no longer subject to direct appeal; (ii)&nbsp;has
been found to have been negligent or guilty of misconduct in the performance of his duties to the Company in any matter of substantial
importance to the Company by (A) the affirmative vote of at least 80% of the directors then in office at any meeting of the board of directors
called for that purpose or (B) a court of competent jurisdiction; or (iii)&nbsp;has been adjudicated by a court of competent jurisdiction
to be mentally incompetent, which mental incompetence directly affects his ability to serve as a director of the Company. These provisions
may discourage, delay or prevent the removal of incumbent officers and directors.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Dissenters&rsquo; Rights of Appraisal and Payment</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Under the BCA, our shareholders generally have the right
to dissent from the sale of all or substantially all of our assets not made in the usual course of our business and receive payment of
the fair value of their shares. However, the right of a dissenting shareholder to receive payment of the appraised fair value of his shares
is not available under the BCA for the shares of any class or series of stock, which shares at the record date fixed to determine the
shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation,
were either (i)&nbsp;listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii)&nbsp;held of record
by more than 2,000 holders. In the event of any further amendment of our amended and restated articles of incorporation, a shareholder
also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares.
The dissenting shareholder must follow the procedures set forth in the BCA to receive payment.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Shareholders&rsquo; Derivative Actions</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Under the BCA, any of our shareholders may bring an
action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action
is a holder of common shares both at the time the derivative action is commenced and at the time of the transaction to which the action
relates. Our Bylaws provide that unless we consent in writing to the selection of alternative forum, the sole and exclusive forum for
(i) any shareholders&rsquo; derivative action or proceeding brought on behalf of us, (ii) any action asserting a claim of breach of a
fiduciary duty owed by any director, officer or other of our employees or our shareholders, (iii) any action asserting a claim arising
pursuant to any provision of the BCA, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be the High
Court of the Republic of the Marshall Islands, in all cases subject to the court&rsquo;s having personal jurisdiction over the indispensable
parties named as defendants. This provision of our Bylaws does not apply to actions arising under U.S. federal securities laws.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Anti-takeover Provisions of our Charter Documents</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Several provisions of our amended and restated articles
of incorporation and bylaws may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our
vulnerability to a hostile change of control and enhance the ability of our board of directors to maximize shareholder value in connection
with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could also discourage,
delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise, that a shareholder
may consider in its best interest and (2) the removal of incumbent officers and directors.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Limited Actions by Shareholders</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our bylaws provide that any action required or permitted
to be taken by our shareholders must be effected at an annual or special meeting of shareholders or by the unanimous written consent of
our shareholders.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our bylaws provide that the chairman of the board of
directors, a majority of the board of directors, or the chief executive officer may call special meetings of our shareholders and the
business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may be prevented
from calling a special meeting for shareholder consideration of a proposal over the opposition of our board of directors and shareholder
consideration of a proposal may be delayed until the next annual meeting.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our bylaws provide that shareholders seeking to nominate
candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their
proposal in writing. Our bylaws also specify requirements as to the form and content of a shareholder&rsquo;s notice. These provisions
may impede shareholders&rsquo; ability to bring matters before an annual meeting of shareholders or make nominations for directors at
an annual meeting of shareholders.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Blank Check Preferred Stock</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Under the terms of our amended and restated articles
of incorporation, our board of directors has authority, without any further vote or action by our shareholders, to issue up to 20,000,000
shares of blank check preferred stock. Our board of directors may issue shares of preferred stock on terms calculated to discourage, delay
or prevent a change of control of our company or the removal of our management.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Classified Board of Directors</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our amended and restated articles of incorporation
provide for a board of directors serving staggered, three-year terms. Approximately one-third of our board of directors will be elected
each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to
obtain control of the Company. It could also delay shareholders who do not agree with the policies of our board of directors from removing
a majority of our board of directors for two years.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Election and Removal of Directors</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our amended and restated articles of incorporation and
bylaws prohibit cumulative voting in the election of directors. Our bylaws require parties other than our board of directors to give advance
written notice of nominations for the election of directors. Our bylaws also provide that our directors may be removed only for cause
and only upon the affirmative vote of two-thirds of the votes eligible to be cast by holders of outstanding shares of our capital stock
then entitled to vote at an election of directors. These provisions may discourage, delay or prevent the removal of incumbent officers
and directors.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Super-Majority Approval Requirements</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our amended and restated articles of incorporation and
bylaws provide that the vote of two-thirds of the votes eligible to be cast by holders of outstanding shares of our capital stock then
entitled to vote at an election of directors is required to amend our bylaws or certain provisions of our amended and restated articles
of incorporation at any annual or special meeting of shareholders.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Business Combinations</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Although the BCA does not contain specific provisions
regarding &ldquo;business combinations&rdquo; between companies organized under the laws of the Marshall Islands and &ldquo;interested
shareholders,&rdquo; we will include these provisions in our amended and restated articles of incorporation. Specifically, our amended
and restated articles of incorporation will prohibit us from engaging in a &ldquo;business combination&rdquo; with certain persons for
three years following the date the person becomes an interested shareholder. Interested shareholders generally include:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>any person who is the beneficial owner of 15% or more of our issued and outstanding voting stock; or</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">any person who is our affiliate or associate and who held 15% or more of our issued and outstanding voting stock at any time within three years before the date on which the person&rsquo;s status as an interested shareholder is determined, and the affiliates and associates of such person.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">&bull;</TD>
    <TD>Subject to certain exceptions, a business combination includes, among other things:</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">&cir;</FONT></TD>
    <TD>certain mergers or consolidations of us or any direct or indirect majority-owned subsidiary of ours;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">&cir;</FONT></TD>
    <TD STYLE="text-align: justify">any sale, lease, exchange, mortgage, pledge, transfer or other disposition of our assets or of any subsidiary of ours having an aggregate market value equal to 10% or more of either the aggregate market value of all of our assets, determined on a combined basis, or the aggregate value of all of our issued and outstanding stock;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">&cir;</FONT></TD>
    <TD STYLE="text-align: justify">certain transactions that result in the issuance or transfer by us of any stock of ours to the interested shareholder;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">&cir;</FONT></TD>
    <TD STYLE="text-align: justify">any transaction involving us or any of our subsidiaries that has the effect of increasing the proportionate share of any class or series of stock, or securities convertible into any class or series of stock, of ours or any such subsidiary that is owned directly or indirectly by the interested shareholder or any affiliate or associate of the interested shareholder; and</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">&cir;</FONT></TD>
    <TD STYLE="text-align: justify">any receipt by the interested shareholder of the benefit directly or indirectly (except proportionately as a shareholder) of any loans, advances, guarantees, pledges or other financial benefits provided by or through us.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px">&bull;</TD>
    <TD STYLE="text-align: justify">These provisions of our&nbsp;&nbsp;amended and restated articles of incorporation do not apply to a business combination if:</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">&cir;</FONT></TD>
    <TD STYLE="text-align: justify">before a person became an interested shareholder, our board of directors approved either the business combination or the transaction in which the shareholder became an interested shareholder;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">&cir;</FONT></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">upon consummation of the transaction which resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of our voting stock issued and outstanding at the time the transaction commenced, other than certain excluded shares;</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&cir;</FONT></TD>
    <TD STYLE="text-align: justify">at or following the transaction in which the person became an interested shareholder, the business combination is approved by our board of directors and authorized at an annual or special meeting of shareholders, and not by written consent, by the affirmative vote of the holders of at least two-thirds of our issued and outstanding voting stock that is not owned by the interest shareholder;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">&cir;</FONT></TD>
    <TD STYLE="text-align: justify">the shareholder was or became an interested shareholder prior to the consummation of the transactions;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">&cir;</FONT></TD>
    <TD STYLE="text-align: justify">a shareholder became an interested shareholder inadvertently and (i)&nbsp;as soon as practicable divested itself of ownership of sufficient shares so that the shareholder ceased to be an interested shareholder; and (ii)&nbsp;would not, at any time within the three-year period immediately prior to a business combination between us and such shareholder, have been an interested shareholder but for the inadvertent acquisition of ownership; or</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">&cir;</FONT></TD>
    <TD STYLE="text-align: justify">the business combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required under our&nbsp;&nbsp;amended and restated articles of incorporation which (i)&nbsp;constitutes one of the transactions described in the following sentence; (ii)&nbsp;is with or by a person who either was not an interested shareholder during the previous three years or who became an interested shareholder with the approval of the board; and (iii)&nbsp;is approved or not opposed by a majority of the members of the board of directors then in office (but not less than one) who were directors prior to any person becoming an interested shareholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to:</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 81px">&nbsp;</TD>
    <TD STYLE="width: 27px">(i)</TD>
    <TD STYLE="text-align: justify">a merger or consolidation of us (except for a merger in respect of which, pursuant to the BCA, no vote of our shareholders is required);</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 81px">&nbsp;</TD>
    <TD STYLE="width: 27px">(ii)</TD>
    <TD STYLE="text-align: justify">a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of us or of any direct or indirect majority-owned subsidiary of ours (other than to any direct or indirect wholly-owned subsidiary or to us) having an aggregate market value equal to 50% or more of either the aggregate market value of all of our assets determined on a consolidated basis or the aggregate market value of all the issued and outstanding shares; or</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 81px">&nbsp;</TD>
    <TD STYLE="width: 27px">(iii)</TD>
    <TD STYLE="text-align: justify">a proposed tender or exchange offer for 50% or more of our issued and outstanding voting stock.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Certain Marshall Islands Company Considerations</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Our corporate affairs are governed by our amended and
restated articles of incorporation, bylaws and the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number
of states in the United States, including Delaware. While the BCA also provides that it is to be interpreted according to the laws of
the State of Delaware and other states with substantially similar legislative provisions, there have been few, if any, court cases interpreting
the BCA in the Marshall Islands, and we cannot predict whether Marshall Islands courts would reach the same conclusions as Delaware or
other courts in the United States. Accordingly, you may have more difficulty in protecting your interests under Marshall Islands law in
the face of actions by our management, directors or controlling shareholders than would shareholders of a corporation incorporated in
a U.S. jurisdiction that has developed a substantial body of case law. Furthermore, the Marshall Islands lacks a bankruptcy statute, and
in the event of any bankruptcy, insolvency, liquidation, dissolution, reorganization or similar proceeding involving the Company, the
bankruptcy laws of the United States or of another country having jurisdiction over the Company would apply. The following table provides
a comparison between certain statutory provisions of the BCA and the Delaware General Corporation Law relating to shareholders&rsquo;
rights.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Marshall Islands</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 48%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center"><B>Shareholder Meetings</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Held at a time and place as designated in the bylaws.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Special meetings of the shareholders may be called by the board of directors or by such person or persons as</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Special meetings of the shareholders may be called by the board of directors or by such person or persons as </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Marshall Islands</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">may be authorized by the articles of incorporation or by the bylaws.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">May be authorized by the certificate of incorporation or by the bylaws.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">May be held in or outside of the Marshall Islands.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">May be held in or outside of Delaware. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><I>Notice</I>:</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top"><I>Notice</I>:</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&emsp;Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, date and hour of the meeting and, unless it is an annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&emsp;Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&emsp;A copy of the notice of any meeting shall be given personally or sent by mail not less than 15 nor more than 60 days before the meeting.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&emsp;Written notice shall be given not less than 10 nor more than 60 days before the meeting.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center"><B>Shareholders&rsquo; Voting Rights</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Unless otherwise provided in the articles of incorporation, any action required by the BCA to be taken at a meeting of shareholders may be taken without a meeting if a consent or consents in writing, setting forth the action so taken, shall be signed by all the shareholders entitled to vote with respect to the subject matter thereof, or if the articles of incorporation so provide, by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Any action required to be taken by a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"></TD></TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Any person authorized to vote may authorize another person or persons to act for him by proxy.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Any person authorized to vote may authorize another person or persons to act for him by proxy.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Unless otherwise provided in the articles of incorporation or the bylaws, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist of fewer than one-third of the common shares entitled to vote at a meeting.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">For stock corporations, the certificate of incorporation or bylaws may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">The articles of incorporation may provide for cumulative voting in the election of directors.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">The certificate of incorporation may provide for cumulative voting in the election of directors. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><I>Removal</I>:</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top"><I>Removal</I>:</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font-size: 10pt; text-indent: -10pt; margin: 0pt 0">&emsp;If the articles of incorporation or the bylaws so provide, any or
    all of the directors may be removed without cause by vote of the shareholders.</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">&emsp;</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">Any or all of the directors may be removed for cause by vote of the shareholders. The articles
    of incorporation or the specific provisions of a bylaw may provide for such removal by action of the board.</P></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&emsp;Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote except: (1) unless the certificate of incorporation otherwise provides, in the case of a corporation whose board is classified, shareholders may effect such removal only for cause, or (2) if the corporation has cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such director&rsquo;s removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board of directors, or, if there be classes of directors, at an election of the class of directors of which such director is a part.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center"><B>Directors</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Number of board members can be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Number of board members shall be fixed by, or in a manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by amendment to the certificate of incorporation. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">The board of directors must consist of at least one member.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">The board of directors must consist of at least one member.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">If the board of directors is authorized to change the number of directors, it can only do so by a majority of the entire board of directors and so long as no decrease in the number shortens the term of any incumbent director.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center"></TD></TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center"><B>Dissenter&rsquo;s Rights of Appraisal</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Shareholders have a right to dissent from any plan of merger, consolidation or sale of all or substantially all assets not made in the usual course of business, and receive payment of the fair value of their shares. However, the right of a dissenting shareholder under the BCA to receive payment of the appraised fair value of his shares is not available for the shares of any class or series of stock, which shares at the record date fixed to determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation or any sale or exchange of all or substantially all assets, were either (i)&nbsp;listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii)&nbsp;held of record by more than 2,000 holders.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger or consolidation of corporations listed on a national securities exchange in which listed shares are the offered consideration or if such shares are held of record by more than 2,000 holders.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment:</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&emsp;Alters or abolishes any preferential right of any outstanding shares having preference; or</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&emsp;Creates, alters or abolishes any provision or right in respect to the redemption of any outstanding shares.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&emsp;Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&emsp;Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Marshall Islands</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 48%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center"><B>Shareholders&rsquo; Derivative Actions</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">An action may be brought in the right of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust certificates or of a beneficial interest in such shares or certificates. It shall be made to appear that the plaintiff is such a holder at the time the action is brought and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein devolved upon him by operation of law.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">In any derivative suit instituted by a shareholder or a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder&rsquo;s stock thereafter devolved upon such shareholder by operation of law.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">A complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board of directors or the reasons for not making such effort. Such action shall not be discontinued, compromised or settled without the approval of the High Court of the Republic of The Marshall Islands.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Reasonable expenses including attorneys&rsquo; fees may be awarded if the action is successful.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">A corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any class of stock and the common shares have a value of $50,000 or less.</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>C.&emsp;Material contracts</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Attached as exhibits to this registration statement
are the contracts we consider to be both material and outside the ordinary course of business and are to be performed in whole or in part
after the filing of this registration statement. We refer you to &ldquo;Item 4. Information on the Company &ndash; A. History and Development
of the Company,&rdquo; &ldquo;Item 4. Information on the Company &ndash; B. Business Overview,&rdquo; &ldquo;Item 5. Operating and Financial
Review and Prospects &ndash; B. Liquidity and Capital Resources,&rdquo; and &ldquo;Item 7. Major Shareholders and Related Party Transactions
&ndash; B. Related Party Transactions&rdquo; for a discussion of these contracts. Other than as discussed in this registration statement,
we have no material contracts, other than contracts entered into in the ordinary course of business, to which we are a party.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>D.&emsp;Exchange controls</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Under Marshall Islands law, there are currently no restrictions
on the export or import of capital, including foreign exchange controls, or restrictions that affect the remittance of dividends, interest
or other payments to non-resident holders of our common shares.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>E.&emsp;Taxation</B></P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The following is a discussion of the material Marshall
Islands and U.S. federal income tax considerations relevant to a U.S. Holder and a Non-U.S. Holder, each as defined below, with respect
to the ownership and disposition of our common shares. The discussion of U.S. federal income tax matters is based on the U.S. Internal
Revenue Code of 1986, as amended, or the Code judicial decisions, administrative pronouncements, and existing and proposed regulations
issued by the U.S. Department of the Treasury, or the Treasury Regulations, all of which are subject to change, possibly with retroactive
effect. This discussion does not purport to deal with the tax consequences of owning common shares to all categories of investors, some
of which, such as financial institutions, regulated investment companies, real estate investment trusts, tax-exempt organizations, insurance
companies, persons holding our common shares as part of a hedging, integrated, conversion or constructive sale transaction or a straddle,
traders in securities that have elected the mark-to-market method of accounting for their securities, persons liable for the alternative
minimum tax or the &ldquo;base erosion and anti-avoidance&rdquo; tax, dealers in securities or currencies, U.S. Holders, as defined below,
whose functional currency is not the U.S. dollar, persons required to recognize income for U.S. federal income tax purposes no later than
when such income is included on an &ldquo;applicable financial statement&rdquo; and investors that own, actually or under applicable constructive
ownership rules, 10% or more of our common shares, may be subject to special rules. This discussion deals only with holders who own hold
the common shares as a capital asset. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising
in your own particular situation under U.S. federal, state, local or non-U.S. law of the ownership of common shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Marshall Islands Tax Consequences</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We are incorporated in the
Republic of the Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, and no Marshall
Islands withholding tax will be imposed upon payments of dividends by us to our shareholders.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>U.S. Federal Income Taxation of Our Company</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Taxation of Operating Income: In General</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Unless exempt from U.S. federal income taxation under
the rules discussed below, a foreign corporation is subject to U.S. federal income taxation in respect of any income that is derived from
the use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, from the participation
in a pool, partnership, strategic alliance, joint operating agreement, cost sharing arrangement or other joint venture it directly or
indirectly owns or participates in that generates such income, or from the performance of services directly related to those uses, which
we refer to as &ldquo;shipping income,&rdquo; to the extent that the shipping income is derived from sources within the United States.
For these purposes, 50% of shipping income that is attributable to transportation that begins or ends, but that does not both begin and
end, in the United States constitutes income from sources within the United States, which we refer to as &ldquo;U.S.-source shipping income.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Shipping income attributable to transportation that
both begins and ends in the United States is considered to be 100% from sources within the United States. We are not permitted by law
to engage in transportation that produces income which is considered to be 100% from sources within the United States.</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Shipping income attributable to transportation exclusively
between non-U.S. ports will be considered to be 100% derived from sources outside the United States. Shipping income derived from sources
outside the United States will not be subject to any U.S. federal income tax.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In the absence of exemption from tax under Section
883 of the Code, our gross U.S.-source shipping income would be subject to a 4% tax imposed without allowance for deductions as described
below.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Exemption of Operating Income from U.S. Federal Income Taxation</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Under Section 883 of the Code and the regulations thereunder,
we will be exempt from U.S. federal income tax on our U.S.-source shipping income if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 48pt; text-align: right">(1)</TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify">we are organized in a foreign country, or our country of organization, that grants an &ldquo;equivalent
exemption&rdquo; to corporations organized in the United States; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 48pt; text-align: right">(2)</TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify">either</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 68pt; text-align: right">A.</TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify">more than 50% of the value of our stock is owned, directly or indirectly, by individuals
who are &ldquo;residents&rdquo; of our country of organization or of another foreign country that grants an &ldquo;equivalent exemption&rdquo;
to corporations organized in the United States (each such individual a &ldquo;qualified shareholder&rdquo; and such individuals collectively,
&ldquo;qualified shareholders&rdquo;), which we refer to as the &ldquo;50% Ownership Test,&rdquo; or</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 68pt; text-align: right">B.</TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify">our stock is &ldquo;primarily and regularly traded on an established securities market&rdquo;
in our country of organization, in another country that grants an &ldquo;equivalent exemption&rdquo; to U.S. corporations, or in the
United States, which we refer to as the &ldquo;Publicly-Traded Test.&rdquo;</TD>
</TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Marshall Islands, the jurisdiction where we and
the CTA Predecessor are incorporated, grants an &ldquo;equivalent exemption&rdquo; to U.S. corporations. Therefore, we will be exempt
from U.S. federal income tax with respect to our U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded Test
is met.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In order to satisfy the 50% Ownership Test, a non-U.S.
corporation must be able to substantiate that more than 50% of the value of its shares is owned, for at least half of the number of days
in the non-U.S. corporation&rsquo;s taxable year, directly or indirectly, by &ldquo;qualified shareholders.&rdquo; For this purpose, qualified
shareholders are: (1) individuals who are residents (as defined in the Treasury Regulations) of countries, other than the United States,
that grant an equivalent exemption, (2) non-U.S. corporations that meet the Publicly-Traded Test and are organized in countries that grant
an equivalent exemption, or (3) certain foreign governments, non-profit organizations, and certain beneficiaries of foreign pension funds.
In order for a shareholder to be a qualified shareholder, there generally cannot be any bearer shares in the chain of ownership between
the shareholder and the taxpayer claiming the exemption (unless such bearer shares are maintained in a dematerialized or immobilized book-entry
system as permitted under the Treasury Regulations). A corporation claiming the Section 883 exemption based on the 50% Ownership Test
must obtain all the facts necessary to satisfy the IRS that the 50% Ownership Test has been satisfied (as detailed in the Treasury Regulations).
The CTA Predecessor did not satisfy the 50% Ownership Test in 2021.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In order to satisfy the Publicly-Traded Test, Treasury
Regulations provide, in pertinent part, that stock of a foreign corporation will be considered to be &ldquo;primarily traded&rdquo; on
an established securities market if the number of shares of each class of stock that are traded during any taxable year on all established
securities markets in that country exceeds the number of shares in each such class that are traded during that year on established securities
markets in any other single country. Our common shares, which are our sole class of issued and outstanding stock that is traded, is and
we anticipate will continue to be &ldquo;primarily traded&rdquo; on the [_____]. In order to satisfy the Publicly-Traded Test, Treasury
Regulations also require that our stock be &quot;regularly traded&quot; on an established securities market. Under the Treasury Regulations,
our stock will be considered to be &quot;regularly traded&quot; if one or more classes of our stock representing more than 50% of our
outstanding shares, by total combined voting power of all classes of stock entitled to vote and by total combined value of all classes
of stock, are listed on one or more established securities markets, which we refer to as the &quot;listing threshold.&quot; Our Parent&rsquo;s
common stock, which is listed on the Nasdaq Capital Market and is our Parent&rsquo;s only class of publicly-traded stock, did not constitute
more than 50% of our Parent&rsquo;s outstanding shares by vote for the 2021 taxable year, and accordingly, our Parent did not satisfy
the listing threshold for the 2021 taxable year.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Therefore, neither our Parent nor the CTA Predecessor
satisfied the requirements for the Section 883 exemption in 2021.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Taxation in the Absence of Exemption under Section 883 of the Code</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">To the extent the benefits of Section 883 of the Code
are unavailable, our U.S.-source shipping income, to the extent not considered to be &ldquo;effectively connected&rdquo; with the conduct
of a U.S. trade or business, as described below, would be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without
the benefit of deductions, which we refer to as the &ldquo;4% gross basis tax regime.&rdquo; Since under the sourcing rules described
above, no more than 50% of our shipping income would be treated as being derived from U.S. sources, the maximum effective rate of U.S.
federal income tax on our shipping income would never exceed 2% under the 4% gross basis tax regime. The amount of this tax for our CTA
Predecessor&rsquo;s 2021 taxable year was approximately $20,000.</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">To the extent the benefits of the exemption under Section
883 of the Code are unavailable and our U.S.-source shipping income is considered to be &ldquo;effectively connected&rdquo; with the conduct
of a U.S. trade or business, as described below, any such &ldquo;effectively connected&rdquo; U.S.-source shipping income, net of applicable
deductions, would be subject to the U.S. federal corporate income tax imposed at a current rate of 21%. In addition, we may be subject
to the 30% &ldquo;branch profits&rdquo; tax on earnings effectively connected with the conduct of such U.S. trade or business, as determined
after allowance for certain adjustments.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Our U.S.-source shipping income would be considered
&ldquo;effectively connected&rdquo; with the conduct of a U.S. trade or business only if:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px">&#9679;</TD>
    <TD STYLE="vertical-align: top">We have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px">&#9679;</TD>
    <TD STYLE="vertical-align: top">substantially all of our U.S.-source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States, or is leasing income that is attributable to such fixed place of business in the United States.</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">We do not currently have, nor intend to have or permit
circumstances that would result in having, any vessel operating to the United States on a regularly scheduled basis. Based on the foregoing
and on the expected mode of our shipping operations and other activities, we believe that none of our U.S.-source shipping income will
be &ldquo;effectively connected&rdquo; with the conduct of a U.S. trade or business.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>U.S. Taxation of Gain on Sale of Vessels</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Regardless of whether we qualify for exemption under
Section 883 of the Code, we will not be subject to U.S. federal income taxation with respect to gain realized on a sale of a vessel, provided
the sale is considered to occur outside of the United States under U.S. federal income tax principles. In general, a sale of a vessel
will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the
vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by us will be considered to occur outside
of the United States or will otherwise not be subject to U.S. federal income taxation.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>U.S. Federal Income Taxation of U.S. Holders</I></B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="background-color: white">As used herein, the term &ldquo;U.S. Holder&rdquo; means
a beneficial owner of our common shares that</FONT></P>

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

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0pt 0">is a U.S. citizen or resident, U.S. corporation or other U.S. entity taxable as a corporation, an estate the
income of which is subject to U.S. federal income taxation regardless of its source, or a trust (i) if a court within the United States
is able to exercise primary jurisdiction over the administration of the trust and one or more U.S. persons have the authority to control
all substantial decisions of the trust or (ii) the trust has in effect a valid election to be treated as a United States person for U.S.
federal income tax purposes;</LI>

</UL>

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

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0pt 0">owns the common shares as a capital asset, generally, for investment purposes; and</LI>

</UL>

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

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0pt 0">owns less than 10% of the Parent&rsquo;s common shares for U.S. federal income tax purposes.</LI>

</UL>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I></I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">If a partnership holds our common shares, the
tax treatment of a partner of such partnership will generally depend upon the status of the partner and upon the activities of the partnership.
If you are a partner in a partnership holding our common shares, you are encouraged to consult your tax advisor.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>Distributions</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Subject to the discussion
of passive foreign investment companies, or PFIC, below, any distributions made by us with respect to our common shares to a U.S. Holder
will generally constitute dividends to the extent of our current or accumulated earnings and profits, as determined under U.S. federal
income tax principles. Distributions in excess of such earnings and profits will be treated first as a nontaxable return of capital to
the extent of the U.S. Holder&rsquo;s tax basis in his common shares on a dollar-for-dollar basis and thereafter as capital gain. Because
we are not a U.S. corporation, U.S. Holders that are corporations will not be entitled to claim a dividends received deduction with respect
to any distributions they receive from us. Dividends paid with respect to our common shares will generally be treated as &ldquo;passive
category income&rdquo; for purposes of computing allowable foreign tax credits for U.S. foreign tax credit purposes.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white">Dividends paid on our common
shares to a U.S. Holder who is an individual, trust or estate (a &ldquo;U.S. Non-Corporate Holder&rdquo;) will generally be treated as
&ldquo;qualified dividend income&rdquo; that is taxable to such U.S. Non-Corporate Holder at preferential tax rates provided that (1)
the common shares are readily tradable on an established securities market in the United States (such as the [_____] on which our common
shares are expected to be listed); (2) we are not a PFIC for the taxable year during which the dividend is paid or the immediately preceding
taxable year (as discussed in more detail below); (3) the U.S. Non-Corporate Holder has owned the common shares for more than 60 days
in the 121-day period beginning 60 days before the date on which the common shares become ex-dividend; and (4) the U.S. Non-Corporate
Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We believe that the CTA Predecessor
was not a PFIC for its 2021 taxable year and we do not expect to be treated as a PFIC in the current or subsequent taxable years. If we
were treated as a PFIC in a given year, any dividends paid by us during that year or the following year generally will not be treated
as &ldquo;qualified dividend income&rdquo; in the hands of a U.S. Non-Corporate Holder. Any dividends we pay which are not eligible for
the preferential rates applicable to &ldquo;qualified dividend income&rdquo; will be taxed as ordinary income to a U.S. Non-Corporate
Holder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Special rules may apply to
any &ldquo;extraordinary dividend,&rdquo; generally, a dividend paid by us in an amount which is equal to or in excess of 10% of a shareholder&rsquo;s
adjusted tax basis in (or, in certain circumstances, fair market value of) a common share or dividends received within a one-year period
that, in the aggregate, equal or exceed 20% of a shareholder&rsquo;s adjusted tax basis (or fair market value upon the shareholder&rsquo;s
election) in a common share. If we pay an &ldquo;extraordinary dividend&rdquo; on our common shares that is treated as &ldquo;qualified
dividend income,&rdquo; then any loss derived by a U.S. Non-Corporate Holder from the sale or exchange of such common shares will be treated
as long-term capital loss to the extent of such dividend.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>Sale, Exchange or other Disposition of Common
shares</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Subject to the discussion
of our status as a PFIC below, a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition
of our common shares in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other
disposition and the U.S. Holder&rsquo;s tax basis in such stock. Such gain or loss will be treated as long-term capital gain or loss if
the U.S. Holder&rsquo;s holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain
or loss will generally be treated as U.S.-source income or loss, as applicable, for U.S. foreign tax credit purposes. A U.S. Holder&rsquo;s
ability to deduct capital losses is subject to certain limitations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>3.8% Tax on Net Investment Income</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">A U.S. Holder that is an individual,
estate, or, in certain cases, a trust, will generally be subject to a 3.8% tax on the lesser of (1) the U.S. Holder&rsquo;s net investment
income for the taxable year and (2) the excess of the U.S. Holder&rsquo;s modified adjusted gross income for the taxable year over a certain
threshold (which in the case of individuals is between $125,000 and $250,000).&nbsp; A U.S. Holder&rsquo;s net investment income will
generally include distributions made by us which constitute a dividend for U.S. federal income tax purposes and gain realized from the
sale, exchange or other disposition of our common shares.&nbsp; This tax is in addition to any income taxes due on such investment income.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">If you are a U.S. Holder that
is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of the 3.8% tax on net
investment income to the ownership and disposition of our common shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>Passive Foreign Investment Company Status and
Significant Tax Consequences</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Special U.S. federal income
tax rules apply to a U.S. Holder that holds stock in a foreign corporation classified as a PFIC for U.S. federal income tax purposes.
In general, we will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such holder held our common shares,
either</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest,
capital gains and rents derived other than in the active conduct of a rental business); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at least 50% of the average value of the assets held by the corporation during such taxable year produce, or are held for the production
of, passive income.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">For purposes of determining
whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any
of our subsidiary corporations in which we own at least 25% of the value of the subsidiary&rsquo;s stock. Income earned, or deemed earned,
by us in connection with the performance of services would not constitute &ldquo;passive income&rdquo; for these purposes. By contrast,
rental income would generally constitute &ldquo;passive income&rdquo; unless we were treated under specific rules as deriving our rental
income in the active conduct of a trade or business.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In general, income derived
from the bareboat charter of a vessel will be treated as &ldquo;passive income&rdquo; for purposes of determining whether we are a PFIC
and such vessel will be treated as an asset which produces or is held for the production of &ldquo;passive income.&rdquo;&nbsp; On the
other hand, income derived from the time charter of a vessel should not be treated as &ldquo;passive income&rdquo; for such purpose, but
rather should be treated as services income; likewise, a time chartered vessel should generally not be treated as an asset which produces
or is held for the production of &ldquo;passive income.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">We believe that the CTA Predecessor
was not a PFIC for its 2021 taxable year because it had no bareboat chartered-out vessels and consequently no gross income from vessels
on bareboat charter. Furthermore, based on our current assets and activities, we do not believe that we will be a PFIC for the subsequent
taxable years. Although there is no legal authority directly on point, and we are not relying upon an opinion of counsel on this issue,
our belief is based principally on the position that, for purposes of determining whether we are a passive foreign investment company,
the gross income we derive or are deemed to derive from the time chartering and voyage chartering activities of our wholly-owned subsidiaries
should constitute services income, rather than rental income. Correspondingly, such income should not constitute passive income, and the
assets that we or our wholly-owned subsidiaries own and operate in connection with the production of such income, in particular, the vessels,
should not constitute passive assets for purposes of determining whether we were a passive foreign investment company. We believe there
is substantial legal authority supporting our position consisting of case law and IRS pronouncements concerning the characterization of
income derived from time charters and voyage charters as services income for other tax purposes. However, in the absence of any legal
authority specifically relating to the statutory provisions governing passive foreign investment companies, the IRS or a court could disagree
with our position. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a passive foreign investment
company with respect to any taxable year, we cannot assure you that the nature of our operations will not change in the future.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">If we are a PFIC for any taxable
year, a U.S. Holder will be treated as owning his proportionate share of the stock of any of our subsidiaries which is a PFIC.&nbsp; The
PFIC rules discussed below will apply on a company-by-company basis with respect to us and each of our subsidiaries which is treated as
a PFIC.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">As discussed more fully below,
if we were to be treated as a PFIC for any taxable year, a U.S. Holder would be subject to different U.S. federal income taxation rules
depending on whether the U.S. Holder makes an election to treat us as a &ldquo;Qualified Electing Fund,&rdquo; which election is referred
to as a &ldquo;QEF Election.&rdquo; As discussed below, as an alternative to making a QEF Election, a U.S. Holder should be able to make
a &ldquo;mark-to-market&rdquo; election with respect to our common shares, which election is referred to as a &ldquo;Mark-to-Market Election&rdquo;.
A U.S. Holder holding PFIC shares that does not make either a &ldquo;QEF Election&rdquo; or &ldquo;Mark-to-Market Election&rdquo; will
be subject to the Default PFIC Regime, as defined and discussed below in &ldquo;Taxation&mdash;U.S. Federal Income Taxation of U.S. Holders&mdash;Taxation
of U.S. Holders Not Making a Timely QEF or &ldquo;Mark-to-Market&rdquo; Election.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">If we were to be treated as
a PFIC, a U.S. Holder would be required to file IRS Form 8621 to report certain information regarding us.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><B>A U.S. Holder who held
our common shares during any period in which we were treated as a PFIC and who neither made a QEF Election nor a Mark-to-Market Election
may continue to be subject to the Default PFIC Regime, notwithstanding that we are no longer a PFIC. If you are a U.S. Holder who held
our common shares during any period in which we were a PFIC but failed to make either of the foregoing elections, you are strongly encouraged
to consult your tax advisor regarding the U.S. federal income tax consequences to you of holding our common shares in periods in which
we are no longer a PFIC.</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>The QEF Election</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">If a U.S. Holder makes a timely
QEF Election, which U.S. Holder we refer to as an &ldquo;Electing Holder,&rdquo; the Electing Holder must report each year for United
States federal income tax purposes his pro rata share of our ordinary earnings and our net capital gain, if any, for our taxable year
that ends with or within the taxable year of the Electing Holder, regardless of whether or not distributions were made by us to the Electing
Holder. The Electing Holder&rsquo;s adjusted tax basis in the common shares will be increased to reflect taxed but undistributed earnings
and profits. Distributions of earnings and profits that had been previously taxed will result in a corresponding reduction in the adjusted
tax basis in the common shares and will not be taxed again once distributed. An Electing Holder would generally recognize capital gain
or loss on the sale, exchange or other disposition of our common shares. A U.S. Holder would make a QEF Election with respect to any year
that our company is a PFIC by filing one copy of IRS Form 8621 with his United States federal income tax return and a second copy in accordance
with the instructions to such form. It should be noted that if any of our subsidiaries is treated as a corporation for U.S. federal income
tax purposes, a U.S. Holder must make a separate QEF Election with respect to each such subsidiary.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>Taxation of U.S. Holders Making a&nbsp;</I>&ldquo;<I>Mark-to-Market</I>&rdquo;<I>&nbsp;Election</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><U>Making the Election</U>.&nbsp;
Alternatively, if, as is anticipated, our common shares are treated as &ldquo;marketable stock,&rdquo; a U.S. Holder would be allowed
to make a Mark-to-Market Election with respect to the common shares, provided the U.S. Holder completes and files IRS Form 8621 in accordance
with the relevant instructions and related Treasury Regulations.&nbsp; The common shares will be treated as &ldquo;marketable stock&rdquo;
for this purpose if they are &ldquo;regularly traded&rdquo; on a &ldquo;qualified exchange or other market.&rdquo;&nbsp; The common shares
will be &ldquo;regularly traded&rdquo; on a qualified exchange or other market for any calendar year during which they are traded (other
than in de minimis quantities) on at least 15 days during each calendar quarter.&nbsp; The [_____] should be treated as a &ldquo;qualified
exchange or other market&rdquo; for this purpose.&nbsp; However, it should be noted that a separate Mark-to-Market Election would need
to be made with respect to each of our subsidiaries which is treated as a PFIC.&nbsp; The stock of these subsidiaries is not expected
to be &ldquo;marketable stock.&rdquo;&nbsp; Therefore, a &ldquo;mark-to-market&rdquo; election is not expected to be available with respect
to these subsidiaries.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><U>Current Taxation and Dividends</U>.&nbsp;
If the Mark-to-Market Election is made, the U.S. Holder generally would include as ordinary income in each taxable year the excess, if
any, of the fair market value of the common shares at the end of the taxable year over such U.S. Holder&rsquo;s adjusted tax basis in
the common shares.&nbsp; The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder&rsquo;s
adjusted tax basis in its common shares over their fair market value at the end of the taxable year, but only to the extent of the net
amount previously included in income as a result of the Mark-to-Market Election.&nbsp; Any income inclusion or loss under the preceding
rules should be treated as gain or loss from the sale of common shares for purposes of determining the source of the income or loss.&nbsp;
Accordingly, any such gain or loss generally should be treated as U.S.-source income or loss for U.S. foreign tax credit limitation purposes.&nbsp;
A U.S. Holder&rsquo;s tax basis in his common shares would be adjusted to reflect any such income or loss amount.&nbsp; Distributions
by us to a U.S. Holder who has made a Mark-to-Market Election generally will be treated as discussed above under &ldquo;Taxation&mdash;U.S.
Federal Income Taxation of U.S. Holders&mdash;Distributions.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white"><U>Sale, Exchange or Other
Disposition</U>.&nbsp; Gain realized on the sale, exchange, redemption or other disposition of the common shares would be treated as ordinary
income, and any loss realized on the sale, exchange, redemption or other disposition of the common shares would be treated as ordinary
loss to the extent that such loss does not exceed the net mark-to-market gains previously included in income by the U.S. Holder.&nbsp;
Any loss in excess of such previous inclusions would be treated as a capital loss by the U.S. Holder.&nbsp; A U.S. Holder&rsquo;s ability
to deduct capital losses is subject to certain limitations.&nbsp; Any such gain or loss generally should be treated as U.S.-source income
or loss for U.S. foreign tax credit limitation purposes.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>Taxation of U.S. Holders Not Making a Timely
QEF or&nbsp;</I>&ldquo;<I>Mark-to-Market</I>&rdquo;<I>&nbsp;Election</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Finally, a U.S. Holder who
does not make either a QEF Election or a Mark-to-Market Election with respect to any taxable year in which we are treated as a PFIC, or
a U.S. Holder whose QEF Election is invalidated or terminated, or a Non-Electing Holder, would be subject to special rules, or the Default
PFIC Regime, with respect to (1) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on
the common shares in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three
preceding taxable years, or, if shorter, the Non-Electing Holder&rsquo;s holding period for the common shares), and (2) any gain realized
on the sale, exchange, redemption or other disposition of the common shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Under the Default PFIC Regime:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the excess distribution or gain would be allocated ratably over the Non-Electing Holder&rsquo;s aggregate
holding period for the common shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to the current taxable year and any taxable year before we became a PFIC would be
taxed as ordinary income; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to each of the other taxable years would be subject to tax at the highest rate of
tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be
imposed with respect to the resulting tax attributable to each such other taxable year.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Any distributions other than
&ldquo;excess distributions&rdquo; by us to a Non-Electing Holder will be treated as discussed above under &ldquo;Taxation&mdash;U.S.
Federal Income Taxation of U.S. Holders&mdash;Distributions.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">These penalties would not
apply to a pension or profit sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in
connection with its acquisition of the common shares.&nbsp; If a Non-Electing Holder who is an individual dies while owning the common
shares, such Non-Electing Holder&rsquo;s successor generally would not receive a step-up in tax basis with respect to the common shares.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>U.S. Federal Income Tax Treatment of the Spin-Off</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">Generally, any cash and the fair market value of property,
such as the Company&rsquo;s common shares in the hands of another corporation, that is distributed by such corporation will be treated
as a distribution, as described below. However, under Section 355 of the Code, a company may undergo a corporate division, such as the
Spin-Off, and distribute stock of a controlled corporation, such as the Company when it was wholly-owned by the Parent, on a tax-free
basis if both the distributing and controlled corporations are treated as having been engaged in the conduct of an active trade or business
for the prior five years and certain other requirements are met. The Company and the Parent intend to take the position that they are
unable to satisfy all of the requirements imposed by Section 355 of the Code to treat the Spin-Off as a tax-free corporate division for
U.S. federal income tax purposes.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">If the Company and the Parent were able to satisfy the
requirements of the Section 355 of the Code, U.S. Holders that receive the Company&rsquo;s common shares in the Spin-Off would not be
treated as receiving a taxable dividend, as described below, and a U.S. Holder that received the Company&rsquo;s common shares would generally
be required to allocate a portion of such holder&rsquo;s tax basis in its Parent common stock to the Company&rsquo;s common shares the
holder received in the Spin-Off. The amount of that basis should be allocated in proportion to the relevant fair market values of the
Parent&rsquo;s common stock and the Company&rsquo;s common shares.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The remainder of this discussion will assume that the
Spin-Off will not qualify as a tax-free corporate division for U.S. federal income tax purposes. U.S. Holders that receive the Company&rsquo;s
common shares and cash in lieu of fractional shares in the Spin-Off will be treated as receiving a distribution from the Parent. The fair
market value of the Company&rsquo;s common shares distributed will be treated as a dividend to the extent of the Parent&rsquo;s current
and accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent the Spin-Off represents a
distribution in excess of such current and accumulated earnings or profits, for a U.S. Holder of the Parent&rsquo;s common stock, the
fair market value of the Company&rsquo;s common shares distributed will be treated first as a non-taxable return of capital dollar-for-dollar
until such holder&rsquo;s tax basis is $0, and thereafter as capital gain. Because the Parent is not a United States corporation, U.S.
Holders that are corporations will generally not be entitled to claim a dividends received deduction with respect to any distributions
such corporate U.S. Holders receive. U.S. Holders&rsquo; basis in the Company&rsquo;s common shares received in the Spin-Off will be equal
to the fair market value as of the date of distribution of such shares. Please consult your personal tax advisor regarding the U.S. federal
income tax consequences of the Spin-Off to you.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B>U.S. Federal Income Taxation of&nbsp;</B>&ldquo;<B>Non-U.S.
Holders</B>&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">A beneficial owner of our common shares (other
than a partnership) that is not a U.S. Holder is referred to herein as a &ldquo;Non-</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">U.S. Holder.&rdquo;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>Dividends on Common Shares</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Non-U.S. Holders generally
will not be subject to U.S. federal income tax or withholding tax on dividends received from us with respect to our common shares, unless
that income is effectively connected with a trade or business conducted by the Non-U.S. Holder in the United States. If the Non-U.S. Holder
is entitled to the benefits of a U.S. income tax treaty with respect to those dividends, that income is taxable only if it is attributable
to a permanent establishment maintained by the Non-U.S. Holder in the United States.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><I>Sale, Exchange or Other Disposition of Common
Shares</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Non-U.S. Holders generally
will not be subject to U.S. federal income tax or withholding tax on any gain realized upon the sale, exchange or other disposition of
our common shares, unless:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the gain is effectively connected with a trade or business conducted by the Non-U.S. Holder in the United
States. If the Non-U.S. Holder is entitled to the benefits of a U.S. income tax treaty with respect to that gain, that gain is taxable
only if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the
taxable year of disposition and other conditions are met.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;<BR>
If the Non-U.S. Holder is engaged in a U.S. trade or business for U.S. federal income tax purposes, the income from the common shares,
including dividends and the gain from the sale, exchange or other disposition of the stock that is effectively connected with the conduct
of that trade or business will generally be subject to U.S. federal income tax in the same manner as discussed in the previous section
relating to the taxation of U.S. Holders. In addition, in the case of a corporate Non-U.S. Holder, the earnings and profits of such Non-U.S.
Holder that are attributable to effectively connected income, subject to certain adjustments, may be subject to an additional branch profits
tax at a rate of 30%, or at a lower rate as may be specified by an applicable U.S. income tax treaty.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B>Backup Withholding and Information Reporting</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">In general, dividend payments,
or other taxable distributions, made within the United States to you will be subject to information reporting requirements. In addition,
such payments will be subject to backup withholding tax if you are a non-corporate U.S. Holder and you:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fail to provide an accurate taxpayer identification number;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are notified by the IRS that you have failed to report all interest or dividends required to be shown
on your U.S. federal income tax returns; or</TD></TR></TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in certain circumstances, fail to comply with applicable certification requirements.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Non-U.S. Holders may be required
to establish their exemption from information reporting and backup withholding by certifying their status on an applicable IRS Form W-8.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">If you sell your common shares
to or through a U.S. office of a broker, the payment of the proceeds is subject to both U.S. backup withholding and information reporting
unless you certify that you are a non-U.S. person, under penalties of perjury, or you otherwise establish an exemption. If you sell your
common shares through a non-U.S. office of a non-U.S. broker and the sales proceeds are paid to you outside the United States, then information
reporting and backup withholding generally will not apply to that payment. However, U.S. information reporting requirements, but not backup
withholding, will apply to a payment of sales proceeds, even if that payment is made to you outside the United States, if you sell your
common shares through a non-U.S. office of a broker that is a U.S. person or has some other contacts with the United States. Backup withholding
tax is not an additional tax. Rather, you generally may obtain a refund of any amounts withheld under backup withholding rules that exceed
your U.S. federal income tax liability by filing a refund claim with the IRS.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Individuals who are U.S. Holders (and to the extent
specified in applicable Treasury Regulations, certain individuals who are Non-U.S. Holders and certain U.S. entities) who hold &ldquo;specified
foreign financial assets&rdquo; (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating
to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year
or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury Regulations). Specified
foreign financial assets would include, among other assets, our common shares, unless the shares are held through an account maintained
with a U.S. financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown
to be due to reasonable cause and not due to willful neglect. Additionally, in the event an individual U.S. Holder (and to the extent
specified in applicable Treasury regulations, an individual Non-U.S. Holder or a U.S. entity) that is required to file IRS Form 8938 does
not file such form, the statute of limitations on the assessment and collection of U.S. federal income taxes of such holder for the related
tax year may not close until three years after the date that the required information is filed.&nbsp; U.S. Holders (including U.S. entities)
and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under this legislation.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>F.&emsp;Dividends and paying agents</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">We refer you to the section of this registration statement
entitled &ldquo;Item 8. Financial Information &ndash; Carve-out Statements and Other Information &ndash; Dividend Policy&rdquo; for a
discussion of our dividend policy.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>G.&emsp;Statement by experts</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">The carve out financial statements of Central Tactical Acquisitions Inc. Predecessor as of December&nbsp;31,
2020 and 2021, and for the period from February 18, 2020 to December 31, 2020 and for the year ended December&nbsp;31, 2021, included
in this Registration Statement have been audited by Deloitte Certified Public Accountants S.A. , an independent registered public accounting
firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority
as&nbsp;experts&nbsp;in accounting and auditing.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">The office of Deloitte Certified Public Accountants, S.A. is located at Fragoklissias 3a&nbsp;&amp;
Granikou Street, Maroussi, Athens 151 25, Greece.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>H.&emsp;Documents on display</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">When the SEC declares this registration statement effective,
we will be subject to the informational requirements of the Securities Exchange Act. In accordance with these requirements we will file
reports and other information with the SEC. You may inspect and copy any report or document we file, including this registration statement
and the accompanying exhibits, at the Commission&rsquo;s public reference facilities located at 100 F Street, N.E., Room 1580, Washington,
D.C. 20549. You may obtain information on the operation of the public reference facilities by calling the Commission at 1-800-SEC-0330,
and you may obtain copies at prescribed rates. Our Commission filings are also available to the public at the website maintained by the
Commission at http://www.sec.gov, as well as on our website at www.[_____]. Information on our website does not constitute a part of this
registration statement and is not incorporated by reference.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We will also provide without charge to each person,
including any beneficial owner of our common stock, upon written or oral request of that person, a copy of any and all of the information
that has been incorporated by reference in this registration statement. Please direct such requests to Central Tactical Acquisitions,
1 Vas. Sofias and Meg. Alexandrou Str, 15124 Maroussi, Greece, telephone number +30 210 812 8107.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>I.&emsp;Subsidiary information</B></P>

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

<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt"></P>

<!-- Field: Page; Sequence: 74; Value: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px"><B>ITEM 11.</B></TD>
    <TD><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Interest Rate Risk</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Currently, the loan secured by the M/T Eco Malibu is
a variable interest rate loan facility as we pay interest at LIBOR plus a margin, hence we are exposed to risks associated with changes
in LIBOR (or in the future SOFR) since we have not entered into any hedging contracts to protect against such interest rate fluctuations.
Furthermore in the future, depending on our vessel acquisitions and financing arrangements our exposure to risks associated with changes
in interest rates relating to any unhedged variable&ndash;rate borrowings, according to which we will pay interest at LIBOR or SOFR plus
a margin may increase; as such increases in interest rates could affect our results of operations and ability to service our debt.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">Based on the amount of our outstanding fluctuating interest
rate indebtedness, as of December 31, 2021, a hypothetical one percentage point increase in the three month U.S. dollar LIBOR would increase
our interest rate expense for 2022, on an annualized basis, by approximately $0.4 million.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Foreign Currency Exchange Rate Risk</I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">We generate all of our revenue in U.S. dollars. The
minority of our operating expenses and a significant part of our general and administration expenses are anticipated to be in currencies
other than the U.S. dollar, primarily the Euro. For accounting purposes, expenses incurred in other currencies are converted into U.S.
dollars at the exchange rate prevailing on the date of each transaction. We do not consider the risk from exchange rate fluctuations to
be material for our results of operations. However, the portion of our business conducted in other currencies could increase in the future,
which could expand our exposure to losses arising from exchange rate fluctuations. We have not hedged currency exchange risks associated
with our expenses.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px"><B>ITEM 12.</B></TD>
    <TD><B>DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PART II</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 13.</B></TD>
    <TD><B>DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 14.</B></TD>
    <TD><B>MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 15.</B></TD>
    <TD><B>CONTROLS AND PROCEDURES</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>ITEM 16.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 16A.</B></TD>
    <TD><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 16B.</B></TD>
    <TD><B>CODE OF ETHICS</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 16C.</B></TD>
    <TD><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 16D.</B></TD>
    <TD><B>EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 16E.</B></TD>
    <TD><B>PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt"></P>

<!-- Field: Page; Sequence: 75; Value: 31 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 16F.</B></TD>
    <TD><B>CHANGE IN REGISTRANT&rsquo;S CERTIFYING ACCOUNTANT</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 16G.</B></TD>
    <TD><B>CORPORATE GOVERNANCE</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 16H.</B></TD>
    <TD><B>MINE SAFETY DISCLOSURE</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 16I.</B></TD>
    <TD><B>DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">Not applicable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PART III</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 17.</B></TD>
    <TD><B>FINANCIAL STATEMENTS</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">See Item 18.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 18.</B></TD>
    <TD><B>FINANCIAL STATEMENTS</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">The financial information required by this item, together
with the report of Deloitte Certified Public Accountants S.A., is set forth on pages F-1 through F-<FONT STYLE="background-color: White">16
</FONT>and are filed as part of this registration statement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 73px"><B>ITEM 19.</B></TD>
    <TD><B>EXHIBITS</B></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 88%"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">1.1</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Amended and Restated Articles of Incorporation of the Company*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">1.2</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Bylaws of the Company*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">2.1</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Form of Common Share Certificate*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">2.2</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Statement of Designation of the Series A Participating Preferred Stock of the Company*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">2.3</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Statement of Designation of the Series D Preferred Shares of the Company*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">2.3</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Statement of Designation of the Series E Preferred Shares of the Company*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">2.3</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Statement of Designation of the Series F Preferred Shares of the Company*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.1</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Shareholders Rights Agreement by and between the Company and American Stock Transfer &amp; Trust Company, LLC, as Rights Agent*</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 76; Value: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 10%">4.2</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 88%">Exchange Agreement by and among the Company, Lax Trust and Africanus Inc.*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.3</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Right of First Refusal and Right of First Offer Agreement by and between the Company and Top Ships Inc.*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.4</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Contribution and Conveyance Agreement by and between the Company and Top Ships Inc.*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.5</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Agreement for Provision of Personnel by and between the Company and Central Mare Inc.*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.6</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Management Agreement by and between Athenean Empire Inc. and Central Shipping Inc.*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.7</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Letter Agreement from Central Shipping Inc. to the Company, in respect of provision of management services*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.8</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Loan Agreement for a Secured Floating Interest Rate Loan Facility of up to $38,000,000, dated May 6, 2021, by and among Alpha Bank S.A. and Athenean Empire Inc. in relation to the M/T Eco Malibu*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.9</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Amendment to the Loan Agreement for a Secured Floating Interest Rate Loan Facility of up to $38,000,000, dated May 6, 2021, by and among Alpha Bank S.A. and Athenean Empire Inc. in relation to the M/T Eco Malibu*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">8.1</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">List of Subsidiaries*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">11.1</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Code of Ethics*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">15.1</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Consent of Deloitte Certified Public Accountants S.A.*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">15.2</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">Consent of Watson Farley &amp; Williams LLP*</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">To be filed by amendment.</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>SIGNATURES</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20pt; margin: 0pt 0">The registrant hereby certifies that it meets all of
the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration statement
on its behalf.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom"><B>Central Tactical Acquisitions Inc.</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 43%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 48%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">Name:</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">[_____]</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">Title:</TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="vertical-align: bottom">[_____]</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">Date: [_____]</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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>CENTRAL TACTICAL ACQUISITIONS INC. PREDECESSOR</B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 16%; text-align: center"><FONT STYLE="font-size: 10pt">Page</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">Report of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">F-2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">Carve-out balance sheets as of December 31, 2020 and 2021</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">F-3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">Carve-out statements of operations for the period and year ended December 31, 2020 and 2021</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">F-4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">Carve-out statements of changes in net parent investment for the period and year ended December 31, 2020 and 2021</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">F-5</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">Carve-out statements of cash flows for the period and year ended December 31, 2020 and 2021</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">F-6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">Notes to carve-out financial statements</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">F-7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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<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: left"><A NAME="a_001"></A><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Board of Directors and Stockholders of</P>

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

<P STYLE="font: 10pt Times New Roman, Times, 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>Opinion on the Financial Statements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying carve-out balance
sheets of Central Tactical Acquisitions Inc. Predecessor (the &ldquo;Company&rdquo;) as of December 31, 2020 and 2021, the related carve-out
statements of operations, changes in equity, and cash flows, for the period from February 18, 2020 to December 31, 2020 and for the year
ended December 31, 2021 and the related notes (collectively referred to as the &ldquo;financial statements&rdquo;). In our opinion, the
financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2021
, and the results of its operations and its cash flows for the period from February 18, 2020 to December 31, 2020 and for the year ended
December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis for Opinion</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">These financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on the Company&rsquo;s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
internal control over financial reporting. Accordingly, we express no such opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Deloitte Certified Public Accountants S.A.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September&nbsp;9, 2022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&rsquo;s auditor
since 2022.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a_002"></A><FONT STYLE="font-size: 10pt"><B>CENTRAL TACTICAL ACQUISITIONS INC. PREDECESSOR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>CARVE-OUT BALANCE SHEETS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>DECEMBER 31, 2020 AND 2021</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of U.S. Dollars)</B></FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-weight: bold; text-align: justify">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">CURRENT ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; width: 70%; text-align: justify">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">-</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">1,651</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Prepayments and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">76</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify; padding-bottom: 1pt">Inventories</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">34</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="padding-left: 40pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total current assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1,761</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">FIXED ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Advances for vessels under construction (Note 4a,5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">12,663</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify; padding-bottom: 1pt">Vessels, net (Note 4b,5)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">61,879</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="padding-left: 40pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total fixed assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">12,663</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">61,879</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">OTHER NON CURRENT ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 60pt; text-align: justify; padding-bottom: 1pt">Restricted cash (Note 7)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">500</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total non-current assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">500</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="padding-left: 40pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: center">12,663</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-weight: bold; text-align: center">64,140</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-weight: bold; text-align: justify">LIABILITIES AND EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Current portion of long-term debt (Note 7, 5 )</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2,920</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Due to Parent company (Note 5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">11,655</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">22,301</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">8</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">108</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">126</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify; padding-bottom: 1pt">Unearned revenue</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">1,052</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="padding-left: 40pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">11,663</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">26,507</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">NON-CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify; padding-bottom: 1pt">Non-current portion of long term debt (Note 7, 5)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">33,153</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="padding-left: 40pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total non-current liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">33,153</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">COMMITMENTS AND CONTINGENCIES (Note 8)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="padding-left: 40pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">11,663</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">59,660</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">EQUITY:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Net parent investment (Note 1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1,000</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1,000</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify; padding-bottom: 1pt">Retained Earnings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">3,480</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="padding-left: 40pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1,000</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">4,480</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="padding-left: 40pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total liabilities and equity</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">12,663</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">64,140</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a_003"></A><FONT STYLE="font-size: 10pt"><B>CENTRAL TACTICAL ACQUISITIONS INC. PREDECESSOR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>CARVE-OUT STATEMENTS OF OPERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>PERIOD AND YEAR ENDED DECEMBER 31, 2020 and 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of U.S. Dollars)</B></FONT> &nbsp; &nbsp;</P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2020</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="padding-left: 20pt; width: 70%; font-weight: bold; text-align: justify">Revenues</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: center">7,809</TD><TD STYLE="white-space: nowrap; width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">EXPENSES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Voyage expenses (including $- and $98 respectively, to related party) (Note 5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">186</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Vessel operating expenses (Note 10)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1,520</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Vessel depreciation (Note 4b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1,425</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Management fees-related parties (Note 5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">167</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">General and administrative expenses (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">182</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="padding-left: 20pt; font-weight: bold; text-align: justify">Operating income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">4,329</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">OTHER EXPENSES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-align: justify">Interest and finance costs (Note 11)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(849)</TD><TD STYLE="white-space: nowrap; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="padding-left: 20pt; font-weight: bold; text-align: justify">Total other expenses, net</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">(849)</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Net Income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">3,480</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_004"></A><B>CENTRAL TACTICAL ACQUISITIONS INC. PREDECESSOR
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CARVE-OUT STATEMENTS OF CHANGES IN EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FOR THE PERIOD AND YEAR ENDED DECEMBER 31,
2020 and 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(Expressed in thousands of U.S. Dollars)</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Parent Investment</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Retained Earnings</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">BALANCE, February 18, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">Net Income for the period</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center">-</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center">-</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 55%; text-align: left">Net increase in Parent Company Investment (Note 2)</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center">1,000</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">1,000</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">BALANCE, December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1,000</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1,000</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">Net Income</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">3,480</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3,480</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">BALANCE, December 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1,000</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3,480</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">4,480</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">The accompanying notes are an integral part of these carve-out financial statements.&nbsp;</FONT></P>

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


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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a_005"></A><FONT STYLE="font-size: 10pt"><B>CENTRAL TACTICAL ACQUISITIONS INC. PREDECESSOR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>CARVE-OUT STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>FOR THE PERIOD AND YEAR ENDED DECEMBER 31, 2020 and 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of U.S. Dollars)</B></FONT></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2020</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Cash Flows from Operating Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: justify">Net Income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">-</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">3,480</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Vessel depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1,425</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Amortization of deferred financing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">64</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">(Increase)/Decrease in:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(76)</TD><TD STYLE="white-space: nowrap; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Prepayments and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(34)</TD><TD STYLE="white-space: nowrap; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Increase/(Decrease) in:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">109</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">85</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Unearned revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1,052</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Net Cash/provided by Operating Activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">6,105</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Cash Flows from Investing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Advances for vessels under construction</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(12,635)</TD><TD STYLE="white-space: nowrap; text-align: center"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(50,628)</TD><TD STYLE="white-space: nowrap; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Net Cash used in Investing Activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">(12,635)</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">(50,628)</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Cash Flows from Financing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Proceeds from debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">38,000</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Advances from Parent company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">11,635</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">10,665</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Principal payments of debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(1,500)</TD><TD STYLE="white-space: nowrap; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Net increase in Parent Company Investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1,000</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify">Payment of financing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(491)</TD><TD STYLE="white-space: nowrap; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Net Cash provided by Financing Activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">12,635</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">46,674</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Net increase in cash and cash equivalents and restricted cash</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">2,151</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Cash and cash equivalents and restricted cash at beginning of the period/year</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Cash and cash equivalents and restricted cash at end of the year</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">2,151</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Cash breakdown</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1,651</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Restricted cash, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Restricted cash, non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">500</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">SUPPLEMENTAL CASH FLOW INFORMATION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Capital expenditures included in Accounts payable/Accrued liabilities/Due to Parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">28</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">41</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Interest paid, net of capitalized interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">695</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral part
of these carve-out&nbsp;financial statements.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 443.25pt">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_006"></A><FONT STYLE="font-size: 10pt"><B>NOTES TO CARVE-OUT FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AS OF DECEMBER 31, 2020 AND 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AND FOR THE PERIOD AND YEAR ENDED DECEMBER 31, 2020 and 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of United States Dollars)</B></FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Basis of Presentation and General Information</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying carve-out financial statements
of Central Tactical Acquisitions Inc. (the &ldquo;Company&rdquo;), include a wholly owned subsidiary of Top Ships Inc. (the &ldquo;Parent&rdquo;)
Athenean Empire Inc.(&ldquo;Subsidiary&rdquo; or &ldquo;Athenean&rdquo; or &ldquo;Central Tactical Acquisitions Inc. Predecessor&rdquo;)
which owns one 157,000 dwt suezmax tanker, the M/T Eco Malibu, built in May 2021 that is time chartered to Clearlake Shipping Pte Ltd.,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Parent will contribute Athenean to the Company
in connection with the spin-off in exchange for common shares in the Company, which the Parent intends to distribute to holders of its
common stock on a pro rata basis. The Company was formed on August 11, 2022 under the laws of the Republic of the Marshall Islands to
serve as the holding company of Athenean.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying carve-out financial statements
of the Company include the historical carrying costs of the assets and the liabilities of Athenean from its date of incorporation. Since
Athenean was incorporated on February 18, 2020 under the laws of the Marshall Islands, no comparative financial information exists before
this period. For all purposes of these carve-out financial statements 100% of Athenean Empire Inc is deemed to be contributed to Central
Tactical Acquisitions Inc, and hence the &ldquo;Company&rdquo; and the &ldquo;Company&rsquo;s vessel&rdquo; should be read and construed
accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 349.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s vessel is managed by Central
Shipping Inc (&ldquo;CSI&rdquo;), a related party affiliated with the family of Evangelos J. Pistiolis, the Company&rsquo;s Chief Executive
Officer, Director and President, Mr. Evangelos J. Pistiolis.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Significant Accounting Policies</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Basis of presentation:</I></B> The accompanying
carve-out financial statements include the accounts of Athenean Empire Inc. comprising the Company as discussed in Note 1. These carve-out
financial statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting
records of Top Ships Inc. The carve-out financial statements reflect the financial position, results of operations and cash flows of the
Company in conformity with accounting principles generally accepted in the United States of America (&ldquo;U.S. GAAP&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intercompany accounts and transactions between
Athenean Empire Inc. and Top Ships Inc. amounting to $1,000 have been treated as a contribution from Top Ships Inc. and presented as Net
parent investment in the accompanying carve-out balance sheets. The Company is dependent upon its parent, Top Ships Inc. for a major part
of its working capital and financing requirements as Top Ships Inc. uses a centralized approach to cash management and financing of its
operations. Financial transactions exceeding $1,000 relating to the construction and financing of the Company&rsquo;s vessel as well as
for the provision of working capital to the Company were accounted for through the Due to Parent Company account. None of Top Ships Inc.&rsquo;s
cash and cash equivalents or debt and the related interest expense at the corporate level have been assigned to the Company in the carve-out
financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carve-out statements of operations reflect
expense allocations made to the Company by Top Ships Inc. for certain corporate functions and for shared services provided by Top Ships
Inc. These allocations were made by Top Ships Inc. on a pro-rata basis based on the number of calendar days of the Company&rsquo;s vessel
to total calendar days of the Top Ships Inc. fleet. See Notes 5 and 9 for further information on expenses allocated by Top Ships Inc.
Both the Company and Top Ships Inc. consider the basis on which the expenses have been allocated to be a reasonable reflection of the
utilization of services provided to or the benefit received by the Company during the periods presented. Nevertheless, the carve-out financial
statements may not be indicative of the Company&rsquo;s future performance and may not include all of the actual expenses that would have
been incurred by the Company as an independent publicly traded company or reflect the Company&rsquo;s financial position, results of operations
and cash flows that would have been reported if the Company had been a stand-alone entity during the periods presented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Use of Estimates:</I></B> The preparation
of the accompanying carve-out financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the carve-out
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates. Significant estimates mainly include vessel useful lives and residual values. Actual results may differ from these estimates.</P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign Currency Translation:</I></B> The
Company&rsquo;s functional currency is the U.S. Dollar because its vessel operates in international shipping markets, and therefore primarily
transacts business in U.S. Dollars. The Company&rsquo;s books of account are maintained in U.S. Dollars. Transactions involving other
currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the
balance sheet dates, monetary assets and liabilities, which are denominated in other currencies are translated to U.S. Dollars based on
the year-end exchange rates and any gains and losses are included in the statement of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cash and Cash Equivalents:</I></B> The Company
considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less
to be cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Restricted Cash:</I></B> The Company considers
amounts that are pledged, blocked, held as cash collateral, required to be maintained with a specific bank or be maintained by the Company
as minimum cash under the terms of a loan agreement, as restricted and these amounts are presented separately on the balance sheets. In
the event original maturities are shorter than twelve months, such deposits are presented as current assets while if original maturities
are longer than twelve months, such deposits are presented as non-current assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Inventories:</I></B> Inventories consist
of lubricants and paints on board the vessel. Inventories are stated at the lower of cost and net realizable value. Net realizable value
is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and
transportation. Cost is determined by the first in, first out method.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Vessel Cost:</I></B> Vessels are stated
at cost, which consists of the contract price, pre-delivery costs and capitalized interest (if any) incurred during the construction of
new building vessels, and any material expenses incurred upon acquisition (improvements and delivery costs). Subsequent expenditures for
conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve
the efficiency or safety of the vessels. Repairs and maintenance are charged to expense as incurred and are included in Vessel operating
expenses in the statements of operations.. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the
contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare
for the vessel&rsquo;s initial voyage). Vessels acquired from entities under common control are recorded at historical cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Impairment of Long-Lived Assets:</I></B>
The Company evaluates the existence of impairment indicators whenever events or changes in circumstances indicate that the carrying values
of the Company&rsquo;s long lived assets are not recoverable. Such indicators of potential impairment include, vessel sales and purchases,
business plans, declines in the fair market value of vessels and overall market conditions. If there are indications for impairment present,
the Company determines undiscounted projected net operating cash flows for its vessel and compares it to the vessel's carrying value.
If the carrying value of the vessel exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value, and
the difference is recognized as an impairment loss. The impairment tests the Company conducted as of December 31, 2020 and 2021 showed
that there are no impairment indications for its vessel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Vessel Depreciation:</I></B> Depreciation
is calculated using the straight-line method over the estimated useful life of the vessel, after deducting the estimated salvage value.
The vessel's salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, of $300 per lightweight ton. Management
estimates the useful life of the Company's vessel to be 25 years from the date of initial delivery from the shipyard. Second hand vessels
are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over
the ability of a vessel to trade on a worldwide basis, its useful life is adjusted at the date such regulations are adopted.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Dry-Docking Costs:</I></B> All dry-docking
and special survey costs are expensed in the period incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Financing Costs:</I></B> Fees incurred and
paid to lenders for obtaining new loans or refinancing existing ones are recorded as a contra to debt and such fees are amortized to interest
and finance costs over the life of the related debt using the effective interest method. Unamortized fees relating to loans prepaid or
refinanced are expensed in the period when a prepayment or refinancing is made and charged to interest and finance costs. Any unamortized
balance of costs relating to debt refinanced that do not meet the criteria for Debt Extinguishment, are amortized over the term of the
refinanced debt.</P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Accounting for Revenue and Expenses:</I></B>
Revenues are generated from time charter arrangements. A time charter is a contract for the use of a vessel for a specific period of time
and a specified daily charter hire rate, which is generally payable monthly in advance. <FONT STYLE="background-color: white">The Company&rsquo;s
time charter agreements are classified as operating leases pursuant to Accounting Standards Codification (&ldquo;ASC&rdquo;) 842 -&nbsp;Leases,
and therefore do not fall under the scope of Accounting Standards Codification (&ldquo;ASC&rdquo;) 606 </FONT>because: (i) the vessel
is an identifiable asset; (ii) the Company as lessor, does not have substantive substitution rights; and (iii) the charterer, as lessee,
has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Time charter revenue is only recognized when an
agreement exists, the price is fixed, service is provided and the collection of the related revenue is reasonably assured. Revenue is
shown net of address commissions, if applicable, payable directly to charterers under the relevant charter agreements. Address commissions
represent a common market practice discount (sales incentive) on services rendered by the Company and no identifiable benefit is received
in exchange for the consideration provided to the charterer. Commissions on time charter revenues are recognized on a pro rata basis over
the duration of the period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Time charter revenue is recognized as earned on
a straight-line basis over the term of the relevant time charter starting from the vessel&rsquo;s delivery to the charterer, except for
any agreed or estimated off-hire period. Revenue generated from variable lease payments is recognized in the period when changes in the
facts and circumstances on which the variable lease payments are based occur. The Company elected to not separate the lease and non-lease
components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components
(included in the daily hire rate) is the same and (ii) the lease component would be classified as an operating lease. The daily hire rate
represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing
expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. Under a time
charter agreement, vessel management fees, broker&rsquo;s commissions and operating expenses such as, crew wages, provisions and stores,
technical maintenance and insurance expenses are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents&rsquo;
fees, and extra war risk insurance are paid by the charterer, with the exception of broker&rsquo;s commissions. Vessel operating expenses
are expensed as incurred. Unearned revenue represents cash received prior to year-end related to revenue applicable to periods after December
31 of each year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company pays commissions to ship brokers and
to CSI, associated with arranging the Company&rsquo;s charters. These brokers&rsquo; commissions are recognized over the related charter
period and are included in voyage expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B><I>Segment
Reporting</I>:</B>&nbsp;The Company reports financial information and evaluates its operations by total charter revenue and not by the
type of vessel or vessel employment for its customers. As a result, the board of directors of the Company, the chief operating decision
makers, review operating results solely by revenue per day and vessel operating results, and thus the Company has determined that it operates
under&nbsp;one&nbsp;reportable segment. Furthermore, when the Company charters its vessel to a charterer, the charterer is free to trade
the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In&nbsp;<I>March 2020,&nbsp;</I>the
FASB issued ASU&nbsp;<I>2020</I>-<I>04,</I>&nbsp;Reference Rate Reform (Topic&nbsp;<I>848</I>): Facilitation of the Effects of Reference
Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships,
and other transactions affected by reference rate reform. ASU&nbsp;<I>2020</I>-<I>04</I>&nbsp;applies to contracts that reference LIBOR
or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for
all entities as of March&nbsp;12, 2020 through December&nbsp;31, 2022. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate
Reform (Topic 848): Scope. The ASU clarifies that all derivative instruments affected by changes to the interest rates used for discounting,
margining or contract price alignment due to reference rate reform are in the scope of ASC 848. As such, entities may apply certain optional
expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of
reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. In addition,
the ASU clarifies other aspects of the guidance in ASC 848 and provides new guidance on how to address the effects of the cash compensation
adjustment that is provided as part of the above change on certain aspects of hedge accounting. The ASU is effective for all entities
as of January&nbsp;7, 2021, allows for retrospective or prospective application with certain conditions, and generally can be applied
through December&nbsp;31, 2022. As of&nbsp;<I>December&nbsp;31, 2021,&nbsp;</I>the Subsidiary has&nbsp;<I>not</I>&nbsp;elected any optional
expedients provided in the standard. The Subsidiary is currently evaluating its contracts and the impact this optional guidance may have
on its financial statements and related disclosures.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTES TO CARVE-OUT FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AS OF DECEMBER 31, 2020 AND 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AND FOR THE PERIOD AND YEAR ENDED DECEMBER 31, 2020 and 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of United States Dollars)</B></FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Going Concern</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company for the year ended December 31, 2021
realized a net income of $3,480 and generated cash flow from operations of $6,124. At December 31, 2021, the Company had a working capital
deficit of $24,746 mainly comprised from the amount due to Parent company of $22,301 as a result of advances provided by the Parent for
the construction and financing of the Company&rsquo;s vessel as well as for the provision of working capital to the Company. The Parent
company has waived the right to request on demand the abovementioned amount which is payable to the Parent from the Company&rsquo;s excess
cashflow only after the Company has serviced its voyage, operating, general and administrative expenses, management fees, loan repayments
and interest and finance costs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Company&rsquo;s opinion, the Company will
be able to finance its working capital deficit in the next 12 months with cash on hand and operational cash flow and hence the Company
believes it has the ability to continue as a going concern and finance its obligations as they come due over the next twelve months following
the date of the issuance of these carve-out financial statements. Consequently, the carve-out financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>4(a).</B></TD><TD STYLE="text-align: justify"><B>Advances for vessels under construction</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts in the balance sheets are analyzed
as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: #DAEEF3">
    <TD STYLE="width: 45%; font-weight: bold; text-align: justify">Balance, February 18, 2020</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&mdash; Advances paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">12,245</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&mdash; Capitalized expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">418</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DAEEF3">
    <TD STYLE="font-weight: bold; text-align: justify">Balance, December 31, 2020</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">12,663</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&mdash; Advances paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">49,477</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&mdash; Capitalized expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">1,164</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&mdash; Transferred to Vessels, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">(63,304)</TD><TD STYLE="white-space: nowrap; text-align: left"></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DAEEF3">
    <TD STYLE="font-weight: bold; text-align: justify">Balance, December 31, 2021</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>4(b).</B></TD><TD STYLE="text-align: justify"><B>Vessels, net</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts in the balance sheets are analyzed
as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Vessel Cost</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Accumulated <BR>
Depreciation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Net Book Value</B></FONT></TD></TR>
  <TR STYLE="background-color: #B6DDE8">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance, February 18, 2020</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&mdash; Transferred from advances for vessels under construction</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63,304</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">63,304</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&mdash; Depreciation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(1,425)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(1,425)</FONT></TD></TR>
  <TR STYLE="background-color: #B6DDE8">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance, December 31, 2021</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>63,304</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(1,425)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>61,879</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 455.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 11, 2021 the Company took delivery of M/T
Eco Malibu hence advances paid and capitalized expenses relating to this vessel were transferred from Advances for vessels under construction
to Vessels, net. &#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.75pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 M/T Eco Malibu has been
mortgaged as security under its respective loan facility (see Note 7).</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTES TO CARVE-OUT FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AS OF DECEMBER 31, 2020 AND 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AND FOR THE PERIOD AND YEAR ENDED DECEMBER 31, 2020 and 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of United States Dollars)</B></FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Transactions with Related Parties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>(a) CSI Management Agreement:</I></B>
On May 28, 2020, the Company entered into a management agreement (the &ldquo;CSI Management Agreement&rdquo;), with CSI. The CSI Management
Agreement can only be terminated subject to an eighteen-month advance notice, subject to a termination fee equal to twelve months of fees
payable under the CSI Management Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Pursuant to the CSI Management Agreement,
the Company pays a management fee of $572 per day for the provision of technical, commercial, operation, insurance, bunkering and crew
management, commencing three months before the vessel is scheduled to be delivered by the shipyard. In addition, the CSI Management Agreement
provides for payment to CSI of: (i) $520 per day for superintendent visits plus actual expenses; (ii) a chartering commission of 1.25%
on all freight, hire and demurrage revenues; (iii) a commission of 1.00% on all gross vessel sale proceeds or the purchase price paid
for vessels and (iv) a financing fee of 0.2% on derivative agreements and loan financing or refinancing. CSI also performs supervision
services for all the Company&rsquo;s newbuilding vessels while the vessels are under construction, for which the Company pays CSI the
actual cost of the supervision services plus a fee of 7% of such supervision services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">CSI provides, at cost, all accounting,
reporting and administrative services. Finally, the CSI Management Agreement provides for a performance incentive fee for the provision
of management services to be determined at the discretion of the Company&rsquo;s Board of Directors. The CSI Management Agreement has
an initial term of five years, after which they will continue to be in effect until terminated by either party subject to an eighteen-month
advance notice of termination. Pursuant to the terms of the CSI Management Agreement, all fees payable to CSI are adjusted annually according
to the US Consumer Price Inflation (&ldquo;CPI&rdquo;) of the previous year and if CPI is less than 2% then a 2% increase is effected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">As of December 31, 2020 and 2021, the
Company did not owe any amounts to CSI. The fees charged by and expenses relating to CSI for the period and year ended December 31, 2020
and 2021 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 3.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Period and <BR>
year ended <BR>
December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 26%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 8%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 8%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 58%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Presented in:</B></FONT></TD></TR>
  <TR STYLE="background-color: #B6DDE8">
    <TD ROWSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Management fees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Capitalized in Vessels, net / Advances for vessels under construction &ndash;Balance sheet</FONT></TD></TR>
  <TR STYLE="background-color: #B6DDE8">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">- </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">134 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Management fees &ndash; related parties &ndash;Statement of operations</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Supervision services fees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Capitalized in Vessels, net / Advances for vessels under construction &ndash;Balance sheet</FONT></TD></TR>
  <TR STYLE="background-color: #B6DDE8">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Superintendent fees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">64 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Capitalized in Vessels, net / Advances for vessels under construction &ndash;Balance sheet</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Accounting and reporting cost*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Management fees &ndash; related parties &ndash; Statement of operations</FONT></TD></TR>
  <TR STYLE="background-color: #B6DDE8">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Financing fees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">76</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Net in Current and Non-current portions of long-term debt &ndash; Balance sheet</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Commission on charter hire agreements</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">98</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Voyage expenses - Statement of operations</FONT></TD></TR>
  <TR STYLE="background-color: #B6DDE8">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>468</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">*Accounting and reporting
cost represents an allocation of the expenses incurred by the Parent based on the number of calendar days of the Company&rsquo;s vessel
to total calendar days of the Parent&rsquo;s fleet.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">For the period and year ended December
31, 2020 and 2021 CSI charged the Company newbuilding supervision related pass-through costs amounting to $133 and $192 respectively,
which are not included in the table above and are presented within Vessels, net / Advances for vessels under construction in the Company&rsquo;s
balance sheet.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>(b) Due to Parent company: </I></B>As
of December 31, 2020 and 2021, the amount Due to Parent company was $11,655 and $22,301 respectively and mainly related to payments made
by the Parent for the construction and financing of the Company&rsquo;s vessel as well as for the provision of working capital to the
Company. The abovementioned amounts are payable to the Parent on demand from the Company&rsquo;s cashflow only after the Company has serviced
its voyage, operating, general and administrative expenses, management fees and interest and finance fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 27pt"></P>

<!-- Field: Page; Sequence: 11; Value: 6 -->
    <DIV STYLE="border-bottom: Black 4pt solid; margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTES TO CARVE-OUT FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AS OF DECEMBER 31, 2020 AND 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AND FOR THE PERIOD AND YEAR ENDED DECEMBER 31, 2020 and 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of United States Dollars)</B></FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Leases</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lease arrangements, under which the Company
acts as the lessor</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2021, the Company
operated one vessel (M/T Eco Malibu) under time charter with Clearlake Shipping Pte Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 220pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future minimum time-charter receipts of the Company&rsquo;s
vessel in operation as of December 31, 2021, based on commitments relating to its non-cancellable time charter contract as of December
31, 2021, are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="background-color: White; width: 25%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year ending December 31,</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Time Charter receipts</B></FONT></TD>
    <TD STYLE="background-color: White; width: 25%">&nbsp;</TD></TR>
  <TR STYLE="background-color: #B6DDE8">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">12,392</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">12,392</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="background-color: #B6DDE8">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">4,617</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>29,401&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In arriving at the minimum future charter revenues
it has been assumed that no off-hire time is incurred, although there is no assurance that such estimate will be reflective of the actual
off-hire in the future.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Debt</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts in the balance sheets are analyzed
as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: justify">Bank / Vessel</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-weight: bold; text-align: center">December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2020</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Total long term debt:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: justify">Alpha Bank Facility (M/T Eco Malibu)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">-</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">36,500</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Total long term debt</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">36,500</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Less: Deferred finance fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(427)</TD><TD STYLE="white-space: nowrap; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Total long term debt net of deferred finance fees</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">36,073</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Presented:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Current portion of long term debt</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">2,920</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Long term debt</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">33,153</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="font-weight: bold; text-align: justify">Total Debt net of deferred finance fees</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">36,073</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 6, 2021, the Company entered into a credit
facility with Alpha Bank for $38,000 for the financing of the vessel M/T Eco Malibu (Hull No 866). This facility was drawn down in full.
The credit facility is repayable in 12 consecutive quarterly installments of $750 and 12 consecutive quarterly installments of $625, commencing
three months from draw down, and a balloon payment of $21,500 payable together with the last installment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The facility contains various covenants, including
(i) an asset cover ratio of 125%, (ii) a ratio of total net debt to the aggregate market value of the Parent&rsquo;s fleet, current or
future, of no more than 75% and minimum free liquidity of $500 per delivered vessel owned/operated by the Parent. Additionally, the facility
contains restrictions on the Company incurring further indebtedness or guarantees and change of control provisions (whereby Mr. Evangelos
J. Pistiolis may not control less than 50.1% of the voting rights of the Parent). It also restricts the Company from paying dividends
if such a payment will result in an event of default or in a breach of covenants under the loan agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The facility is secured as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD>
    <TD STYLE="text-align: left">First priority mortgage over M/T Eco Malibu;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD></TD><TD>&bull;</TD>
    <TD STYLE="text-align: left">Assignment of insurance and earnings of the mortgaged vessel;</TD></TR>
  </TABLE>


<!-- Field: Page; Sequence: 12; Value: 6 -->
    <DIV STYLE="border-bottom: Black 4pt solid; margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTES TO CARVE-OUT FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AS OF DECEMBER 31, 2020 AND 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AND FOR THE PERIOD AND YEAR ENDED DECEMBER 31, 2020 and 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of United States Dollars)</B></FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD>
    <TD STYLE="text-align: left">Specific assignment of any time charters with duration of more than 12 months;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD></TD><TD>&bull;</TD>
    <TD STYLE="text-align: left">Corporate guarantee of the Parent;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD></TD><TD>&bull;</TD>
    <TD STYLE="text-align: left">Pledge of the shares of the shipowning subsidiary;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD></TD><TD>&bull;</TD>
    <TD STYLE="text-align: left">Pledge over the earnings account of the vessel.</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The facility bears interest at LIBOR plus a margin
of 3.00%. The applicable LIBOR as of December 31, 2021 was approximately 0.10%.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Scheduled Principal Repayments: </I></B>The
Company&rsquo;s annual principal payments required to be made after December 31, 2021 on its loan obligations, are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: 453.3pt">&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: 30%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Years</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2022</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,000</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2023 </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,000</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2024</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2,750</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2025</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2,500</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2026</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2,500</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2027 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">22,750</FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #B6DDE8">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>36,500</B></FONT></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 155.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, both the Company and
the Parent was in compliance with all debt covenants with respect to the Alpha Bank Facility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Financing Costs: </I></B>The net additions
in deferred financing costs amounted to $491 during the year ended December 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Commitments and Contingencies</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 149.1pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Various claims, suits, and complaints, including
those involving government regulations and product liability, arise in the ordinary course of the shipping business. As part of the normal
course of operations, the Company's customers may disagree on amounts due to the Company under the provision of the contracts which are
normally settled through negotiations with the customer. The Company is not a party to any material litigation where claims or counterclaims
have been filed against the Company other than routine legal proceedings incidental to its business. The Company does not believe that
contingent liabilities related to these matters, either individually or in the aggregate, will materially affect the Company&rsquo;s Financial
Statements.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accrues for the cost of environmental
liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently,
management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established
in the carve-out financial statements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>General and administrative expenses</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 127.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General and administrative expenses represent
an allocation of the expenses incurred by Top Ships Inc. based on the number of calendar days of the Company&rsquo;s vessel to total calendar
days of the Top Ships Inc. fleet. These expenses consisted mainly of executive compensation, professional fees, utilities and directors'
liability insurance.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Vessel Operating Expenses</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts in the statements of operations are
as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: justify">Vessel Operating Expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Period and year ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2020</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="width: 70%; text-align: justify">Crew wages and related costs</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">-</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">1,065</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">118</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="text-align: left">Repairs and maintenance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">29</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify">Spares and consumable stores</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">287</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="text-align: justify">Registration and taxes (Note 12)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">21</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: justify">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">1,520</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 13; Value: 6 -->
    <DIV STYLE="border-bottom: Black 4pt solid; margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTES TO CARVE-OUT FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AS OF DECEMBER 31, 2020 AND 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AND FOR THE PERIOD AND YEAR ENDED DECEMBER 31, 2020 and 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of United States Dollars)</B></FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Interest and Finance Costs</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 338.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts in the statements of operations are
analyzed as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: justify">Interest and Finance Costs</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Period and year ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2020</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="width: 70%; text-align: justify">Interest on debt</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">-</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">770</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Bank charges and other financial costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">15</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="text-align: justify">Amortization and write-off of financing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">64</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">-</TD><TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">849</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Income Taxes</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Marshall Islands and Greece does not impose a
tax on international shipping income. Under the laws of Marshall Islands and Greece the countries of the companies' incorporation and
vessels' registration, the companies are subject to registration and tonnage taxes, which have been included in Vessel operating expenses
in the statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 113.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the United States Internal Revenue Code
of 1986, as amended (the &quot;Code&quot;), the U.S. source gross transportation income of a ship-owning or chartering corporation, such
as the Company, is subject to a 4% U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption
from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists
of 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end,
in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Section 883 of the Code and the regulations
thereunder, the Company will be exempt from U.S. federal income tax on our U.S.-source shipping income if:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) the Company is organized in a foreign country,
or its country of organization, grants an &ldquo;equivalent exemption&rdquo; to corporations organized in the United States; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) either</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A. more than 50% of the value of the Company&rsquo;s
stock is owned, directly or indirectly, by individuals who are &ldquo;residents&rdquo; of the Company&rsquo;s country of organization
or of another foreign country that grants an &ldquo;equivalent exemption&rdquo; to corporations organized in the United States (each such
individual a &ldquo;qualified shareholder&rdquo; and such individuals collectively, &ldquo;qualified shareholders&rdquo;), which the Company
refers to as the &ldquo;50% Ownership Test,&rdquo; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B. the Company&rsquo;s stock is &ldquo;primarily
and regularly traded on an established securities market&rdquo; in the Company&rsquo;s country of organization, in another country that
grants an &ldquo;equivalent exemption&rdquo; to U.S. corporations, or in the United States, which the Company refers to as the &ldquo;Publicly-Traded
Test.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Marshall Islands, the jurisdiction where the
Company is incorporated, grants an &ldquo;equivalent exemption&rdquo; to U.S. corporations. Therefore, the Company will be exempt from
U.S. federal income tax with respect to the Company&rsquo;s U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded
Test is met.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Treasury Regulations provide, in pertinent part,
that stock of a foreign corporation will be considered to be &ldquo;primarily traded&rdquo; on an established securities market if the
number of shares of each class of stock that are traded during any taxable year on all established securities markets in that country
exceeds the number of shares in each such class that are traded during that year on established securities markets in any other single
country. The Parent&rsquo;s common shares, which is the Parent&rsquo;s sole class of issued and outstanding stock that is traded, is and
the Company anticipates will continue to be &ldquo;primarily traded&rdquo; on the Nasdaq Capital Market.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTES TO CARVE-OUT FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AS OF DECEMBER 31, 2020 AND 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AND FOR THE PERIOD AND YEAR ENDED DECEMBER 31, 2020 and 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of United States Dollars)</B></FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Treasury Regulations also require that the
Company&rsquo;s stock be &quot;regularly traded&quot; on an established securities market. Under the Treasury Regulations, the Company&rsquo;s
stock will be considered to be &quot;regularly traded&quot; if one or more classes of the Company&rsquo;s stock representing more than
50% of the Company&rsquo;s outstanding shares, by total combined voting power of all classes of stock entitled to vote and by total combined
value of all classes of stock, are listed on one or more established securities markets, which the Company refers to as the &quot;listing
threshold.&quot; The Parent&rsquo;s common stock, which is listed on the Nasdaq Capital Market and is the Parent&rsquo;s only class of
publicly-traded stock, did not constitute more than 50% of the Parent outstanding shares by value for the 2021 taxable year, and accordingly,
the Parent didn&rsquo;t satisfy the 50% Ownership Test for the 2021 taxable year and hence neither the Parent nor the Company qualified
for exemption from tax under Section 883 for the 2021 taxable year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company for the 2021 taxable year is subject
to an effective 2% United States federal tax on the U.S. source shipping income that is attributable to the transport of cargoes to or
from the United States which is not considered an income tax. The amount of this tax for the year ended December 31, 2021 was $20 and
it was recorded within &quot;Vessel operating expenses&quot; in the Statement of operations.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Fair Value of Financial Instruments and Concentration of Credit Risk</B></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments, which potentially subject
the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, restricted cash, prepayments
and other receivables, trade accounts payable, due to Parent company and accrued liabilities. The Company limits its credit risk with
respect to accounts receivable by performing ongoing credit evaluations of its customers&rsquo; financial condition and generally does
not require collateral for its trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits,
with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those
financial institutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Fair value of financial instruments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company follows the accounting guidance for
Fair Value Measurements. This guidance enables the reader of the carve-out financial statements to assess the inputs used to develop those
measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The
guidance requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 1: Quoted market prices in active markets
for identical assets or liabilities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 2: Observable market based inputs or unobservable
inputs that are corroborated by market data;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 3: Unobservable inputs that are not corroborated
by market data.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying values of cash and cash equivalents,
restricted cash, prepaid expenses and other receivables, trade accounts payable, due to Parent company and accrued liabilities are reasonable
estimates of their fair value due to the short term nature of these financial instruments. Cash and cash equivalents are considered Level
1 items as they represent liquid assets with short-term maturities. The fair value of bank debt approximates the recorded value due to
its variable interest rate, being the LIBOR. LIBOR rates are observable at commonly quoted intervals for the full term of the loans and,
hence, bank loans are considered Level 2 items in accordance with the fair value hierarchy.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Revenues</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; color: #212529">Revenues
are comprised of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2020</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #B6DDE8">
    <TD STYLE="width: 70%; text-align: justify">Time charter revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">-</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">7,809</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">7,809</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 15; Value: 6 -->
    <DIV STYLE="border-bottom: Black 4pt solid; margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTES TO CARVE-OUT FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AS OF DECEMBER 31, 2020 AND 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>AND FOR THE PERIOD AND YEAR ENDED DECEMBER 31, 2020 and 2021</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of United States Dollars)</B></FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had entered into a time charters for
a period of three years that includes a charterer&rsquo;s option to renew for a further two one-year periods at predetermined daily rates.
Due to the volatility of the charter rates, the Company only accounts for the options when the charterer gives notice that the option
will be exercised. In a time charter contract, the vessel is hired by the charterer for a specified period of time in exchange for consideration
which is based on a daily hire rate. The charterer has the full discretion over the ports visited, shipping routes and vessel speed. The
contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally
has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance
with applicable sanction laws, and carry only lawful or non-hazardous cargo. In a time charter contract, the Company is responsible for
all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears
voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The charterer generally pays the charter
hire in advance of the upcoming contract period. <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529">As of December
31, 2021, the Company&rsquo;s vessel is employed under time charter. </FONT>&#9;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Subsequent Events</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 173.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluated subsequent events up to
September 9, 2022, the date the carve-out financial statements were available to be issued.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">F-16</P>

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