<SEC-DOCUMENT>0001171843-25-004576.txt : 20250721
<SEC-HEADER>0001171843-25-004576.hdr.sgml : 20250721
<ACCEPTANCE-DATETIME>20250721112937
ACCESSION NUMBER:		0001171843-25-004576
CONFORMED SUBMISSION TYPE:	F-1
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20250721
DATE AS OF CHANGE:		20250721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Rubico Inc.
		CENTRAL INDEX KEY:			0001943421
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-288796
		FILM NUMBER:		251136287

	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>
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<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>As filed with the U.S. Securities and Exchange Commission on July 21, 2025.</B></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-&#8195;&#8195;&#8195;</B></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Form&nbsp;F-1</B>&nbsp;</P>

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rubico Inc.</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 32%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Republic of the Marshall Islands</B></P>
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of</P>
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation or organization)</P></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4412</B></P>
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Primary Standard Industrial</P>
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">Classification Code Number)</P></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>N/A</B></P>
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer Identification No.)</P></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 5.5pt 0 0; text-align: center"><B>20 Iouliou Kaisara Str</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 5.5pt 0 0; text-align: center"><B>19002 Paiania </B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 5.5pt 0 0; text-align: center"><B>Athens, Greece</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 5.5pt 0 0; text-align: center"><B>+30 210 812 8107</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of Registrant's principal executive offices)</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Watson Farley &amp; Williams LLP </B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Attention: Will Vogel, Esq. </B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>120 West 45<SUP>th</SUP> Street, 20<SUP>th</SUP>
Floor </B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10036 </B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 922-2200</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Copies to:</I></B>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Will Vogel, Esq</B></FONT><B><FONT STYLE="font-size: 9.5pt">.
    </FONT></B></P>
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Watson Farley &amp; Williams LLP </B></P>
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>120 West 45<SUP>th</SUP> Street, 20<SUP>th</SUP>
    Floor </B></P>
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10036 </B></P>
    <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>+1 (212) 922-2200 (telephone number)</B></P></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Approximate date of commencement of proposed sale
to the public:</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As soon as practicable after this Registration
Statement becomes effective.</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-size: 9.5pt">If
any of the securities being registered on this Form&nbsp;are being offered on a delayed or continuous basis pursuant to Rule&nbsp;415
under the Securities Act, check the following box. </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-size: 9.5pt">If
this Form&nbsp;is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, check
the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.&nbsp;</FONT><FONT STYLE="font-size: 1pt">&#8201;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9.5pt">&#9744;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-size: 9.5pt">If
this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-size: 1pt">&#8201;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9.5pt">&#9744;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-size: 9.5pt">If
this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-size: 1pt">&#8201;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9.5pt">&#9744;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Emerging growth company
<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;&nbsp;</FONT></FONT></P></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">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&nbsp;7(a)(2)(B)
of the Securities Act. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&nbsp;</FONT></P>


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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&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="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities
Act of 1933, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission,
acting pursuant to said Section&nbsp;8(a), may determine.</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>







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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #FC0014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration
statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #FC0014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #FC0014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBJECT
TO COMPLETION, DATED July 21, 2025</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #FC0014"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>Up to 15,000,000 Common Shares</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><IMG SRC="exh141logo.jpg" ALT="" STYLE="height: 115px; width: 442px"></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">This prospectus relates
in part to the offer and resale of up to 15,000,000 shares of our common stock, par value $0.01 per share (our &ldquo;Common Shares&rdquo;),
by B. Riley Principal Capital II, LLC (the &ldquo;Selling Shareholder&rdquo; or &ldquo;BRPC II&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We have issued or will
issue these Common Shares to the Selling Shareholder under a common share purchase agreement, dated July 21, 2025 (the
&ldquo;Purchase Agreement&rdquo;), that we entered into with the Selling Shareholder, pursuant to which we may, in our sole
discretion, elect to sell to the Selling Shareholder up to $30,000,000 worth of our Common Shares in one or more transactions from
time to time after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We will not receive any
of the proceeds from the sale of our Common Shares by the Selling Shareholder. However, we may receive up to $30,000,000 aggregate gross
proceeds from sales of our Common Shares to the Selling Shareholder pursuant to the Purchase Agreement. See &ldquo;The Committed Equity
Financing&rdquo; for a description of the Purchase Agreement and &ldquo;Selling Shareholder&rdquo; for additional information regarding
the Selling Shareholder.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder
may resell or otherwise dispose of our Common Shares described in this prospectus in a number of different ways and at varying prices.
See &ldquo;Plan of Distribution (Conflict of Interest)&rdquo; for more information about how the Selling Shareholder may resell or otherwise
dispose of our Common Shares pursuant to this prospectus. The Selling Shareholder is an &ldquo;underwriter&rdquo; within the meaning of
Section 2(a)(11) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We will pay the expenses
incurred in registering under the Securities Act the offer and resale of the Common Shares offered hereby by the Selling Shareholder.
We have also engaged Seaport Global Securities LLC to act as a &ldquo;qualified independent underwriter&rdquo; in this offering, whose fees and expenses will
be borne by the Selling Shareholder. See &ldquo;Plan of Distribution (Conflict of Interest).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Common Shares are listed
on the Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;RUBI.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We qualify as an &ldquo;emerging
growth company&rdquo; and a &ldquo;foreign private issuer&rdquo;, each as defined under U.S. federal securities laws, rules and regulations.
As such, we may elect to comply with certain reduced reporting requirements. See &ldquo;Prospectus Summary&mdash;Implications of Being
a Foreign Private Issuer&rdquo; and &ldquo;Prospectus Summary&mdash;Implications of Being an Emerging Growth Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We will have a multi-class
capital structure consisting of Common Shares and Series D Preferred Shares. Our common shareholders are entitled to one vote for each
Common Share held. Each Series&nbsp;D Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for purposes
of determining quorum at a meeting of shareholders, subject to certain adjustments to satisfy minimum voting right financing agreement
covenants. Except as otherwise required by law or provided by our Amended and Restated Articles of Incorporation and Statement of Designation
for our Series&nbsp;D Preferred Shares, holders of our Series&nbsp;D Preferred Shares and holders of our Common Shares shall vote together as one class on all
matters submitted to a vote of our shareholders. Please see the section of this prospectus entitled &ldquo;Description of Capital Stock&rdquo;
for further information regarding our capital structure, and the rights, including the voting rights, privileges, and preferences of the
holders of our shares. The Lax Trust, an irrevocable trust established for the benefit of certain family members of the President, Chief
Executive Officer and Director of the Top Ships Inc. (the &ldquo;Parent&rdquo;)&mdash;a public company incorporated under the laws of
the Republic of the Marshall Islands&mdash;Mr. Evangelos Pistiolis, is the sole beneficial owner of our Series&nbsp;D Preferred Shares.
The Series&nbsp;D Preferred Shares held by the Lax Trust represent 97.0% of our total voting power. In addition, 3 Sororibus Trust, which
is an irrevocable trust established for the benefit of certain family members of Mr. Evangelos J. Pistiolis, may be deemed to beneficially
own 46.8% of our Common Shares and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 7.0% of our Common Shares. The Lax Trust
together with the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 98.6% of our total voting power.
Because the Lax Trust, the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis beneficially own the majority of our voting power, they have
the ability to control us and our affairs, including, among other matters, the election of our Board of Directors and, as a result, the
ability of our common shareholders to influence our corporate matters is limited. Please see &ldquo;Risk Factors&mdash;Risks Relating
to Our Common Shares and this Offering&mdash;Our significant shareholder 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 Preferred Shares, and thereby
to control the outcome of matters on which our shareholders are entitled to vote.&rdquo;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><B>Investing in our
securities involves a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page 12 of this prospectus for a discussion
of information that should be considered in connection with an investment in our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><B>Neither the U.S. Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">The date of this prospectus is &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">&nbsp;</P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 0pt; padding-bottom: 1.4pt; width: 93%"><FONT STYLE="font-size: 10pt"><A HREF="#summary">PROSPECTUS SUMMARY</A></FONT></TD>
    <TD STYLE="padding-top: 4pt; width: 2%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="padding-top: 4pt; width: 2%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#summary">1</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#theoffering">THE OFFERING</A></FONT></TD>
    <TD STYLE="padding-top: 4pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="padding-top: 4pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#theoffering">11</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#riskfactors">RISK FACTORS</A></FONT></TD>
    <TD STYLE="padding-top: 4pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="padding-top: 4pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#riskfactors">12</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#fwlstatements">FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#fwlstatements">46</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#equityfinancing">THE COMMITTED EQUITY FINANCING</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#equityfinancing">48</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#useofproceeds">USE OF PROCEEDS</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#useofproceeds">57</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#capitalization">CAPITALIZATION</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#capitalization">58</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#dividendpolicy">DIVIDEND POLICY</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#dividendpolicy">59</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#MDA">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#MDA">60</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#business">BUSINESS</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#business">73</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#management">MANAGEMENT</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#management">92</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#certainrelatioships">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#certainrelatioships">95</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#securityownership">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#securityownership">96</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#sellingshareholder">SELLING SHAREHOLDER</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#sellingshareholder">97</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#descriptionofcapitalstock">DESCRIPTION OF CAPITAL STOCK</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#descriptionofcapitalstock">98</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#marshallislandscompconsiderations">CERTAIN MARSHALL ISLANDS COMPANY CONSIDERATIONS</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#marshallislandscompconsiderations">108</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#shareseligibleforfuturesale">SHARES ELIGIBLE FOR FUTURE SALE</A> </FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#shareseligibleforfuturesale">112</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#taxconsiderations">TAX CONSIDERATIONS</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#taxconsiderations">113</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#planofdistribution">PLAN OF DISTRIBUTION (CONFLICT OF INTEREST)</A> </FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#planofdistribution">121</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#serviceofprocess">SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#serviceofprocess">124</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#expensesrelating">EXPENSES RELATING TO THIS OFFERING</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#expensesrelating">124</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#legalmatters">LEGAL MATTERS</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#legalmatters">124</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#experts">EXPERTS</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#experts">124</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#additionalinfo">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#additionalinfo">125</A></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#Index">INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS OF RUBICO INC.</A></FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 4pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#Index">F-1</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">This prospectus is part
of a registration statement on Form F-1 filed with the SEC by Rubico Inc. The Selling Shareholder named in this prospectus may, from time
to time, sell the securities described in this prospectus in one or more offerings. This prospectus includes important information about
us, the Common Shares, and other information you should know before investing. We may in the future prepare a supplement to this prospectus.
Any prospectus supplement may also add, update, or change information in this prospectus. If there is any inconsistency between the information
contained in this prospectus and any prospectus supplement, you should rely on the information contained in the prospectus supplement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">This prospectus does not
contain all of the information provided in the registration statement that we filed with the SEC. You should read this prospectus together
with the additional information about us described in the section below entitled &ldquo;Where You Can Find Additional Information.&rdquo;
You should rely only on the information contained in this prospectus or in any free
writing prospectus we may authorize to be delivered to you. We have not, and the Selling Shareholder has not, authorized any other person
to provide you with additional, different or inconsistent information. If anyone provides you with additional, different or inconsistent
information, you should not rely on it. We may not sell these securities until the registration statement filed with the U.S. Securities
and Exchange Commission (the &ldquo;SEC&rdquo; or the &ldquo;Commission&rdquo;), is effective. We are not, and the Selling Shareholder
is not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that
the information appearing in this prospectus is accurate as of any date other than the date on the front cover of this prospectus unless
otherwise specified herein. Our business, financial condition, results of operations and prospects may have changed since that date. Information
contained on our website does not constitute part of this prospectus.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder
may offer and sell the securities through agents or to or through underwriters or dealers. A prospectus supplement, if required, may describe
the terms of the plan of distribution and set forth the names of any agents, underwriters or dealers involved in the sale of securities.
See &ldquo;Plan of Distribution (Conflict of Interest).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The market data and other
statistical information used throughout this prospectus has been compiled from publicly available information and industry publications.
These sources generally state that the information they provide is believed to be reliable however, it is subject to subjective assessments
and changes and cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary
nature of the data gathering process and other limitations and uncertainties inherent in any market research and statistical survey. Therefore,
the accuracy and completeness of the information are not guaranteed and estimates and beliefs based on such data may not be reliable.
In addition, such market data and statistical information may be different from other sources and may not reflect all or even a comprehensive
set of the actual events and transactions occurring in the market. Although we are responsible for all of the disclosures contained in
this prospectus and we believe that such market data and statistical information is reliable, we have not independently verified its accuracy
or completeness. In addition, some data is also based on our good faith estimates and our management&rsquo;s understanding of industry
conditions. Such data involve risks and uncertainties and are subject to change based on various factors, including those discussed under
the headings &ldquo;Forward-Looking Statements&rdquo; and &ldquo;Risk Factors&rdquo; in this prospectus.</P>

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

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

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


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

<DIV STYLE="padding: 10pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="summary"></A>PROSPECTUS SUMMARY<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP></SUP></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>This section summarizes
material information that appears later in this prospectus and is qualified in its entirety by the more detailed information and financial
statements included elsewhere herein. This summary may not contain all of the information that may be important to you. As an investor
or prospective investor, you should carefully review the entire prospectus, including the risk factors and the more detailed information
that appears later in this prospectus before you consider making an investment in our securities. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>Unless otherwise indicated,
references in this prospectus to &ldquo;Rubico,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; and &ldquo;us,&rdquo;
refer to Rubico Inc. or any one or more of its subsidiaries, or to such entities collectively. 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 and us, which performs the day-to-day management of our fleet.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>Unless otherwise indicated,
references to &ldquo;U.S. dollars,&rdquo; &ldquo;dollars,&rdquo; &ldquo;USD&rdquo; and &ldquo;$&rdquo; in this prospectus are to the lawful
currency of the United States of America. We use the term &ldquo;deadweight tons&rdquo;, or &ldquo;dwt&rdquo;, expressed in metric tons,
each of which is equivalent to 1,000 kilograms, in describing the size of vessels. </I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 19pt 0 0; text-align: center"><B>Our Company </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We are a global provider
of shipping transportation services. We specialize in the ownership of vessels. The vessels initially comprising our fleet and each of
the vessels we may acquire in the future is or will be owned through a separate wholly owned subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We are an international
owner and operator of two modern, fuel efficient eco, 157,000 dwt Suezmax tankers, the M/T <I>Eco Malibu</I> with an age of 4.1 years
and the M/T <I>Eco West Coast</I> with an age of 4.2 years, each focusing on the transportation of crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We were incorporated by
the Parent under the laws of the Republic of the Marshall Islands on August 11, 2022 to serve as the holding company for two of its vessel-owning
subsidiaries, Athenean Empire Inc. (the &ldquo;Athenean Rubico Predecessor&rdquo; or &ldquo;Athenean&rdquo;) and Roman Empire Inc. (the
&ldquo;Roman Rubico Predecessor&rdquo; or &ldquo;Roman&rdquo; and, together with the Athenean Rubico Predecessor, the &ldquo;Rubico Predecessor&rdquo;)
that were contributed to us by the Parent in connection with the distribution of our issued and outstanding Common Shares (including the
related preferred stock purchase rights), to the Parent&rsquo;s shareholders and warrant holders (the &ldquo;Spin-Off&rdquo;). 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 combined carve-out financial statements
of the Rubico Predecessor as of December 31, 2022, 2023 and 2024, and for each of the three years in the period ended December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 20pt"><B>Chartering of our Fleet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We intend to expand our
fleet into other seaborne transportation sectors depending on available opportunities, opportunistically considering further expansion
into Suezmax crude oil tanker vessels as well as diversification into other sectors related to seaborne transportation of goods or passengers,
including recreational transportation, 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: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 Mr. Evangelos J. Pistiolis, our significant shareholder, that detailed the terms on which any vessels we
may acquire will be managed. Both Athenean and Roman, our vessel-owning subsidiaries, entered into management agreements, each a Management
Agreement and together the Management Agreements, with our Fleet Manager on May 28, 2020. Both the Management Agreements 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 each of the Management Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to the CSI Letter
Agreement as well as each of the Management Agreements, we pay a management fee of $651 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, each of the Management Agreements provides and the CSI Letter Agreement provides for payment to our Fleet
Manager of: (i) $592 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 will also perform supervision services
for any newbuilding vessel we may acquire while the vessel is under construction, for
which we will pay our Fleet Manager the actual cost of the supervision services plus a fee of 7% of such supervision services.</P>

</DIV>

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




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<DIV STYLE="padding: 10pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Fleet Manager provides,
at cost, all accounting, reporting and administrative services. Finally, each of the Management Agreements provide and the CSI Letter
Agreement provides for a performance incentive fee for the provision of management services to be determined at the discretion of our
board of directors (the &ldquo;Board of Directors&rdquo; or the &ldquo;Board&rdquo;). Each of the Management Agreements and the CSI Letter
Agreement has an initial term of five years, after which they will both continue to be in effect until terminated by either party subject
to an eighteen-month advance notice of termination. Pursuant to the terms of each of the Management Agreements and the intended terms
of the CSI Letter Agreement, 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">For further information,
please see &ldquo;Certain Relationships and Related Party Transactions&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Opportunity for growth.</I></B>
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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Demonstrated access
to financing.</I></B> We believe that we are well placed to take advantage of business opportunities due to the Fleet Manager&rsquo;s
operational platform, which we aim to leverage, along with our Fleet Manager&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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Our Fleet Manager&rsquo;s
commercial relationships, reputation and track record.</I></B> We believe that our Fleet Manager&rsquo;s network of commercial relationships
and 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Modern, Fuel Efficient,
Scrubber Fitted Fleet.</I></B> Our vessels have 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Opportunistic and
sector-agnostic vessel acquisition strategy.</I></B> We plan to exploit opportunities in any sector related to seaborne transportation
of goods or passengers, including recreational transportation 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 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Expand our fleet through
accretive acquisitions.</I></B> 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 Fleet Manager&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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Access to attractive
chartering opportunities. Our Fleet Manager has built relationships with many well-known charterers, which we believe is the result of
its</I></B> and our Parent&rsquo;s reputation for reliable service, safety and dependability. Through a combination of fixed period time
charters and spot charters, our Parent and Fleet Manager have 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Environmental, Social,
Governance, or ESG, Practices.</I></B> 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 vessels, 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>

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On June 23, 2025, we entered
into a share purchase agreement to sell 75,000 Common Shares at a purchase price of $20.00 per Common Share, for aggregate gross proceeds
of $1.5 million, in a private placement pursuant to exemptions from registration under the Securities Act (the &ldquo;Private Placement&rdquo;).
Pursuant to the share purchase agreement, the purchasers in the Private Placement received customary registration rights and will be subject
to lock-up restrictions on resale of the Common Shares sold in the Private Placement for a period of 45 days following the commencement
of trading of the Common Shares on an exchange. The closing of the Private Placement will be conditioned on and is expected to occur concurrently
with the Spin-Off distribution.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>Committed Equity Facility</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On July 21, 2025, we
entered into a common shares purchase agreement (the &ldquo;Purchase Agreement&rdquo;) and a registration rights agreement (the &ldquo;Registration
Rights Agreement&rdquo;) with the Selling Shareholder. Pursuant to the Purchase Agreement, we have the right to sell to the Selling Shareholder,
from time to time during the term of the Purchase Agreement, up to $30,000,000 million of our Common Shares, subject to certain limitations
and conditions set forth in the Purchase Agreement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Sales of our Common Shares
pursuant to the Purchase Agreement, and the timing of any sales, are solely at our option, and we are under no obligation to sell any
securities to the Selling Shareholder under the Purchase Agreement. In accordance with our obligations under the Registration Rights Agreement,
we have filed the registration statement that includes this prospectus with the SEC to register under the Securities Act the resale by
the Selling Shareholder of up to 15,000,000 of our Common Shares that we may, in our sole discretion, elect to sell to the Selling Shareholder
in one or more transactions from time to time after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our right to cause
the Selling Shareholder to purchase our Common Shares is subject to certain conditions set forth in the Purchase Agreement,
including that the registration statement that includes this prospectus be declared effective by the SEC and that our Common Shares begin trading on the Nasdaq Capital Market following the Spin-Off distribution. The satisfaction of these
conditions is referred to as the &ldquo;Commencement&rdquo;, and the date on which these conditions are satisfied is the
&ldquo;Commencement Date&rdquo;.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Beginning on the Commencement
Date, and for 36 months thereafter, we will have the right, but not the obligation, from time to time, at our sole discretion, to direct
the Selling Shareholder to purchase a specified number of our Common Shares (each, a &ldquo;Purchase&rdquo;). Each Purchase shall not
exceed the lesser of the following (the &ldquo;Purchase Maximum Amount&rdquo;): (i) 1,500,000 of our Common Shares and (ii) a percentage
to be specified by us, not to exceed 25% (the &ldquo;Purchase Valuation Percentage&rdquo;), times the aggregate number of our Common Shares
traded on Nasdaq during the applicable Purchase Valuation Period (as defined below). The number of shares to be purchased by the Selling
Shareholder in a given Purchase (the &ldquo;Purchase Share Amount&rdquo;) will be adjusted to the extent necessary to give effect to the
applicable Purchase Maximum Amount and certain additional limitations set forth in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We may elect to initiate
a Purchase by timely delivering written notice to the Selling Shareholder (a &ldquo;Purchase Notice&rdquo;) prior to 9:00 a.m., New York
City time, on any day (each, a &ldquo;Purchase Date&rdquo;) on which our Common Shares trades or may be traded on Nasdaq (a &ldquo;Trading
Day&rdquo;), so long as (a) the closing sale price of our Common Shares on Nasdaq on the Trading Day immediately prior to such Purchase
Date is not less than $1.00, subject to adjustment as set forth in the Purchase Agreement (the &ldquo;Threshold Price&rdquo;), and (b)
all Common Shares subject to all prior Purchases effected by us under the Purchase Agreement have been received by the Selling Shareholder
prior to the time we deliver the Purchase Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The per share purchase price
that the Selling Shareholder is required to pay for our Common Shares in a Purchase will be 97% of the volume weighted average price of
our Common Shares (the &ldquo;VWAP&rdquo;) over a specified period on the Purchase Date. This period (the &ldquo;Purchase Valuation Period&rdquo;)
begins at the official open of the regular trading session on Nasdaq on the applicable Purchase Date, and ends at the earliest to occur
of (i) 3:59 p.m., New York City time, on that Purchase Date or such earlier time publicly announced by the trading market as the official
close of the regular trading session on that Purchase Date, (ii) such time that the total aggregate number of our Common Shares traded
on Nasdaq during the Purchase Valuation Period reaches the applicable share volume maximum amount for such Purchase (the &ldquo;Purchase
Share Volume Maximum&rdquo;), calculated by dividing (a) the applicable Purchase Share Amount for that Purchase, by (b) the Purchase Valuation
Percentage for that Purchase, and (iii) if we further specify in the applicable Purchase Notice for such Purchase that a &ldquo;limit
order discontinue election&rdquo; shall apply to such&nbsp;Purchase (a &ldquo;Limit Order Discontinue Election&rdquo;), such time that
the trading price of our Common Shares on Nasdaq during the Purchase Valuation Period falls below the applicable minimum price threshold
for that Purchase specified by us in the Purchase Notice, which shall not be less than the Threshold Price, or if we do not specify a
minimum price threshold in such Purchase Notice, a price equal to 75% of the closing sale price
of our Common Shares on the Trading Day immediately prior to the applicable Purchase Date for such Purchase (the &ldquo;Minimum Price
Threshold&rdquo;).</P>

</DIV>

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


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<DIV STYLE="padding: 10pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Under the Purchase Agreement,
for purposes of calculating the volume of Common Shares traded during a Purchase Valuation Period, as well as the VWAP for a Purchase
Valuation Period, the following transactions, to the extent they occur during such Purchase Valuation Period, shall be excluded: (x) the
opening or first purchase of Common Shares at or following the official open of the regular trading session on Nasdaq on the applicable
Purchase Date for such Purchase, (y) the last or closing sale of Common Shares at or prior to the official close of the regular trading
session on Nasdaq on the applicable Purchase Date for such Purchase, and (z) if we have specified in the applicable Purchase Notice for
such Purchase that a &ldquo;limit order continue election&rdquo; (a &ldquo;Limit Order Continue Election&rdquo;) shall apply to such Purchase
(instead of specifying that a Limit Order Discontinue Election shall apply), all purchases and sales of Common Shares on Nasdaq during
such Purchase Valuation Period at a price per share that is less than the applicable Minimum Price Threshold for such Purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">In addition to the regular
Purchases described above, after the Commencement, we will also have the right, but not the obligation, subject to the continued satisfaction
of the conditions set forth in the Purchase Agreement, to direct the Selling Shareholder to purchase, on any Trading Day, including on
a Purchase Date on which a regular Purchase is effected, a specified number of our Common Shares (each, an &ldquo;Intraday Purchase&rdquo;).
Each Intraday Purchase is not to exceed the lesser of the following (the &ldquo;Intraday Purchase Maximum Amount&rdquo;): (i) 1,500,000
of our Common Shares and (ii) a percentage to be specified by us, not to exceed 25%, times the total aggregate volume of Common Shares
traded on Nasdaq during the applicable &ldquo;Intraday Purchase Valuation Period.&rdquo; The number of shares to be purchased by the Selling
Shareholder in a given Intraday Purchase (the &ldquo;Intraday Purchase Share Amount&rdquo;) will be adjusted to the extent necessary to
give effect to the applicable Intraday Purchase Maximum Amount and certain additional limitations set forth in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We may elect to
initiate an Intraday Purchase by timely delivering irrevocable written notice (an &ldquo;Intraday Purchase Notice&rdquo;) to the
Selling Shareholder after the later of (a) 10:00 a.m., New York City time (b) the end of the Purchase Valuation Period for any prior
regular Purchase on that Purchase Date and (c) the end of the Intraday Purchase Valuation Period for the most recent prior Intraday
Purchase effected on that Purchase Date (if any), and prior to 3:30 p.m., New York City time, on such Purchase Date. We may only
deliver an Intraday Purchase Notice so long as (i) the sale price of our Common Shares at the time of delivery of the Intraday
Purchase Notice is not less than the Threshold Price and (ii) all Common Shares subject to all prior Purchases and all prior Intraday Purchases effected by us under the Purchase Agreement
have been received by the Selling Shareholder prior to the time we deliver the Intraday Purchase Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The per share purchase price
for our Common Shares that we elect to sell to the Selling Shareholder in an Intraday Purchase pursuant to the Purchase Agreement, if
any, will be calculated in the same manner as in the case of a regular Purchase, provided that the VWAP for each Intraday Purchase effected
on a Purchase Date will be calculated over a different period during the regular trading session on Nasdaq on the relevant Purchase Date,
each of which will commence and end at different times on that Purchase Date, and the applicable minimum price threshold in the event
we do not specify a minimum price threshold in the Intraday Purchase Notice will be a price equal to 75% of the sale price of our Common
Shares at the time of delivery of the applicable Intraday Purchase Notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">The Purchase Agreement does
not set an upper limit on the price per share that the Selling Shareholder could be obligated to pay for Common Shares that we elect to
sell to it in any Purchase or any Intraday Purchase. In the case of Purchases and Intraday Purchases, all share and dollar amounts used
in determining the purchase price per share, or in determining the applicable maximum purchase share amounts or applicable volume or price
threshold amounts, will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock
split or other similar transaction occurring during any period used to calculate any per share purchase price, maximum purchase share
amount or applicable volume or price threshold amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">From and after Commencement,
we will control the timing and amount of any sales of our Common Shares to the Selling Shareholder. Whether we conduct actual sales of
Common Shares to the Selling Shareholder under the Purchase Agreement, and the size and terms of those sales, will depend on a variety
of factors to be determined by us from time to time, including,&nbsp;among other things, market conditions, the trading price of our Common
Shares and determinations by us as to the appropriate sources of funding for our business and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The net proceeds to us from
sales that we elect to make to the Selling Shareholder under the Purchase Agreement, if any, will depend on the frequency and prices at
which we sell our Common Shares to the Selling Shareholder. We expect that any proceeds received by us from such sales to the Selling
Shareholder will be used for general corporate purposes, which may include, among other things, funding for working capital needs, debt
repayments, and fleet expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We may not issue or sell
any share of our Common Shares to the Selling Shareholder under the Purchase Agreement that, when aggregated with all other Common Shares
then beneficially owned by the Selling Shareholder and its affiliates would result in the Selling Shareholder beneficially owning more
than 4.99% of the outstanding Common Shares (the &ldquo;Beneficial Ownership Limitation&rdquo;).</P>

</DIV>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Neither the Purchase Agreement
nor the Registration Rights Agreement has restrictions on future financings, rights of first refusal, participation rights, penalties
or liquidated damages, other than a prohibition (with certain limited exceptions) on entering into an &ldquo;equity line of credit,&rdquo;
an &ldquo;at the market offering&rdquo; or other similar continuous offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder
has agreed that none of the Selling Shareholder or any entity managed or controlled by the Selling Shareholder, or any of their respective
officers, will engage in or effect, directly or indirectly, for its own account or for the account of any other of such persons or entities,
any short sales of our Common Shares or hedging transaction that establishes a net short position in our Common Shares during the term
of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Purchase Agreement will
automatically terminate on the earliest to occur of (i) the first day of the month next following the third anniversary of the Commencement
Date, (ii) the date on which the Selling Shareholder shall have purchased from us under the Purchase Agreement Common Shares for an aggregate
gross purchase price of $30 million, (iii) the date on which our Common Shares shall have failed to be listed or quoted on Nasdaq or another
U.S. national securities exchange identified as an &ldquo;eligible market&rdquo; (an &ldquo;Eligible Market&rdquo;) in the Purchase Agreement,
(iv) the 30th Trading Day after the date on which a voluntary or involuntary bankruptcy proceeding involving our company has been commenced
that is not discharged or dismissed prior to such Trading Day, and (v) the date on which a bankruptcy custodian is appointed for all or
substantially all of our property or we make a general assignment for the benefit of creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We have the right to terminate
the Purchase Agreement at any time after Commencement, at no cost or penalty, at any time. We and the Selling Shareholder may also agree
to terminate the Purchase Agreement by mutual written consent, provided that no termination of the Purchase Agreement will be effective
during the pendency of any Purchase or any Intraday Purchase that has not then fully settled in accordance with the Purchase Agreement.
Neither we nor the Selling Shareholder may assign or transfer our respective rights and obligations under the Purchase Agreement or the
Registration Rights Agreement, and no provision of the Purchase Agreement or the Registration Rights Agreement may be modified or waived
by us or the Selling Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As consideration for
the Selling Shareholder&rsquo;s commitment to purchase Common Shares at our direction under the Purchase Agreement, we agreed to pay
a commitment fee to the Selling Shareholder of $300,000, equal to 1% of the full amount of the maximum gross proceeds under the
Purchase Agreement (the &ldquo;Commitment Fee&rdquo;). The Commitment Fee shall be payable to the Selling Shareholder upon the
earlier of (i) the settlement of the first purchase, if any, that we direct the Selling Shareholder to make under the Purchase
Agreement or (ii) 90 days after the Closing Date. Notwithstanding the foregoing, if we do not direct the Selling Shareholder to make
any purchases under the Purchase Agreement, or if the Commencement does not occur, then we have agreed to pay the Commitment Fee to
the Selling Shareholder within three trading days following the termination of the Purchase Agreement in accordance with its terms.
Furthermore, we have agreed to reimburse the Selling Shareholder for the reasonable legal fees and disbursements of the Selling
Shareholder&rsquo;s legal counsel in an amount not to exceed $240,000 in connection with the transactions contemplated by the
Purchase Agreement and the Registration Rights Agreement, consisting of $150,000 paid prior to the filing of this registration
statement and $7,500 per fiscal quarter, for a maximum three-year term, in which we direct the Selling Shareholder to purchase our
Common Shares, as contemplated by the Purchase Agreement and the Registration Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Purchase Agreement and
the Registration Rights Agreement contain customary representations, warranties, conditions and indemnification obligations of the parties.
Copies of the agreements have been filed as exhibits to the registration statement that includes this prospectus and are available electronically
on the SEC&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We do not know what the
purchase price for our Common Shares will be and therefore cannot be certain as to the number of shares we might issue to the Selling
Shareholder under the Purchase Agreement after the Commencement Date. Upon consummation of the Spin-Off, we will have 3,132,337 Common
Shares outstanding, of which 1,446,414 shares will be held by non-affiliates of ours (based on information available to us as of the date
hereof). The Purchase Agreement provides that we may sell up to $30,000,000 of our Common Shares to the Selling Shareholder and we are
registering 15,000,000 Common Shares under the Securities Act for resale by the Selling Shareholder under this prospectus. Depending on
the market price of our Common Shares at the times we elect to issue and sell shares to the Selling Shareholder, we may need to register
under the Securities Act additional Common Shares for resale by the Selling Shareholder in order to receive aggregate gross proceeds equal
to the full amount available to us under the Purchase Agreement. If all of the 15,000,000 Common Shares offered for resale by the Selling
Shareholder under this prospectus were issued and outstanding as of the date hereof, those shares would represent approximately 83% of
the total number of outstanding Common Shares and approximately 91% of the total number of outstanding Common Shares held by non-affiliates
of our company, in each case based on information known to us as of the date hereof. If we elect to issue and sell more than the 15,000,000
shares offered under this prospectus to the Selling Shareholder, which we have the right, but not the obligation, to do, we must first
register under the Securities Act and have the SEC declare effective the sale by the Selling Shareholder of additional Common Shares,
which could cause additional substantial dilution to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The number of our Common
Shares ultimately offered for resale by the Selling Shareholder through this prospectus is dependent upon the number of Common Shares,
if any, we elect to sell to the Selling Shareholder under the Purchase Agreement from and after the Commencement Date. The issuance of
our Common Shares to the Selling Shareholder pursuant to the Purchase Agreement will not affect the rights or privileges of our existing
shareholders, except that the economic and voting interests of each of our existing shareholders will be diluted. Although the number
of Common Shares that our existing shareholders own will not decrease, the Common Shares owned by our existing shareholders will represent
a smaller percentage of our total outstanding Common Shares after any such issuance.</P>

</DIV>

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

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

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

<DIV STYLE="padding: 10pt; border: Black 1pt solid">

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Rubico Inc. is a holding
company existing under the laws of the Republic of the Marshall Islands. Our executive offices are currently located at 20 Iouliou Kaisara
Str, 19002, Paiania, Athens, Greece and our telephone number is +30 210 812 8107. Our website is www.rubicoinc.com. The Commission maintains
a website that contains reports, proxy and information statements, and other information that we file electronically at www.sec.gov. The
information contained on, or that can be accessed through, these websites is not incorporated by reference herein and does not form part
of this prospectus.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">An investment in our securities
is subject to a number of risks, including risks relating to our industry, business and corporate structure. The following summarizes
some, but not all, of these risks, the occurrence of which could have a material adverse effect on our business, financial condition and
results of operations, which could cause the trading price of our Common Shares to decline and could result in a loss of all or part of
your investment. Please carefully consider all of the information discussed in the section entitled &ldquo;Risk Factors&rdquo; in this
prospectus for a more thorough description of these and other risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><B>Risks Relating to Our Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The international tanker industry has historically been both cyclical and
volatile<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.9pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The current state of the world financial market and current economic conditions
could have a material adverse impact on our results of operations, financial condition and cash flows.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.9pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our financial results may be adversely affected by the outbreak of epidemic
and pandemic diseases, and the related governmental responses thereto<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Volatility of SOFR could affect our profitability, earnings, and cash flows<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We are subject to complex laws and regulations, including environmental
regulations that can adversely affect the cost, manner or feasibility of doing business<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Climate change and greenhouse gas restrictions may adversely impact our
operations and markets<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Increasing growth of electric vehicles could lead to a decrease in trading
and the movement of crude oil worldwide<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">Our vessels, 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">The market value of our vessels, 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An over-supply of tanker capacity may lead to reductions in charter hire
rates and profitability<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">If our vessels, 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">A recent action by the U.S. to impose new port fees
on Chinese-owned and operated vessels and Chinese-built vessels could have a material adverse effect on our operations and financial results.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Political instability, terrorist or other attacks, war, international hostilities
and public health threats can affect the tanker industry, which may adversely affect our business<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Acts of piracy on ocean-going vessels could adversely affect our business<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Increased inspection procedures and tighter import and export controls could
increase costs and disrupt our business<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 10pt 7.15pt 12pt 0pt"><B>Risks Relating to Our Company</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">Our financing arrangements 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Servicing current and future debt will limit funds available for other purposes
and could impair our ability to react to changes in our business<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Parent and certain of our Parent&rsquo;s executive officers have been
subject to litigation in the past and we may be subject to similar or other litigation in the future<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">Our current fleet consists of two Suezmax tanker
vessels. Any limitation in the availability or operation of these vessels could have a material adverse effect on our business, results
of operations and financial condition.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If we fail to manage our planned growth properly, we may not be able to
successfully expand our market share<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">Our flexible acquisition strategy entails certain
risks and uncertainties associated with our opportunistic entry into ownership of a new class of vessels, and we cannot assure you that
we will complete any such acquisition or manage such risks successfully.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A limited number of financial institutions hold our cash and their failure
may adversely affect our business, results of operations and financial condition<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delays or defaults by the shipyards in the construction of any newbuildings
could increase our expenses and diminish our net income and cash flows.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to obtain additional debt financing may be dependent on our
ability to charter our vessels, or vessels we may acquire, the performance of our charters and the creditworthiness of our charterers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An increase in operating costs could decrease earnings and available cash<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rising fuel prices may adversely affect our profits<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Inflation could adversely affect our operating results and financial condition<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The aging of our fleet may result in increased operating costs in the future,
which could adversely affect our earnings<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.9pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Purchasing and operating secondhand vessels may result in increased operating
costs and vessels off-hire, which could adversely affect our earnings.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may not have adequate insurance to compensate us if we lose any vessels
that we acquire<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>
</DIV>


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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<DIV STYLE="padding: 10pt; border: Black 1pt solid">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may be subject to increased premium payments, or calls, as we obtain
some of our insurance through protection and indemnity associations<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">Increasing regulation as well as 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">A shift in consumer demand from crude oil towards
other energy sources or changes to trade patterns for crude oil and refined petroleum products may have a material adverse effect on our
business.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">Technological innovation and quality and efficiency
requirements from our customers could reduce our charter hire income and the value of our vessels, or vessels we may acquire.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977, or
the FCPA, could result in fines, criminal penalties, and an adverse effect on our business<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The smuggling of drugs or other contraband onto our vessels, or vessels
we may acquire may lead to governmental claims against us<FONT STYLE="letter-spacing: -0.25pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Maritime claimants could arrest our vessels, or vessels we may acquire,
which could interrupt our cash flow<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Governments could requisition our vessels, or vessels we acquire, during
a period of war or emergency, resulting in loss of earnings<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">U.S. federal tax authorities could treat us as a &ldquo;passive foreign
investment company,&rdquo; which could have adverse U.S. federal income tax consequences to U.S. shareholders<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.9pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">We may be subject to U.S. federal income tax on our U.S. source income, which would reduce our earnings.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.9pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changing laws and evolving reporting requirements could have an adverse
effect on our business.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.9pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.9pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.9pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may not be able to access the credit and capital markets at the times
and in the amounts needed on acceptable terms.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 6pt 7.15pt 12pt 0"><B>Risks Relating to our Relationship with our Fleet
Manager and its Affiliates</B></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We are dependent on our Fleet Manager, an affiliate of our significant shareholder,
to perform the day-to-day management of our fleet.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Fleet Manager is a privately held company and there may be limited or
no publicly available information about it.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">Our Fleet Manager may have conflicts of interest
between us and its other clients.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 10pt 7.15pt 12pt 0pt"><B>Risks Relating to Our Common Shares and this Offering</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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. Further, there
is no guarantee of a continuing public market to resell our Common Shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may rely in part on equity issuances, which will not require shareholder
approval, to fund our growth, and such equity issuances could dilute your ownership interests and may depress the market price of our
Common Shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The market price of our Common Shares may in the future be subject to significant
fluctuations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may experience rapid and substantial share price volatility unrelated
to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess
the rapidly changing value of our Common Shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A possible &ldquo;short squeeze&rdquo; due to a sudden increase in demand
of our Common Shares that largely exceeds supply may lead to further price volatility in our Common Shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our significant shareholder 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 Preferred Shares,
and thereby to control the outcome of matters on which our shareholders are entitled to vote.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We are a &ldquo;foreign private issuer,&rdquo; which could make our Common
Shares less attractive to some investors or otherwise harm our stock price<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We are a &ldquo;controlled company&rdquo; under Nasdaq corporate governance
rules and we therefore are exempt from certain corporate governance requirements that could adversely affect our public shareholders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Issuance of preferred shares, such as our Series D Preferred Shares and
our Series A Participating Preferred Stock, may adversely affect the voting power of our common shareholders have a dilutive effect on
them and have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price
of our Common Shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We cannot predict the impact our multi-class capital structure may have
on the market price or liquidity of our Common Shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Anti-takeover provisions in our Amended and Restated Articles of Incorporation
and Amended and Restated 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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 Shares less attractive to investors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As a Marshall Islands corporation with principal executive offices in Greece
and subsidiaries in the Marshall Islands, our operations may be subject to economic substance requirements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">It may not be possible for investors to serve process on or enforce U.S.
judgments against us.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Amended and Restated Articles of Incorporation include forum selection
provisions for certain disputes between us and our shareholders, which could limit our shareholders&rsquo; ability to obtain a favorable
judicial forum for disputes with us or our directors, officers, or employees.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may not achieve the intended benefits of having forum selection provisions
if they are found to be unenforceable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Since we have broad discretion in how we use the proceeds from this offering,
we may use the proceeds in ways with which you disagree.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Purchasers who purchase our securities in this offering pursuant to a securities
purchase agreement may have rights not available to purchasers that purchase without the benefit of a securities purchase.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">It is not possible to predict the actual number of shares we will sell under
the Purchase Agreement to the Selling Shareholder, or the actual gross proceeds resulting from those sales.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Investors who buy shares at different times will likely pay different prices.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We may fail to meet the continued listing requirements of Nasdaq, which
could cause our Common Shares to be delisted.</FONT></TD></TR></TABLE>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 45.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>



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

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

<DIV STYLE="padding: 10pt; border: Black 1pt solid">

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We are an international
owner and operator of two modern, fuel efficient eco, 157,000 dwt Suezmax tankers, the M/T <I>Eco Malibu</I> with an age of 4.1 years
and the M/T <I>Eco West Coast</I> with an age of 4.2 years, each focusing on the transportation of crude oil. The vessels of our fleet
were contributed to us by the Parent in connection with the distribution of our issued and outstanding Common Shares (including the related
preferred stock purchase rights), to the Parent&rsquo;s shareholders and warrant holders (the &ldquo;Spin-Off&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Spin-Off distribution will be pro rata to the beneficial holders of the Parent&rsquo;s
outstanding common shares and to beneficial holders of the Parent&rsquo;s outstanding common stock purchase warrants on an as-exercised
basis to the extent such warrants contain anti-dilution provisions conferred an interest equivalent to the Spin-Off distribution, in each
case as of June 16, 2025, the record date of the Spin-Off, so that such holders maintain the same proportionate interest (on a fully-diluted
basis) in each respective class of shares of the Parent and of us both immediately before and immediately after the Spin-Off. A new series
of preferred shares (the &ldquo;Series D Preferred Shares&rdquo;) to be distributed to the holder of the Series D preferred shares of
the Parent has been created to mirror the rights of the Series D perpetual preferred shares of the Parent. The holder of the Series D
preferred shares of the Parent is the Lax Trust, which is an irrevocable trust established for the benefit of certain family members of
the President, Chief Executive Officer and Director of the Parent, Mr. Evangelos Pistiolis. In connection with the Spin-Off, we expect
that the Parent will distribute 100,000 Series D Preferred Shares. The Parent will not distribute the Series D Preferred Shares to its
common shareholders in connection with the Spin-Off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On June 23, 2025, in connection
with the Spin-Off, Nasdaq approved the listing of our Common Shares under the symbol &ldquo;RUBI.&rdquo; The Common Shares are expected
to begin trading on Nasdaq on the Trading Day following the consummation of the Spin-Off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We will have a multi-class
capital structure consisting of Common Shares and Series&nbsp;D Preferred Shares. Our common shareholders are entitled to one vote for
each Common Share held. Each Series&nbsp;D Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for
purposes of determining quorum at a meeting of shareholders, subject to certain adjustments to satisfy minimum voting right financing
agreement covenants. Except as otherwise required by law or provided by our Amended and Restated Articles of Incorporation and Statement
of Designation for our Series&nbsp;D Preferred Shares, holders of our Series&nbsp;D Preferred Shares and holders of our Common Shares
shall vote together as one class on all matters submitted to a vote of our shareholders. Please see the section of this prospectus entitled
&ldquo;Description of Capital Stock&rdquo; for further information regarding our capital structure, and the rights, including the voting
rights, privileges, and preferences of the holders of our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Lax Trust is the sole
beneficial owner of our Series&nbsp;D Preferred Shares. The Series&nbsp;D Preferred Shares held by the Lax Trust represent 97.0% of our
total voting power. In addition, 3 Sororibus Trust may be deemed to beneficially own 46.8% of our Common Shares and Mr. Evangelos J. Pistiolis
may be deemed to beneficially own 7.0% of our Common Shares. The Lax Trust together with the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis
may be deemed to beneficially own 98.6% of our total voting power. Because the Lax Trust, the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis
beneficially own the majority of our voting power, they have the ability to control us and our affairs, including, among other matters,
the election of our Board of Directors and, as a result, the ability of our common shareholders to influence our corporate matters is
limited. Please see &ldquo;Risk Factors&mdash;Risks Relating to Our Common Shares and this Offering&mdash;Our significant shareholder
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 Preferred Shares, and thereby to control the outcome of matters on which our shareholders are entitled
to vote.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Implications of Being a Foreign Private Issuer </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As a non-U.S. company which
qualifies as a &ldquo;foreign private issuer&rdquo; subject to reporting requirements under the Securities Exchange Act of 1934, as amended
(the &ldquo;Exchange Act&rdquo;), we are subject to different requirements under the U.S. securities laws than U.S. domestic issuers.
See &ldquo;Risk Factors&mdash;Risks Relating to Our Company&mdash; We are a &ldquo;foreign private issuer,&rdquo; which could make our
Common Shares less attractive to some investors or otherwise harm our stock price.&rdquo; and &ldquo;Where You Can Find Additional Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We qualify as an &ldquo;emerging
growth company&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take
advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions
include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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 the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">exemption from new or revised financial accounting standards applicable to public companies until such
standards are also applicable to private companies; and</FONT></TD></TR></TABLE>
</div>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



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

<DIV STYLE="padding: 10pt; border: Black 1pt solid">

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">We may take advantage of
these provisions until the end of the fiscal year following the fifth anniversary of the closing of this offering or such earlier time
that we are no longer an emerging growth company. We will cease to be an emerging growth company if we have more than $1.235&nbsp;billion
in &ldquo;total annual gross revenues&rdquo; during the most recently completed fiscal year, or we have issued more than $1&nbsp;billion
in non-convertible debt in the past three years, or we become a &ldquo;large accelerated filer&rdquo;. 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We are choosing to take
advantage of these reduced burdens, save for the exemption from new or revised financial accounting standards applicable to public companies
until such standards are also applicable to private companies. We are choosing to &ldquo;opt out&rdquo; of such extended transition period
and 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&nbsp;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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

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

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

</DIV>

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

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


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<DIV STYLE="padding: 10pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="theoffering"></A>THE OFFERING<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP></SUP></FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Issuer</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rubico, Inc. a Marshall Islands corporation.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Common Shares Outstanding</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3,132,337 as of the consummation of the Spin-Off</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Common Shares being registered for resale by the Selling Shareholder</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Up to 15,000,000 Common Shares that we may elect, in our sole discretion, to issue and sell to the Selling Shareholder, from time to time from and after the Commencement Date in the Purchase Agreement.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Nasdaq Symbol</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;RUBI&rdquo;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the Common Shares being sold in this offering
    are being sold by the Selling Shareholder. We will not receive any proceeds from these sales.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">We may receive up to $30 million in aggregate gross proceeds from the Selling
Shareholder under the Purchase Agreement in connection with sales of our Common Shares to the Selling Shareholder. We estimate that the
net proceeds to us from the sale of our Common Shares to the Selling Shareholder could be up to $29.5 million, after estimated fees and
expenses, over a 36-month period, assuming that we sell Common Shares to them for aggregate gross proceeds of $30 million. The net proceeds
from sales, if any, under the Purchase Agreement, will depend on the frequency and prices at which we sell our Common Shares to the Holder
after the date of this prospectus. See &ldquo;Plan of Distribution (Conflict of Interest)&rdquo; and &ldquo;The Committed Equity Financing&rdquo;
elsewhere in this prospectus for more information.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">We intend to use the net proceeds from sales
    under the Purchase Agreement to for general corporate purposes, which may include, among other things, funding for working capital needs,
    debt repayments, and fleet expansion.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Conflict of Interest</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">BRPC II is an affiliate of B. Riley Securities,
    Inc. (&ldquo;BRS&rdquo;), a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">BRS will act as an executing broker that will
    effectuate resales to the public in this offering of the Common Shares that BRPC II may acquire from us pursuant to the Purchase Agreement.
    Because BRPC II will receive all the net proceeds from those resales, BRS is deemed to have a &ldquo;conflict of interest&rdquo; within
    the meaning of FINRA Rule 5121. Consequently, this offering will be conducted in compliance with the provisions of FINRA Rule 5121.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">FINRA Rule 5121 requires that a
    &ldquo;qualified independent underwriter&rdquo; (as defined in FINRA Rule 5121) participate in the preparation of the registration
    statement that includes this prospectus and exercise the usual standards of &ldquo;due diligence&rdquo; with respect thereto.
    Accordingly, we have engaged Seaport Global Securities LLC, a registered broker-dealer and FINRA member (the &ldquo;QIU&rdquo;), to
    be the qualified independent underwriter in this offering and, in such capacity, participate in the preparation of the registration
    statement that includes this prospectus and exercise the usual standards of &ldquo;due diligence&rdquo; with respect thereto. BRPC
    II has agreed to pay the QIU a cash fee of $50,000 upon completion of this offering as consideration for its services and to
    reimburse the QIU up to $10,000 for expenses incurred in connection with acting as the qualified independent underwriter in this
    offering. The QIU will receive no other compensation for acting as the qualified independent underwriter in this offering.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">In addition, in accordance with FINRA Rule 5121,
    BRS is not permitted to sell our Common Shares in this offering to an account over which it exercises discretionary authority without
    the prior specific written approval of the account holder. See &ldquo;Plan of Distribution (Conflict of Interest).&rdquo;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">An investment in our Common Shares involves risks.
You should carefully consider each of the factors described or referred to under &ldquo;Risk Factors&rdquo; beginning on page 12
before you make an investment in our Common Shares.</FONT></TD>

</TR>
  </TABLE>

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

</DIV>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>You should carefully
consider the following risk factors that may affect our business, future operating results and financial condition, as well as the other
information set forth in this prospectus, before making a decision to invest in our securities. If any of the following risks actually
occurs, our business, operating results, cash flows, financial condition, and ability to pay dividends could be materially and adversely
affected. In such case, the trading price of our securities would likely decline, and you may lose all or part of your investment. The
risks below are not the only ones we face. Additional risks not currently known to us, or that we currently deem immaterial, may also
adversely affect us. </I></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>The international
tanker industry has historically been both cyclical and volatile.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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. 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. In 2024, the BDTI reached a high of 1,552 and a low of 860.
Although the BDTI was 922 as of May 30, 2025, there can be no assurance that the crude oil charter market will continue to increase, and
the market could again decline. Recent heightened volatility in charter prices has resulted primarily from the war between Russia and
Ukraine and sanctions on Russian exports of crude oil and petroleum products, and there is great uncertainty about the future impact of
those events. Additionally, the war between Israel and Hamas, conflict between Israel and Iran and conflict between the United States
and Iran have resulted in increased tensions in the Middle East region, including missile attacks by the Houthis on vessels in the Red
Sea and Gulf of Aden. Such circumstances have had and could in the future result in adverse consequences for the tanker industry. In general,
volatility in charter rates depends, among other factors, on (i) supply and demand for tankers, (ii) the demand for crude oil and petroleum
products, (iii) the inventories of crude oil and petroleum products in the United States and in other industrialized nations, (iv) oil
refining volumes, (v) oil prices, and (vi) 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Currently, both of our vessels
are employed on time charters. However, changes in spot rates and time charter rates can affect the revenues we receive from operations
in the event our charterers default or seek to renegotiate the charter hire, as well as the value of our vessels, or vessels we acquire,
even if our vessels are employed under long-term time charters. Our ability to re-charter our vessels, 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 and we cannot guarantee
that any renewal or replacement charters we enter into will be sufficient to allow us to operate our vessels profitably. If we are not
able to obtain new contracts in direct continuation with existing charters or for newly acquired vessels, or if new contracts are entered
into at charter rates substantially below the existing charter rates or on terms otherwise less favorable compared to existing contracts
terms, our revenues and profitability could be adversely affected and we may not be able to comply with the financial covenants in our
financing arrangements. A decline in charter hire rates will also likely cause the value of our vessels, or vessels we acquire to decline
which could lead us to record impairment adjustments to the carrying values of our fleet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 vessels, 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: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt; text-align: justify"><U>Factors that influence demand for tanker
vessel capacity <FONT STYLE="letter-spacing: -0.1pt">include:</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">supply and demand for oil <FONT STYLE="letter-spacing: -0.1pt">carried;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in oil <FONT STYLE="letter-spacing: -0.1pt">production;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">oil <FONT STYLE="letter-spacing: -0.1pt">prices;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the distance oil is to be moved by <FONT STYLE="letter-spacing: -0.2pt">sea;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any restrictions on crude oil production imposed by the Organization of
the Petroleum Exporting Countries, or OPEC, and non-OPEC oil producing countries;</FONT></TD></TR></TABLE>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 19.45pt"><FONT STYLE="font-size: 10pt">global and regional economic and political conditions,
including &ldquo;trade wars&rdquo; and developments in international trade, national oil reserves policies, fluctuations in industrial
and agricultural production, armed conflicts and work stoppages;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 10.9pt"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">worldwide and regional availability of refining capacity and <FONT STYLE="letter-spacing: -0.1pt">inventories;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">environmental and other legal and regulatory <FONT STYLE="letter-spacing: -0.1pt">developments;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 29.45pt"><FONT STYLE="font-size: 10pt">economic slowdowns caused by public health events
or inflationary pressures and resultant governmental responses;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">currency exchange <FONT STYLE="letter-spacing: -0.1pt">rates;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">weather, natural disasters and other acts of <FONT STYLE="letter-spacing: -0.2pt">God;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">increased use of renewable and alternative sources of <FONT STYLE="letter-spacing: -0.1pt">energy;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">competition from alternative sources of energy, other shipping companies
and other modes of transportation; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 29.5pt"><FONT STYLE="font-size: 10pt">international sanctions, embargoes, import and export
restrictions, nationalizations, piracy and wars or other conflicts, including the wars between Russia and Ukraine and between Israel and
Hamas; tensions between Israel and Iran and between the United States and Iran; or the Houthi crisis in and around the Red Sea.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt; text-align: justify"><U>The factors that influence the supply
of tanker capacity <FONT STYLE="letter-spacing: -0.1pt">include:</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the number of newbuilding <FONT STYLE="letter-spacing: -0.1pt">deliveries;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">current and expected newbuilding orders for <FONT STYLE="letter-spacing: -0.1pt">vessels;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the scrapping rate of older <FONT STYLE="letter-spacing: -0.1pt">vessels;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the availability of financing for new or secondhand <FONT STYLE="letter-spacing: -0.1pt">tankers;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the price of <FONT STYLE="letter-spacing: -0.1pt">steel;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">speed of vessel <FONT STYLE="letter-spacing: -0.1pt">operation;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">vessel freight rates, which are affected by factors that may affect the
rate of newbuilding, swapping and laying up of <FONT STYLE="letter-spacing: -0.1pt">vessels;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the price of steel and vessel <FONT STYLE="letter-spacing: -0.1pt">equipment;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">technological advances in the design, capacity propulsion technology, and
fuel consumption efficiency of <FONT STYLE="letter-spacing: -0.1pt">vessels;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">potential conversion of vessels for alternative <FONT STYLE="letter-spacing: -0.2pt">use;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in environmental and other regulations that may limit the useful
lives of <FONT STYLE="letter-spacing: -0.1pt">vessels;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">port or canal <FONT STYLE="letter-spacing: -0.1pt">congestion;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">national or international regulations that may effectively cause reductions
in the carrying capacity of vessels or early obsolescence of <FONT STYLE="letter-spacing: -0.1pt">tonnage;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">environmental concerns and regulations, including ballast water management,
low sulfur fuel consumption regulations, and reductions in CO2 <FONT STYLE="letter-spacing: -0.1pt">emissions;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 10.9pt"><FONT STYLE="font-size: 10pt">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 dry-dock for the purpose of installing exhaust gas cleaning systems, known as scrubbers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in global <FONT STYLE="letter-spacing: -0.1pt">petroleum production.</FONT></FONT></TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>The current state
of the world financial market and current economic conditions could have a material adverse impact on our results of operations, financial
condition and cash flows.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Various macroeconomic factors,
including rising inflation, higher interest rates, global supply chain constraints, and the effects of overall economic conditions and
uncertainties such as those resulting from the current and future conditions in the global financial markets, could adversely affect our
results of operations, financial condition and ability to pay dividends. Inflation and rising interest rates may negatively impact us
by increasing our operating costs and our cost of borrowing. Interest rates, the liquidity of the credit markets and the volatility of
the capital markets could also affect the operation of our business and our ability to raise capital on favorable terms, or at all. Adverse
economic conditions also affect demand for goods and oil. Reduced demand for these or other products could result in significant decreases
in rates we obtain for chartering our vessels. In addition, the cost for crew members, oils and bunkers, and other supplies may increase.
Furthermore, we may experience losses on our holdings of cash and investments due to failures of financial institutions and other parties.
Difficult economic conditions may also result in a higher rate of losses on our accounts receivable due to credit defaults. As a result,
downturns in the worldwide economy could have a material adverse effect on our business, results of operations, financial condition, and
ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The world economy continues
to face a number of challenges, including the wars between Ukraine and Russia, Israel and Hamas, Israel and Iran, the United States and
Iran and tensions in and around the Red Sea and Russia and NATO tensions, China and Taiwan disputes, United States and China trade relations,
instability between Iran and the West, hostilities between the United States and North Korea, political unrest and conflict in the Middle
East, the South China Sea region, and other geographic countries and areas, terrorist or other attacks (including threats thereof) around
the world, war (or threatened war) or international hostilities, and epidemics or pandemics, and banking crises or failures, such as the
Silicon Valley Bank, Signature Bank, and First Republic Bank failures. See also &ldquo;&mdash;Our financial results may be adversely affected
by the outbreak of epidemic and pandemic diseases, and the related governmental responses thereto.&rdquo; In addition, the continuing
war in Ukraine, the length and breadth of which remains highly unpredictable, has 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. Furthermore, it is difficult to predict the intensity and duration of the war between Israel and Hamas or
the Houthi rebel attacks on shipping in and around the Red Sea and their impact on the world economy is uncertain. Although a cease-fire
declared between Israel and Hamas on January 15, 2025, heightened regional tension and renewed conflict in Gaza and Yemen developed in
March 2025, which may lead to continued attacks on vessels transiting the Red Sea. Additionally, on June 13, 2025, Israeli airstrikes
targeted Iranian nuclear and military sites, top generals and nuclear scientists. On June 21, 2025, the United States struck three nuclear
sites in Iran. If such conditions are sustained, the longer-term net impact on our business would be difficult to predict with any degree
of accuracy. Such events may have unpredictable consequences and contribute to instability in the global economy or cause a decrease in
worldwide demand for certain goods and, thus, shipping.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In Europe, concerns regarding
the possibility of sovereign debt defaults by European Union, or EU, member countries, although generally alleviated, have in the past
disrupted financial markets throughout the world, and may lead to weaker consumer demand in the European Union, the U.S. and other parts
of the world. The withdrawal of the UK from the European Union, or Brexit, further increases the risk of additional trade protectionism.
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,
operating results, cash flows and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In addition, the recent
economic slowdown in the Asia Pacific region, particularly in China, may exacerbate the effect of the weak economic trends in the rest
of the world. 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. China&rsquo;s GDP growth rate for the year
ended December 31, 2022, was approximately 3.0%, one of its lowest rates in 50 years, thought to be mainly caused by the country&rsquo;s
zero-COVID policy and strict lockdowns. For the year ended December 31, 2024, China reported that its GDP growth rate recovered to 5.0%.
Looking ahead, China&rsquo;s economic growth is expected to remain steady, with forecasts projecting a GDP growth rate of around 5.0%
for 2025. Although the Chinese government has implemented economic stimulus measures, it is possible that China and other countries in
the Asia Pacific region will continue to experience volatile, slowed or even negative economic growth in the near future. Changes in the
economic conditions of China, and changes in laws or policies adopted by its government or the implementation of these laws and policies
by local authorities, including with regards to tax matters and environmental concerns (such as achieving carbon neutrality), could affect
vessels that are either chartered to Chinese customers or that call to Chinese ports, vessels that undergo drydocking at Chinese shipyards and Chinese
financial institutions that are generally active in ship financing, and could have a material adverse effect on our business, operating
results, cash flows and financial condition.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Furthermore, governments
have and may continue to turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping
demand. Under the current U.S. administration, there is significant and increasing 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.
In January 2025, during the initial days of President Trump's second term, the U.S. announced the imposition of additional substantial
tariffs on imports from various countries, including China, Canada and Mexico&mdash;U.S.&rsquo;s top three trade partners&mdash;and the
subject countries indicated their intention to impose counter measures. In February 2025, President Trump announced that the U.S. would
impose tariffs of 10% on all imported goods from China, which took effect in February 2025, and 25% on all steel and aluminum imports
beginning in March 2025. On February 13, 2025, President Trump ordered his trade advisers to come up with &ldquo;reciprocal&rdquo; tariffs
on U.S. trade partners to retaliate against taxes, tariffs, regulations and subsidies, thus increasing the possibility of a global trade
war. On March 4, 2025, the U.S. imposed 25% tariffs on imports from Mexico and Canada and enacted an extra 10% tariff on Chinese imports,
therefore doubling the previously levied tariff from February to an additional 20% on existing tariffs. In response, Canada planned to
immediately impose a 25% tariff on U.S. imports, and Mexico stated that the country would also retaliate, intending to disclose plans
in due time. Additionally, China announced retaliatory tariffs on U.S. agricultural goods and export restrictions to the U.S., in addition
to filing a lawsuit with the World Trade Organization. On March 5, 2025, President Trump announced that cars made in North America that
comply with the continent's existing free trade agreement are exempted from tariffs for a month. On March 6, 2025, President Trump announced
that the U.S. will pause the 25% tariffs on U.S. imports from Mexico and Canada that are covered under a 2020 United States-Mexico-Canada
Agreement (USMCA) trade agreement until April 2, 2025. Goods that are not covered by the agreement remain subject to tariffs. On March
11, 2025, President Trump announced higher tariffs on steel and aluminum from Canada; however, hours later, reverted to previous plan
to continue with the 25% tariffs on steel and aluminum products from Canada. On March 12, 2025, Canada announced new retaliatory trade
duties on U.S. goods, imposing 25% counter tariffs on various goods including tools, computers and servers, and sports equipment, that
took effect on March 13, 2025. Additionally, on February 26, 2025, President Trump announced a possible 25% tariff on European imports,
which was imposed as of March 12, 2025. The EU announced on March 12, 2025 that it will respond with retaliatory tariffs that will take
effect on U.S. products starting April 1, 2025, reinstating tariff packages form 2018 and 2020 that includes tariffs on U.S. products
like whiskey and other alcoholic beverages. On March 13, 2025, President Trump posted on social media that he would place a 200% tariff
on all wines, champagne and alcoholic products form the EU if the proposed 50% tariff on U.S. whiskey is carried out. On March 25, 2025,
President Trump signed an executive order increasing tariffs to 25% for any goods from countries importing Venezuelan oil. On March 26,
2025, President Trump signed an executive order imposing 25% tariff on all automobile and automobile parts imports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On April 2, 2025, President
Trump announced new tariffs on many U.S. trading partners, including a 34% tariff on imports from China, a 20% tariff on products from
the E.U., and a baseline 10% tariff on imports from many countries. These tariffs are in addition to the previous announcements of 25%
tariffs on auto imports, tariffs implemented against China, Canada and Mexico, and trade penalties on steel and aluminum. The previously
announced tariff rates for Canada and Mexico will stay the same and the goods that comply with USMCA will continue to be excluded from
these tariffs. However, the 20% charge on imports from China will be in addition to the 34% import tariff announced. Specific products
that are subject to tariffs, such as automobiles, will be exempted from the tariffs announced, and tariffs on products such as pharmaceutical
drugs are to be announced at a later date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Following a period of market
turbulence, on April 9, 2025, President Trump announced a 90-day pause to the April 2nd tariffs for most countries. Countries subject
to the pause on the tariffs are still to be subject to the baseline 10% tariff. This consequently lowers the tariff rate for the E.U.,
Japan, and South Korea, among other countries. However, President Trump announced an increased tariff rate of a minimum of 145% against
Chinese imports. On April 11, 2025, President Trump announced that electronics including smartphones and laptops would be excluded from
newly announced tariffs&mdash;meaning these goods wouldn&rsquo;t be subject to most tariffs levied on China to date or the 10% baseline
levies imposed on other countries. However, officials have stated this exemption is temporary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On May 23, 2025, President
Trump announced plans to impose a 50% tariff on imports from the EU beginning June 1, 2025. On May 25, 2025, President Trump announced
he would delay implementing the 50% tariff and extend trade negotiations with the EU until July 9, 2025.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On May 28, 2025, the US
Court of International Trade ruled that the tariffs President Trump imposed on April 2, 2025, are illegal. On May 29. 2025, the U.S. Court
of Appeals for the Federal Circuit granted the Trump administration's request to temporarily put on hold the US Court of International
Trade judgment that struck down the April 2, 2025 tariffs. This litigation is on-going, and its resolution is uncertain.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Moreover, increasing trade
protectionism may cause an increase in (i) the cost of goods exported from regions globally, particularly from the Asia-Pacific region,
(ii) the length of time required to transport goods and (iii) the risks associated with exporting goods. Such increases may further reduce
the quantity of goods to be shipped, shipping time schedules, voyage costs and other associated costs, which 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 employ our vessels. This could have a material adverse effect on our business, operating results, cash flows
and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Credit markets in the United
States and Europe have in the past experienced significant contraction, deleveraging and reduced liquidity, and there is a risk that the
U.S. federal government and state governments and European authorities may continue to implement a broad variety of governmental action
and/or introduce new financial market regulations. Global financial markets and economic conditions have been, and continue to be, volatile
and we face risks associated with the trends in the global economy, such as changes in interest rates, instability in the banking and
securities markets around the world, the risk of sovereign defaults, and reduced levels of growth, among other factors. Major market disruptions
and the current adverse changes in market conditions and regulatory climate worldwide may adversely affect our business, results or operations
or impair our ability to borrow under any future financial arrangements we may enter into contemplating borrowing from the public and/or
private equity and debt markets. 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 (or in some cases ceased to provide) funding to borrowers and other market
participants, including equity and debt investors and, in some cases, have been unwilling to provide financing 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, on acceptable
terms or at all. In the absence of available financing or financing in favorable terms, we may be unable to complete vessel acquisitions,
take advantage of business opportunities or respond to competitive pressures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Our financial results
may be adversely affected by the outbreak of epidemic and pandemic diseases, and the related governmental responses thereto.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Global public health threats,
such as the COVID-19 outbreak, influenza and other highly communicable diseases or viruses, outbreaks which have from time to time occurred
in various parts of the world in which we operate, including China, could disrupt global financial markets and economic conditions and
adversely impact our operations, the timing of completion of any future newbuilding projects, as well as the operations of our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">For example, the outbreak
of COVID-19 caused severe global disruptions, with governments in affected countries imposing travel bans, quarantines and other emergency
public health measures. Although the incidence and severity of COVID-19 and its variants have diminished over time, similar restrictions,
and future prevention and mitigation measures against outbreaks of epidemic and pandemic diseases, are likely to have an adverse impact
on global economic conditions, which could materially and adversely affect our future operations. As a result of such measures, our vessels
may not be able to call on, or disembark from ports located in regions affected by the outbreak. In addition, we may experience severe
operational disruptions and delays, unavailability of normal port infrastructure and services including limited access to equipment, critical
goods and personnel, disruptions to crew changes, quarantine of ships and/or crew, counterparty solidity, closure of ports and custom
offices, as well as disruptions in the supply chain and industrial production, which may lead to reduced cargo demand, among other potential
consequences attendant to epidemic and pandemic diseases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The extent to which
our business, operating results, cash flows, financial condition, financings, value of our vessels or vessels we may acquire and
ability to pay dividends may be negatively affected by future pandemics, epidemics or other outbreaks of infectious diseases is
highly uncertain and will depend on numerous evolving factors that we cannot predict, including, but not limited to (i) the duration
and severity of the infectious disease outbreak; (ii) the imposition of restrictive measures to combat the outbreak and slow disease
transmission; (iii) the introduction of financial support measures to reduce the impact of the outbreak on the economy; (iv)
shortages or reductions in the supply of essential goods, services or labor;
and (v) fluctuations in general economic or financial conditions tied to the outbreak, such as a sharp increase in interest rates or reduction
in the availability of credit. We cannot predict the effect that a future infectious disease outbreak, pandemic or epidemic may have on
our business, operating results, cash flows and financial condition, which could be material and adverse.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Volatility of SOFR
could affect our profitability, earnings, and cash flows.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">While our financing agreements
previously used London Interbank Offered Rate (&ldquo;LIBOR&rdquo;), including during the fiscal years ended December 31, 2022 and 2023,
in 2023 we amended our financing agreements to transition from LIBOR to the Secured Overnight Financing Rate, or &ldquo;SOFR,&rdquo; in
line with current market practice and hence in 2024 all our financing agreements are based on SOFR. As a result, none of our financing
arrangements currently utilizes LIBOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">An increase in SOFR, including
as a result of interest rate increases that could be effected by the United States Federal Reserve in response to rising inflation, would
affect the amount of interest payable under our existing financing agreements, which, in turn, could have an adverse effect on our profitability,
earnings, cash flow and ability to pay dividends. Furthermore, as a secured rate backed by government securities, SOFR may be less likely
to correlate with the funding costs of financial institutions. As a result, parties may seek to adjust spreads relative to SOFR in underlying
contractual arrangements. Therefore, the use of SOFR-based rates may result in interest rates and/or payments that are higher or lower
than the rates and payments that were expected when interest was based on LIBOR. If SOFR performs differently than expected or if our
lenders insist on a different reference rate to replace SOFR, that could increase our borrowing costs (and administrative costs to reflect
the transaction), which would have an adverse effect on our profitability, earnings, and cash flows. Alternative reference rates may behave
in a similar manner or have other disadvantages or advantages in relation to our future indebtedness and the transition to SOFR or other
alternative reference rates in the future could have a material adverse effect on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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, and have the potential to cause us to breach covenants in our financing agreements that require maintenance of certain
financial positions and ratios.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 vessels, or vessels we acquire will operate or are registered, which
can significantly affect the operation of our vessels, 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 vessels, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 <I>Deepwater Horizon</I> 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The operation of our vessels,
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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Climate change and
greenhouse gas restrictions may adversely impact our operations and markets.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 (of which there are around
forty five in the world thus far), carbon taxes, taxonomy of &lsquo;green&rsquo; economic activities, increased efficiency standards and
incentives or mandates for renewable energy. In July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships
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 the implementation of further phases of 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. MEPC 81, in March 2024, agreed on an illustration of a possible draft
outline of an &lsquo;IMO net-zero framework&rsquo; for cutting GHG emissions from international shipping, which lists regulations under
MARPOL to be adopted or amended to allow a new global pricing mechanism for maritime GHG emissions. At the conclusion of MEPC 82, a draft
legal text was used as a basis for ongoing talks about mid-term GHG reduction measures, which are expected to be adopted in late 2025.
The proposed mid-term measures include a goal-based marine fuel standard, phasing in the mandatory use of fuels with less GHG intensity,
and a global GHG emission pricing mechanism. The IMO net-zero framework was approved by MEPC 83, including the new fuel standard for ships
and a global pricing mechanism for emissions. These measures are set to be formally adopted in October 2025 before entry into force in
2027.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Since January 1, 2020, ships
must 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 both our vessels
have scrubbers 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Additional greenhouse regulations
may result in increased implementation and compliance costs and expenses, such as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>IMO Data Collection System (DCS)</I>: Since 2019, the IMO data collection
system, (the &ldquo;IMO DCS&rdquo;), which requires vessels above 5,000 gross tons to report consumption data for fuel oil, hours under
way and distance travelled. This IMO DCS covers any maritime activity carried out by ships, including dredging, pipeline laying, and offshore
installations. Data is reported annually to the flag state, which is used to calculating a ship&rsquo;s operational carbon intensity indicator
(CII).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Amendments to MARPOL Annex VI</I>: Beginning in January 2023, Annex VI
imposed reporting requirements in connection with the implementation of the Energy Efficiency Existing Ship Index, or EEXI, and carbon
intensity indicator, or CII, framework, which amendments became effective on May 1, 2024. Beginning in January 2023, Annex VI requires
EEXI and CII certification. The first annual reporting was to be completed in 2023, with initial ratings given in 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Net zero greenhouse emissions in the EU by 2050</I>: 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 &ldquo;Fit for 55&rdquo; 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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In addition, although the
emissions of greenhouse gases from international shipping are not currently subject to the Kyoto Protocol to the United Nations Framework
Convention on Climate Change, which entered into force in 2005 and 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Furthermore, on January
1, 2024 the EU Emissions Trading Scheme, or the ETS, for ships sailing into and out of EU ports came into effect, and the FuelEU Maritime
Regulation came into effect on January 1, 2025. The ETS applies gradually over the period from 2024 to 2026. 40% of allowances would have
to be surrendered in 2025 for the year 2024; 70% of allowances would have to be surrendered in 2026 for the year 2025; and 100% of allowances
would have to be surrendered in 2027 for the year 2026. Compliance is on a companywide (rather than per ship) basis and &ldquo;shipping
company&rdquo; is defined widely to capture both the ship owner and any contractually appointed commercial operator/ship manager/bareboat
charterer who assumes all duties and responsibilities for the ship under the ISM Code, as well as the responsibility for full compliance
under the ETS and the ISM Code. If the latter contractual arrangement is entered into this needs to be reflected in a certified mandate
signed by both parties and presented to the administrator of the scheme. 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). Furthermore, the newly passed EU Emissions Trading Directive 2023/959/EC makes clear that all
maritime allowances would be auctioned and there will be no free allocation. 78.4 million emissions allowances are to be allocated specifically
to maritime. If we do not have allowances, we will be forced to purchase allowances from the market, which can be costly. To prepare for
and manage the administrative aspects of EU ETS compliance,
we have made significant investments in new systems, including personnel, data management, cost recovery mechanisms, revised service agreement
terms and transparent emissions reporting procedures. However, the cost of future compliance and of our future EU emissions and costs
to purchase an allowance for emissions (if we must purchase in order to comply) are unknown and difficult to predict, and are based on
a number of factors, including the size of our fleet, our trips within and to and from the EU, and the prevailing cost of allowances.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Additionally, on July 25,
2023, the European Council of the European Union adopted the Fuel EU Maritime Regulation 2023/1805 (&ldquo;FuelEU&rdquo;) under the FuelEU
Initiative of its &ldquo;Fit-for-55&rdquo; package which sets limitations on the acceptable yearly greenhouse gas intensity of the energy
used by covered vessels. Among other things, FuelEU requires that greenhouse gas intensity of fuel used by covered vessels is reduced
by 2% starting January 1, 2025, with additional reductions contemplated every five years (up to 80% by 2050). Shipping companies may enter
into pooling mechanisms with other shipping companies in order to achieve compliance, bank surplus emissions and borrow compliance balances
from future years. A FuelEU Document of Compliance is required to be kept on board a vessel to show compliance by June 30, 2026. Both
the ETS and FuelEU schemes have significant impacts on the management of the vessels calling to EU ports, by increasing the complexity
and monitoring of, and costs associated with the operation of vessels and affecting the relationships with our time charterers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Increasing growth
of electric vehicles could lead to a decrease in trading and the movement of crude oil worldwide.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The IEA noted in its Global
EV Outlook 2024 that total electric cars sold annually worldwide grew from about 120,000 in 2012 to more than 14 million in 2023, bringing
the total number of electric cars to approximately 40 million, more than six times the number from 2018. Electric car sales in the first
quarter of 2024 were 3 million, up over 30% from the same quarter of 2023. This was driven mainly by China, which sold about half a million
more electric cars than over the same period in 2023. IEA forecasts are for electric vehicles (&ldquo;EVs&rdquo;) to grow from 40 million
in 2023 to 240 million by 2030, which the IEA forecasts would reduce worldwide demand for oil products by 6 million barrels per day in
2030. IEA estimates that EV operations in 2019 avoided the consumption of almost 0.7 million barrels per day of oil products. According
to the World Economic Forum, there were about 1.1 billion cars registered in 2015 and there will be about 2 billion cars registered by
2040. A growth in EVs worldwide may result in decreased demand for our vessels and lower charter rates, which could have a material adverse
effect on our business, results of operations, cash flows, financial condition, and ability to make cash distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Our vessels, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The operation of an ocean-going
vessel carries inherent risks. Our vessels, 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, epidemic and pandemic diseases, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">If our vessels, 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 vessels, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>The market value of
our vessels, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The fair market value of
our vessels, or vessels we may acquire, may increase and decrease depending on the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">general economic and market conditions affecting the shipping <FONT STYLE="letter-spacing: -0.1pt">industry;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">prevailing level of charter <FONT STYLE="letter-spacing: -0.1pt">rates;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">competition from other shipping <FONT STYLE="letter-spacing: -0.1pt">companies;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">types, sizes and ages of <FONT STYLE="letter-spacing: -0.1pt">vessels;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the availability of other modes of <FONT STYLE="letter-spacing: -0.1pt">transportation;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">supply and demand for <FONT STYLE="letter-spacing: -0.1pt">vessels;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">shipyard capacity and slot <FONT STYLE="letter-spacing: -0.1pt">availability;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">cost of <FONT STYLE="letter-spacing: -0.1pt">newbuildings;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">price of <FONT STYLE="letter-spacing: -0.1pt">steel;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">exchange rate <FONT STYLE="letter-spacing: -0.1pt">levels;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">number of tankers <FONT STYLE="letter-spacing: -0.1pt">scrapped;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">governmental or other regulations; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">technological advances and the development, availability, and cost of nuclear
power, natural gas, coal, renewable energy, and other alternative sources of <FONT STYLE="letter-spacing: -0.1pt">energy.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">If we sell any of our vessels
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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>An over-supply of
tanker capacity may lead to reductions in charter hire rates and profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The market supply of tankers is affected by a number of factors such as
demand for energy resources, crude oil, petroleum products and chemicals, as well as strong overall economic growth of the world economy.
If the capacity of new tankers delivered exceeds the capacity of such tankers being scrapped and lost, vessel capacity will increase,
which could lead to reductions in asset prices and charter rates. The impact of the sanctions on Russian exports of crude oil and petroleum
products is uncertain and has generated increased volatility in the supply of tankers available for worldwide trade. As of July 4, 2025,
newbuilding orders have been placed for an aggregate of approximately 15.0% of the existing global tanker fleet, with the bulk of deliveries
expected during 2027.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">An over-supply of oil tankers
would increase the oil tanker charter hire rate volatility and we may not be able to find profitable charters for our vessels, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>If our vessels, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our business could be adversely
impacted if we are found to have violated economic sanctions under the applicable laws of the European Union, the United States or another
applicable jurisdiction against countries such as Iran, Syria, North Korea, and Cuba. U.S. economic sanctions, for example, prohibit a
wide scope of conduct, target numerous countries and individuals, and are frequently updated or changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Many economic sanctions
relate to our business, including prohibitions on certain kinds of trade with countries, such as exportation or re-exportation of commodities,
or prohibitions against certain transactions with designated nationals who may be operating under aliases or through non-designated companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Additionally, the U.S. Iran
Threat Reduction Act amended the Exchange Act, to require issuers that file annual or quarterly reports under Section 13(a) of the Exchange
Act to include disclosure in their annual and quarterly reports as to whether the issuer or its affiliates have knowingly engaged in certain
activities prohibited by sanctions against Iran or transactions or dealings with certain identified persons. We are subject to this disclosure
requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">While our vessels have 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 applicable governmental authorities (&ldquo;Sanctioned Jurisdictions&rdquo;) in violation of applicable
sanctions or embargo laws 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 subsidiaries, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>A recent action by
the U.S. to impose new port fees on Chinese-owned and operated vessels and Chinese-built vessels could have a material adverse effect
on our operations and financial results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The United States Trade
Representative (USTR) has recently put forward significant trade actions under Section 301 of the Trade Act of 1974 with the aim of addressing
China&rsquo;s dominance in the maritime, logistics, and shipbuilding industries. These actions have the potential to dramatically increase
the port fees and therefore the overall operating expenses for ships calling at U.S. ports. Specifically, the USTR has enacted a series
of fees that would function as direct increases to port-related costs.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The action generally would
include a fee targeting Chinese owners and operators for each instance a vessel owned or operated by a Chinese entity enters a U.S. port.
The fee would be calculated at a rate of $50 per net ton of the vessel for each port entrance beginning October 14, 2025 and increasing
over time, plateauing at $140 per net ton in 2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Another fee focuses on operators
with fleets comprised of Chinese-built vessels. Under the action, in the case of a vessel not subject to the fees on Chinese owners and
operators described above, fees generally would be imposed each time a Chinese-built vessel enters a U.S. port. The fee relevant to our
vessels generally would be calculated at a rate of $18 per net ton of the vessel for each port entrance beginning October 14, 2025 and
increasing over time, plateauing at $33 per net ton in 2028. There are several exceptions to this fee, including for vessels with capacity
of 55,000 dwt or less, vessels arriving to the US empty or in ballast, and vessels entering a port in the continental United States from
a voyage of less than 2,000 nautical miles from a foreign port or point.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The actual implementation
of this action remains uncertain. Specifics, such as applicability to SLB arrangements with Chinese leasing financiers, have not been
clarified. Furthermore, retaliatory measures from China or other nations could further compound disruptions and cost increases within
the global shipping industry. In addition to direct port fee increases, retaliatory actions by China or other countries could indirectly
impact port-related costs. For example, China could impose retaliatory port fees or restrictions on vessels of non-Chinese origin calling
at Chinese ports, which could disrupt global shipping patterns and potentially increase congestion and costs at ports worldwide, including
U.S. ports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Of the two vessels we operate,
neither was constructed in China and we currently don&rsquo;t have any newbuilding vessel orders in any Chinese shipyard. However, both
of the vessels are subject to SLB arrangements with China-based lessors. In an SLB, the lessor is the registered owner of the vessel.
It is currently unclear whether the vessels would be subject to fees on Chinese owners due to the SLB arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Given the potential magnitude
of these port-related fees and the many uncertainties surrounding their implementation, it is not possible at this time to fully predict
the ultimate financial impact. However, if the action or similar measures are implemented, port fees for our vessels or vessels we charter
and our operating costs for voyages calling at U.S. ports could materially increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Even though port fees are
typically borne by the charterer, if port fees are assessed due to our or the lessor&rsquo;s ownership of the relevant vessel, it is possible
that charterers may demand that we bear these costs or otherwise reduce the applicable charter rate. This, in turn, could significantly
reduce our profitability, negatively impact our ability to compete effectively, and materially and adversely affect our operations and
financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We conduct most of our operations
outside of the United States and our business, operating results, cash flows, financial conditions, and available cash may be adversely
affected by changing economic, political, and governmental conditions in the countries and regions in which our vessels or other 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 uncertainty and armed conflicts, including the wars between Ukraine and Russia, between Israel and Hamas, Hezbollah
and Iran, between the United States and Iran, Russia and NATO tensions, China and Taiwan disputes, United States and China trade relations,
instability between Iran and the West, hostilities between the United States and North Korea and the U.S. and Panama, political unrest
and conflicts in the Middle East, the South China Sea region, the Red Sea region (including missile attacks controlled by the Houthis
on vessels transiting the Red Sea or Gulf of Aden), and other countries and geographic areas, geopolitical events, such as Brexit or another
withdrawal from the European Union, terrorist or other attacks (or threats thereof) around the world, and war (or threatened war) or international
hostilities. Such events may contribute to further economic instability in the global financial markets, international commerce and could
also adversely affect our ability to obtain additional financing on terms acceptable to us or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 shipping freight rates, which have experienced volatility. The United States,
the United Kingdom, and the European Union, among other countries, have announced unprecedented economic sanctions and other penalties
against certain persons, entities, and activities connected to Russia, including removing Russian-based financial institutions from the
Society for Worldwide Interbank Financial Telecommunication payment system and restricting imports of Russian oil, liquified natural gas, and coal. These
sanctions have caused supply disruptions in the oil and gas markets and could continue to cause significant volatility in energy prices,
which could result in increased inflation and may trigger a recession in the U.S. and China, among other regions. 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, operating results, and cash flows. Moreover, we will be subject to additional insurance premiums in case we transit through
or call to any port or area designated as listed areas by the Joint War Committee or other organizations. These factors may also result
in the weakening of the financial condition of our charterers, suppliers, counterparties, and other agents in the shipping industry. As
a result, our business, operating results, cash flows, and financial condition may be negatively affected since our operations are dependent
on the success and economic viability of our counterparties.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The ongoing war between
Russia and Ukraine could result in the imposition of further economic sanctions by the United States, the United Kingdom, the European
Union, or other countries against Russia, trade tariffs, or embargoes with uncertain impacts on the markets in which we operate. In addition,
the U.S. and certain other North Atlantic Treaty Organization (NATO) countries have been supplying Ukraine with military aid. U.S. officials
have also warned of the increased possibility of Russian cyberattacks, which could disrupt the operations of businesses involved in the
shipping industry, including ours, and could create economic uncertainty particularly if such attacks spread to a broad array of countries
and networks. 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, operating results, and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Russian Foreign Harmful
Activities Sanctions program includes prohibitions on the import of certain Russian energy products into the United States, including
crude oil, petroleum, petroleum fuels, oils, liquefied natural gas and coal, as well as prohibitions on all new investments in Russia
by U.S. persons, among other restrictions. Furthermore, the United States, the EU and other countries have also prohibited a variety of
specified services related to the maritime transport of Russian Federation origin crude oil and petroleum products, including trading/commodities
brokering, financing, shipping, insurance (including reinsurance and protection and indemnity), flagging, and customs brokering. These
prohibitions took effect on December 5, 2022 with respect to the maritime transport of crude oil and took effect on February 5, 2023 with
respect to the maritime transport of other petroleum products. An exception exists to permit such services when the price of the seaborne
Russian oil into non-EU countries does not exceed the relevant price cap; but implementation of this price exception relies on a recordkeeping
and attestation process that allows each party in the supply chain of seaborne Russian oil to demonstrate or confirm that oil has been
purchased at or below the price cap. Violations of the price cap policy or the risk that information, documentation, or attestations provided
by parties in the supply chain are later determined to be false may pose additional risks adversely affecting our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Furthermore, the intensity
and duration of the war between Israel and Hamas is difficult to predict and its impact on the world economy and our industry is uncertain.
Beginning in late 2023, vessels in the Red Sea and Gulf of Aden have been subject to attempted hijackings and attacks by drones and projectiles
characterized by Houthi groups in Yemen as a response to the war between Israel and Hamas. An increasing number of companies have rerouted
their vessels to avoid transiting the Red Sea, incurring greater shipping costs and delays. For vessels transiting the region, war risk
premiums have increased substantially, and should these attacks continue, we could similarly experience a significant increase in our
insurance costs and we may not be adequately insured to cover losses from these incidents, however since currently all our vessels are
on time charter these increased war premiums if any will be paid by our charterers. While much uncertainty remains regarding the global
impact of the war between Israel and Hamas, it is possible that such tensions could result in the eruption of further hostilities in other
regions, including in and around the Red Sea, and could adversely affect our business, financial conditions, operating results, and cash
flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In the past, other political
conflicts have also resulted in attacks on vessels, mining of waterways, and other efforts to disrupt international shipping, particularly
in the Arabian Gulf region. The ongoing war in Ukraine has previously resulted in missile attacks on commercial vessels in the Black Sea.
The recent outbreak of conflict in and around the Red Sea has also resulted in missile attacks on vessels. Acts of terrorism and piracy
have also affected vessels trading in regions such as the Gulf of Guinea, the Red Sea, the Gulf of Aden off the coast of Somalia, and
the Indian Ocean. Any of these occurrences could have a material adverse impact on our future performance, operating results, cash flows,
financial position, and our ability to pay cash distributions to our shareholders.</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Acts of piracy have historically
affected ocean-going vessels trading in regions of the world such as the Red Sea, the Gulf of Aden off the coast of Somalia, the Indian
Ocean, and the Gulf of Guinea region off the coast of Nigeria, which has experienced increased incident of piracy in recent years. Sea
piracy incidents continue to occur, particularly in the South China Sea, the Indian Ocean, the Gulf of Guinea, and the Strait of Malacca,
and there has been a recent resurgence of such incidents in the Gulf of Aden. Acts of piracy could result in harm or danger to the crews
that man our vessels and other vessels we may acquire. Additionally, if piracy attacks occur in regions in which our vessels and other
vessels we may acquire are deployed being characterized as &ldquo;war risk&rdquo; zones by insurers or if our vessels and other vessels
we may acquire are deployed in Joint War Committee &ldquo;war and strikes&rdquo; listed areas, premiums payable for insurance coverage
could increase significantly and such insurance coverage may be more difficult to obtain, if available at all. In addition, crew and security
equipment costs, including costs that may be incurred to employ onboard security armed guards, could increase in such circumstances. Furthermore,
while we believe the charterer remains liable for charter payments when a vessel is seized by pirates, the charterer may dispute this
and withhold charter hire until the vessel is released. A charterer may also claim that a vessel seized by pirates was not &ldquo;on-hire&rdquo;
for a certain number of days and is therefore entitled to cancel the charterparty, a claim that we would dispute. We may not be adequately
insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, any detention hijacking as
a result of an act of piracy against our vessels and other vessels we may acquire, or an increase in cost or unavailability of insurance
for our vessels and other vessels we may acquire could have a material adverse impact on our business, financial condition, and operating
results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">International shipping is
subject to various security and customs inspections 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 vessels, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The efficient operation
of our business is dependent on computer hardware and software systems both onboard our vessels, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In July 2023, the SEC adopted
rules requiring the mandatory disclosure of material cybersecurity incidents, as well as cybersecurity governance and risk management
practices. A failure to make the required disclosure could result in the imposition of injunctions, fines and other penalties by the SEC.
Complying with these obligations could cause us to incur substantial costs and could increase negative publicity surrounding any cybersecurity
incident.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Our financing arrangements
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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our financing arrangements
in the form of the bareboat charters in connection with the sale and leaseback agreements (&ldquo;SLBs&rdquo;) of our vessels contain,
and any future financing arrangements we may enter into are expected to contain, customary covenants, events of default and termination
event clauses, including cross-default provisions and restrictive covenants and performance requirements that may affect our operational
and financial flexibility. Such restrictions could affect, and in many respects limit or prohibit, among other things, our ability to
incur additional indebtedness, pay dividends, create liens, sell assets, or engage in mergers or acquisitions. These restrictions could
also 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">A failure by us to meet
our payment and other obligations, including our financial covenant requirements, could lead to defaults under our financing facilities
or any future financing facilities. If we are not in compliance with our covenants and we are not able to obtain covenant waivers or modifications,
the current or future owners of our leased vessels or the banks that finance or future vessels, as appropriate, could retake possession
of our vessels or require us to pay down our indebtedness to a level where we are in compliance with our covenants or sell vessels in
our fleet. Events beyond our control, including changes in the economic and business conditions in the shipping markets in which we operate,
interest rate developments, changes in the funding costs of our banks, changes in vessel earnings and asset valuations and outbreaks of
epidemic and pandemic diseases may affect our ability to comply with these covenants. We could lose our vessels if we default on our financing
facilities, which would negatively affect our revenues, results of operations and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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, 2024, we had a total indebtedness of $77.4 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: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">increase our vulnerability to general economic downturns and adverse competitive
and industry <FONT STYLE="letter-spacing: -0.1pt">conditions;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 18.25pt"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">limit our flexibility in planning for, or reacting to, changes in our business
and the industry in which we <FONT STYLE="letter-spacing: -0.1pt">operate;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">place us at a competitive disadvantage compared to competitors that have
less debt or better access to <FONT STYLE="letter-spacing: -0.1pt">capital;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">limit our ability to raise additional financing on satisfactory terms or
at all; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 19.65pt"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Furthermore, our current
or future interest expense will 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. Because interest paid on loans is generally
a margin plus a reference rate, such as SOFR, that is subject to change, our actual interest costs would increase as the reference rate
increases. During an inflationary period, such as one we
are currently experiencing, the SOFR or similar reference rate will generally be increased, thus costing us more money to service our
debt obligations and reducing our results of operations and cash flow. Any event of default under a financing agreement pursuant to which
we have granted security could permit the relevant financier to exercise its rights as a secured lender and take the relevant collateral,
which may include our vessels.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Our Parent and certain
of our Parent&rsquo;s 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Parent and certain of
its 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 its shareholders. 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. On August 3, 2019, the Eastern District Court
of New York dismissed the case with prejudice. On August 26, 2019, plaintiffs appealed the dismissal to the United States Court of Appeals
for the Second Circuit. 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Our current fleet
consists of two Suezmax tanker vessels. Any limitation in the availability or operation of these vessels could have a material adverse
effect on our business, results of operations and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our current fleet consists
of two Suezmax tanker vessels. Until we identify and acquire additional vessels, we will depend upon these two vessels for all of our
revenue. If our vessels are unable to generate revenues as a result of off-hire time, early termination of the applicable time charters
or otherwise, our business, results of operations, financial condition and ability to pay dividends could be materially adversely affected.
Our vessels are both employed on time charter contracts with a single charterer and, until we identify and acquire additional vessels,
we will rely upon one charterer for all of our revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">During 2024, 100% of our
revenues derived from one charterer, Clearlake Shipping Pte Ltd (&ldquo;Clearlake&rdquo;), which is the charterer of both of our vessels.
Such agreement subjects us to counterparty risks. The ability of Clearlake to perform its obligations under its contracts 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. 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our fleet currently consists
of two vessels and we may acquire additional vessels in the future. We intend to expand our fleet into other seaborne transportation sectors
depending on available opportunities, opportunistically considering further expansion into Suezmax crude oil tanker vessels as well as
diversification into other sectors related to seaborne transportation of goods or passengers, including recreational transportation. Our
future growth will primarily depend on our ability to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">generate excess cash flow for investment without jeopardizing our ability
to cover current and foreseeable working capital needs (including debt <FONT STYLE="letter-spacing: -0.1pt">service);</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">raise equity and obtain required financing for our existing and new <FONT STYLE="letter-spacing: -0.1pt">operations;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">identify opportunities in the tanker sector and other seaborne transportation
sectors or related <FONT STYLE="letter-spacing: -0.1pt">sectors;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">locate and acquire suitable <FONT STYLE="letter-spacing: -0.1pt">vessels;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">identify and consummate acquisitions or joint <FONT STYLE="letter-spacing: -0.1pt">ventures;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">integrate any acquired business successfully with our existing <FONT STYLE="letter-spacing: -0.1pt">operations;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our manager&rsquo;s ability to hire, train and retain qualified personnel
and crew to manage and operate our growing business and <FONT STYLE="letter-spacing: -0.1pt">fleet;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">enhance our customer base; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">manage <FONT STYLE="letter-spacing: -0.1pt">expansion.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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. Furthermore,
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. 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Our flexible acquisition
strategy entails certain risks and uncertainties associated with our opportunistic entry into ownership of a new class of vessels, and
we cannot assure you that we will complete any such acquisition or manage such risks successfully.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We intend to expand our
fleet into other seaborne transportation sectors depending on available opportunities, opportunistically considering further expansion
into Suezmax crude oil tanker vessels as well as diversification into sectors related to seaborne transportation of goods or passengers,
including recreational transportation. However, there can be no assurance that we will successfully identify any such opportunities in
the future or complete any such acquisition in other sectors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our management team and
CSI may not have experience in any other sector we enter and may not identify such opportunities or manage such expansion successfully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>A limited number of
financial institutions hold our cash and their failure may adversely affect our business, results of operations and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">A limited number of financial
institutions, including institutions located in Greece and the Netherlands, hold all of our cash. Our cash balances have been deposited
from time to time with banks in Greece and the Netherlands. Our cash balances are not covered by insurance in the event of default by
these financial institutions. Several banks, including Credit Suisse, have recently been subject to extraordinary resolution procedures
or sale because of the risk of such a default. The occurrence of such a default could have a material adverse effect on our business,
financial condition, results of operations and cash flows, and we may lose part or all of our cash that we deposit with such banks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As of the date of this registration
statement, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our inability to re-charter
our vessels, 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 maintain our existing
fleet 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 significant shareholder, and
we will enter into agreements with Central Mare for the compensation of our executive officers and certain other employees. 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 vessels,
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 future loans or current leaseback obligations.
If our future lenders choose to accelerate our indebtedness and foreclose their liens, or if the owners of our sold and leased back vessels
or 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>An increase in operating
costs could decrease earnings and available cash.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Vessel operating costs include
the costs of crew, fuel (for spot-chartered vessels), provisions, deck and engine spares and 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 of our vessels or, vessels we may 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Rising fuel prices
may adversely affect our profits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Fuel is a significant expense
if vessels are under voyage charter or if consumed during ballast days. Moreover, the cost of fuel will affect the profit we can earn
on the short-term or spot market. Upon redelivery of vessels at the end of a time charter, we may be obliged to repurchase the fuel on
board at prevailing market prices, which could be materially higher than fuel prices at the inception of the time charter period. As a
result, an increase in the price of fuel may adversely affect our profitability. The price and supply of fuel is unpredictable and fluctuates
based on events outside our control, including geopolitical events, supply and demand for oil and gas, actions by OPEC and other oil and
gas producers, war and unrest in oil producing countries and regions, regional production patterns, and environmental concerns. Further,
fuel may become much more expensive in the future, which may reduce the profitability and competitiveness of our business versus other
forms of transportation, such as truck or rail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Inflation could adversely
affect our operating results and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Inflation could have an
adverse impact on our operating results and subsequently on our financial condition both directly through the increase of various costs
necessary for the operation of our vessels, and any vessels we may acquire in the future, such as crew, repairs and materials, and indirectly
through its adverse impact on the world economy in terms of increasing interest rates and slowdown of global growth. If inflationary pressures
intensify further, we may be unable to raise our charter rates enough to offset the increasing costs of our operations, which would decrease
our profit margins. Inflation may also raise our costs of capital, which would result in the deterioration of our financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In general, the cost of
maintaining a vessel in good operating condition increases with the age of the vessel. As our vessels and any vessel we may acquire in
the future age, 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 vessels, or vessels we may acquire and may restrict the type of activities in which our vessels,
or vessels we may acquire may engage. As our fleet ages, market conditions might not justify those expenditures or enable us to operate
our vessels, or vessels we may acquire profitably during the remainder of their useful lives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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&rsquo;s useful life, which
would adversely affect our business, results of operations and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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. We estimate that our vessels have a useful life of up to 25 years from the date of their initial delivery
from the shipyard. In case we acquire secondhand vessels, they are depreciated from the date of their acquisition through their remaining
estimated useful life. Our cash flows and income are dependent on the revenues earned by the chartering of our vessels, 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 vessels, or vessels we may acquire and may restrict the type of activities in which the vessels may engage. As our vessels, 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">There are a number of risks
associated with the operation of ocean-going vessels, including mechanical failure, collision, fire, human error, war, terrorism, piracy,
loss of life, contact with floating objects, property loss, cargo loss or damage and business interruption due to political circumstances
in foreign countries, hostilities and labor strikes. Any of these events may result in loss of revenues, increased costs and decreased
cash flows. In addition, the operation of any vessel is subject to the inherent possibility of marine disaster, including oil spills and
other environmental mishaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We carry insurance for our
vessels and intend to 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We do not currently maintain
strike or off-hire insurance, which would cover the loss of revenue during extended vessel off-hire periods, such as those that occur
during an unscheduled drydocking due to damage to the vessel from accidents except in cases of loss of hire up to a limited number of
days due to war or a piracy event. Other events that may lead to off-hire periods include natural or man-made disasters that result in
the closure of certain waterways and prevent vessels from entering or leaving certain ports. Accordingly, any extended vessel off-hire,
due to an accident or otherwise, could have a material adverse effect on our business and our results of operations and operating cash
flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Changes in the insurance
markets attributable to the risk of terrorism in certain locations around the world could make it difficult for us to obtain certain types
of coverage. In addition, the insurance that may be available to us may be significantly more expensive than our existing coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We may not be adequately
insured to cover losses against all risks, which could have a material adverse effect on us. Additionally, our insurers may refuse to
pay particular claims and our insurance may be voidable by the insurers if we take, or fail to take, certain action, such as failing to
maintain certification of our vessels with applicable maritime regulatory organizations. Any significant uninsured or underinsured loss
or liability could have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability
to pay dividends. It may also result in protracted legal litigation.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 evolving industry shareholder
expectations and standards, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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, especially
given the highly focused and specific trade of crude oil transportation in which we are presently engaged. If we do not meet these standards,
our business and/or our ability to access capital could be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On March 6, 2024, the SEC
adopted final rules to enhance and standardize climate-related and ESG-related disclosures by public companies and in public offerings.
The final rules would have added extensive and prescriptive disclosure items requiring companies, including foreign private issuers, to
disclose climate-related risks and certain emissions. Specifically, the rules would have required the inclusion of certain climate-related
financial metrics in a note to companies&rsquo; audited financial statements. The rules were challenged in federal court before they became
effective and, in April 2024, the SEC announced that it would voluntarily stay the effectiveness of the rules pending judicial review.
On June 12, 2025, the SEC formally withdrew the rules. While the current SEC leadership determined to withdraw these rules, the SEC could
again change its policy priorities, under a future presidential administration or otherwise, and may propose similar rules in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Additionally, certain investors
and lenders may exclude shipping companies, such as us, from their investing portfolios altogether due to environmental, social and governance
factors. 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. 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. The occurrence of
any of the foregoing could have a material adverse effect on our business and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Moreover, from time to time,
we may incur additional costs, establish and publicly announce goals and commitments in respect of certain ESG items. While we may create
and publish voluntary disclosures regarding ESG matters from time to time, many of the statements in those voluntary disclosures are based
on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of
expected risks or events, including the costs associated therewith. Such expectations and assumptions are necessarily uncertain and may
be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to
identifying, measuring and reporting on many ESG matters. If we fail to achieve or improperly report on our progress toward achieving
our environmental goals and commitments, the resulting scrutiny from market participants or regulators could adversely affect our reputation
and/or our access to capital.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>A shift in consumer
demand from crude oil towards other energy sources or changes to trade patterns for crude oil and refined petroleum products may have
a material adverse effect on our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">A significant portion of
our earnings are related to the crude oil industry. A shift in the consumer demand from crude oil towards other energy resources such
as wind energy, solar energy, hydrogen energy, or nuclear energy will potentially affect the demand for our vessels and any vessel we
may acquire in the future. This could have a material adverse effect on our future performance, results of operations, cash flows, and
financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Seaborne trading and distribution
patterns are primarily influenced by the relative advantage of the various sources of production, locations of consumption, pricing differentials,
and seasonality. Changes to the trade patterns of crude oil and oil products may have a significant negative or positive impact on ton-miles
and, therefore, the demand for our tanker vessels. This could have a material adverse effect on our future performance, results of operations,
cash flows, and financial position.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 vessels, 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 vessels, or vessels we may acquire, and the resale value of our vessels, 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Failure to comply
with the U.S. Foreign Corrupt Practices Act of 1977, or the FCPA, could result in fines, criminal penalties, and an adverse effect on
our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We may operate in a number
of countries throughout the world, including countries known to have a reputation for corruption. We are committed to doing business in
accordance with applicable anti-corruption laws and have adopted a code of business conduct and ethics that is consistent and in full
compliance with the FCPA. We are subject, however, to the risk that we, our affiliated entities or our or their respective officers, directors,
employees, and agents may take actions determined to be in violation of such anti-corruption laws, including the FCPA. In addition, actual
or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual
or alleged violations is expensive and can consume significant time and attention of our senior management. Any such violation could result
in substantial fines, sanctions, civil and/or criminal penalties, curtailment of operations in certain jurisdictions, and might adversely
affect our business, earnings or financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our vessels, 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 vessels, or vessels we may acquire, are found with contraband, whether inside or attached to the hull
of our vessels and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims which
could have an adverse effect on our business, results of operations, cash flows, and financial condition, as well as our ability to pay
dividends. Under some jurisdictions, vessels used for the conveyance of illegal drugs could result in forfeiture of the subject vessel
to the government of such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Maritime claimants
could arrest our vessels, or vessels we may acquire, which could interrupt our cash flow.</I></B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">A government could requisition
our 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. Although we would be entitled to compensation in the event of a requisition, the
amount and timing of payment of such compensation is uncertain. Government requisition of our vessels or vessels we may acquire could
negatively impact our revenues should we not receive adequate compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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;
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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We believe that the Rubico
Predecessor was not a PFIC for its 2024 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our U.S. shareholders may
face adverse U.S. federal income tax consequences and certain information reporting obligations if we were treated as a PFIC. 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;Tax Considerations&mdash;United States Federal Income Taxation of U.S. Holders&mdash;The
QEF Election&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. See &ldquo;Tax Considerations&mdash;United
States 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 if we were treated as a PFIC.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 subsidiaries, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We took the position
for U.S. federal income tax reporting purposes that the Rubico Predecessor was not subject to U.S. federal income taxation for the
2022, 2023 and 2024 taxable years. However, there are factual
circumstances beyond our control that could cause us to lose the benefit of the exemption and thereby become subject to U.S. federal
income tax on our U.S. source shipping income. Due to the factual nature of the issues involved, we may not qualify for exemption
under Section 883 of the Code for 2025 or any future taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Changing laws and
evolving reporting requirements could have an adverse effect on our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Changing laws, regulations
and standards relating to reporting requirements, including the European Union General Data Protection Regulation, or GDPR, may create
additional compliance requirements for us. To maintain high standards of corporate governance and public disclosure, we have invested
in, and continue to invest in, reasonably necessary resources to comply with evolving standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">GDPR broadens the scope
of personal privacy laws to protect the rights of European Union citizens and requires organizations to report on data breaches within
72 hours and be bound by more stringent rules for obtaining the consent of individuals on how their data can be used. Non-compliance with
GDPR may expose entities to significant fines or other regulatory claims which could have an adverse effect on our business, and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Following the Spin-Off,
we need to provide internally or obtain from unaffiliated third parties some of the services we received 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.8pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.8pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Following the Spin-Off,
we are 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;Management&rsquo;s Discussion and Analysis of Operating and Financing Review and Prospects&rdquo; and our historical financial
statements and the notes thereto included elsewhere in this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Relating to our Relationship with our Fleet
Manager and its Affiliates </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>We are dependent on
our Fleet Manager, an affiliate of our significant shareholder, to perform the day-to-day management of our fleet.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our executive management
team is provided by Central Mare. 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. Evangelos J. Pistiolis, our significant shareholder.
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="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 16.45pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">continue to operate our vessels, or vessels we may acquire and service our
<FONT STYLE="letter-spacing: -0.1pt">customers;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 16.45pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">renew existing charters upon their <FONT STYLE="letter-spacing: -0.1pt">expiration;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 16.45pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">obtain new <FONT STYLE="letter-spacing: -0.1pt">charters;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 16.45pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">obtain financing on commercially acceptable <FONT STYLE="letter-spacing: -0.1pt">terms;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 16.45pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">maintain satisfactory relationships with our customers and suppliers; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 16.45pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">successfully execute our growth <FONT STYLE="letter-spacing: -0.1pt">strategy.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0; text-align: justify"></P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Our Fleet Manager
may have conflicts of interest between us and its other clients.</I></B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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, including the Parent. 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: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Relating to Our Common Shares and this Offering
</B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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. Further, there is no guarantee of a continuing public market to resell our Common Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Prior to the Spin-Off, there
was 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Further there is no guarantee
that we will be able to maintain listing on Nasdaq for any period of time by perpetually satisfying Nasdaq&rsquo;s continued listing requirements.
Our failure to continue to meet these requirements may result in our securities being delisted. We cannot assure you that any continuing
public market to resell our Common Shares will be available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>We may rely in part
on equity issuances, which will not require shareholder approval, to fund our growth, and such equity issuances could dilute your ownership
interests and may depress the market price of our Common Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As part of our business
strategy, we may rely in part on issuances of equity, warrants or preferred securities, which may carry voting rights and may be convertible
or exercisable 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our issuance of additional
Common Shares, including upon conversion of convertible securities or exercise of warrants, or other equity securities of equal or senior
rank, or with voting rights, may have the following effects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.85pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our existing common shareholders&rsquo; proportionate ownership interest
in us will <FONT STYLE="letter-spacing: -0.1pt">decrease;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the amount of cash available for dividends payable per Common Share may
<FONT STYLE="letter-spacing: -0.1pt">decrease;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the relative voting strength of each previously outstanding Common Share
may be diminished; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the market price of our Common Shares may <FONT STYLE="letter-spacing: -0.1pt">decline.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>The market price of
our Common Shares may in the future be subject to significant fluctuations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">variations in our results of <FONT STYLE="letter-spacing: -0.1pt">operations;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in market valuations of similar companies and stock market price
and volume fluctuations <FONT STYLE="letter-spacing: -0.1pt">generally;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in earnings estimates or the publication of research reports by
<FONT STYLE="letter-spacing: -0.1pt">analysts;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">speculation in the press or investment community about our business or the
shipping industry <FONT STYLE="letter-spacing: -0.1pt">generally;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">strategic actions by us or our competitors such as acquisitions or <FONT STYLE="letter-spacing: -0.1pt">restructurings;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the thin trading market for our Common Shares, which makes it somewhat <FONT STYLE="letter-spacing: -0.1pt">illiquid;</FONT></FONT></TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">regulatory <FONT STYLE="letter-spacing: -0.1pt">developments;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">additions or departures of key <FONT STYLE="letter-spacing: -0.1pt">personnel;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">general market conditions; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">domestic and international economic, market and currency factors unrelated
to our <FONT STYLE="letter-spacing: -0.1pt">performance.</FONT></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>We may experience
rapid and substantial share price volatility unrelated to our actual or expected operating performance, financial condition or prospects,
making it difficult for prospective investors to assess the rapidly changing value of our Common Shares. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As a relatively small-capitalization
company with relatively small public float, we may experience greater share price volatility, extreme price run-ups or rapid price declines,
larger spreads in bid and ask prices, lower trading volume and less liquidity than large-capitalization companies. Such volatility, including
any share price run-up, may be unrelated to our actual or expected operating performance, financial condition or prospects, making it
difficult for prospective investors to assess the rapidly changing value of our Common Shares. In addition, holders of our Common Shares
may experience losses, which may be material, if the price of our Common Shares declines after this offering or if such investors purchase
our Common Shares prior to any price decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Furthermore, if the trading
volumes of our Common Shares are low, investors buying or selling in relatively small quantities may be able to easily influence the price
of our Common Shares. Such low volume of trades could also cause the price of our Common Shares to fluctuate greatly, with large percentage
changes in share price occurring in any Trading Day session. Holders of our Common Shares may also not be able to readily liquidate their
investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and
political conditions may also adversely affect the market price of our Common Shares. As a result of this volatility, investors may experience
losses on their investment in our Common Shares. A decline in the market price of our Common Shares also could adversely affect our ability
to issue additional Common Shares or other securities and our ability to obtain additional financing in the future. Please also see &ldquo;&mdash;Risks
Relating to Our Common Shares and this Offering&mdash;The market price of our Common Shares may in the future be subject to significant
fluctuations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>A possible &ldquo;short
squeeze&rdquo; due to a sudden increase in demand of our Common Shares that largely exceeds supply may lead to further price volatility
in our Common Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 Common Shares that are not directly
correlated to the performance or prospects of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 and our growth strategy, capital expenditure requirements, dividends to holders of our preferred shares, investment opportunities,
restrictions in our financing arrangements, the provisions of Marshall Islands law affecting the payment of dividends to shareholders,
overall market conditions and other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In addition, we may incur
expenses or liabilities, including extraordinary expenses, decreases in revenues, including as a result of unanticipated off-hire days
or loss of a vessel, or increased cash needs, or be subject to other circumstances in the future, including as a result of the risks described
in this registration statement and any future reports we may file with the SEC, that could
reduce or eliminate the amount of cash that we have available for distribution as dividends. Our growth strategy contemplates that we
will finance the acquisition of additional vessels in part through raising equity capital. However, if external sources of funds on terms
acceptable to us are limited, our Board of Directors may determine to finance acquisitions with cash from operations, which would reduce
or even eliminate the amount of cash available for the payment of dividends. In addition, any credit facilities that we may enter into
or the terms of preferred shares which we may issue in the future may include restrictions on our ability to pay dividends on our Common
Shares. Further, under the terms of our current financing arrangements, and possibly any future financing arrangements, we will not be
permitted to pay dividends that would result in an event of default or if an event of default has occurred and is continuing. As a result
of these and other factors, we cannot assure you that our Board of Directors will declare dividend payments on our Common Shares in the
future.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Our significant shareholder
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 Preferred Shares, and thereby to control the outcome of matters on which our shareholders are entitled
to vote.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Lax Trust, may be deemed
to beneficially own, directly or indirectly, all of the 100,000 outstanding Series D Preferred Shares. Each Series D Preferred Share carries
1,000 votes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">By the Lax Trust&rsquo;s
beneficial ownership of 100% of our Series D Preferred Shares, following the Spin-Off and the Private Placement, the Lax Trust may be
deemed to beneficially own 97.0% 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In addition, following the
Spin-Off and the Private Placement, 3 Sororibus Trust may be deemed to beneficially own 46.8% of our Common Shares, and Mr. Evangelos
J. Pistiolis may be deemed to beneficially own 7.0% of our Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Lax Trust together with
the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 98.6% of our total voting power, and therefore
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In order to satisfy the
minimum percentage of voting of Mr. Evangelos J. Pistiolis contained in the AVIC and Huarong SLBs as described below as well as any future
such minimum voting rights financing agreement 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 share issuances. Both the number of the Series D Preferred Shares and
the votes per Series D Preferred Share are not adjusted in case of splits, subdivisions, reverse stock splits or combinations of the Company&rsquo;s
outstanding shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">This concentration of ownership
may delay, deter or prevent acts that would be favored by our other shareholders or deprive shareholders of an opportunity to receive
a premium for their shares as part of a sale of our business, and it is possible that the interests of Lax Trust, 3 Sororibus Trust, Mr.
Evangelos J. Pistiolis or the family of Mr. Evangelos J. Pistiolis may conflict with our interests and the interests of our other holders
of shares. Any such conflicts of interest could result in our entry into transactions on terms not determined by market forces. In addition,
this concentration of share ownership may adversely affect the trading price of our shares because investors may perceive disadvantages
in owning shares in a company with such concentrated shareholding. This concentration of ownership of our voting shares could adversely
affect our business, financial condition and results of operations, and the trading price of our Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>We are a &ldquo;foreign
private issuer,&rdquo; which could make our Common Shares less attractive to some investors or otherwise harm our stock price.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We are a &ldquo;foreign
private issuer,&rdquo; as such term is defined in Rule 405 under 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 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 Securities and Exchange Commission, or the SEC. Accordingly, there may be less
publicly available information concerning us than there is for other U.S. public companies that are not foreign private issuers. These
exemptions and scaled disclosure requirements are not related to our status as an emerging growth company and will continue to be available
to us even if we no longer qualify as an emerging growth company but remain a foreign private issuer. These factors could make our Common
Shares less attractive to some investors or otherwise harm our stock price.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We could lose our foreign
private issuer status under U.S. securities laws. The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic
issuer may be significantly higher. We would then also be required to file periodic reports and registration statements on U.S. domestic
issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer. We may then also
be required to modify certain of our policies to comply with good or required governance practices associated with U.S. domestic issuers.
Such conversion and modifications will involve additional costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>We are a &ldquo;controlled
company&rdquo; under Nasdaq corporate governance rules and we therefore are exempt from certain corporate governance requirements that
could adversely affect our public shareholders. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Since the Lax Trust together
with the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis beneficially own of a majority of the voting power of our issued and outstanding
share capital, we qualify as a &ldquo;controlled company&rdquo; under the Nasdaq listing rules. Under these rules a company of which more
than 50% of the voting power is held by an individual, group or another company is a &ldquo;controlled company&rdquo; and may elect not
to comply with certain corporate governance requirements, including, without limitation (i) the requirement that a majority of the board
of directors consist of independent directors, (ii) the requirement that the compensation of our officers be determined or recommended
to the board of directors by a compensation committee that is comprised solely of independent directors, and (iii) the requirement that
director nominees be selected or recommended to the board of directors by a majority of independent directors or a nominating and corporate
governance committee comprised solely of independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We do not intend to rely
on the &ldquo;controlled company&rdquo; exemption. Our status as a controlled company, however, could cause our Common Shares to appear
less attractive to certain investors or otherwise harm our trading price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Issuance of preferred
shares, such as our Series&nbsp;D Preferred Shares and our Series A Participating Preferred Stock, may adversely affect the voting power
of our common shareholders have a dilutive effect on them and 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated
Articles of Incorporation currently authorize our Board of Directors to issue preferred shares in one or more series and to determine
the rights, preferences, privileges and restrictions, with respect to, among other things, dividends, conversion, voting, redemption,
liquidation and the number of shares constituting any series without shareholders&rsquo; approval. Our Board of Directors has issued,
and may in the future issue, preferred shares with voting rights superior to those of the Common Shares, such as the Series&nbsp;D Preferred
Shares or the Series A Participating Preferred Stock, which could have a dilutive effect on our common shareholders. If our Board of Directors
determines to issue preferred shares, such issuance may discourage, delay or prevent a merger or acquisition that shareholders may consider
favorable. The issuance of preferred shares with voting and conversion rights may also adversely affect the voting power of the holders
of Common Shares. This could substantially impede the ability of public shareholders to benefit from a change in control and, as a result,
may adversely affect the market price of our Common Shares and our shareholders' ability to realize any potential change of control premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>We cannot predict
the impact our multi-class capital structure may have on the market price or liquidity of our Common Shares. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We cannot predict whether
our multi-class capital structure will result in a lower or more volatile market price of our Common Shares or have other adverse consequences
for our shareholders. For example, certain index providers have policies that restrict or prohibit the inclusion of companies with multi-class
share structures in certain of their indices. Under such policies, our multi-class
capital structure would make us ineligible for inclusion in certain indices, and as a result, mutual funds, exchange-traded funds and
other investment vehicles that attempt to passively track those indices will not be investing in our Common Shares. Given the sustained
flow of investment funds into passive strategies that seek to track certain indices, exclusion from stock indices would likely preclude
investment in our Common Shares by many of these funds. Additionally, the holding of low-voting stock, such as our Common Shares, may
not be permitted by the investment policies of certain institutional investors, or may be less attractive to other investors. As a result,
the market price or liquidity of our Common Shares could be adversely affected.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Anti-takeover provisions
in our Amended and Restated Articles of Incorporation and Amended and Restated 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Several provisions of our
Amended and Restated Articles of Incorporation and Amended and Restated Bylaws 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-takeover 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: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">These provisions:</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 21.85pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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 Preferred <FONT STYLE="letter-spacing: -0.1pt">Shares;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">provide for a classified Board of Directors with staggered, three-year <FONT STYLE="letter-spacing: -0.1pt">terms;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">permit the removal of any director only for <FONT STYLE="letter-spacing: -0.1pt">cause;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">prohibiting shareholder action by written consent unless the written consent
is signed by all shareholders entitled to vote on the <FONT STYLE="letter-spacing: -0.1pt">action;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">limiting the persons who may call special meetings of shareholders; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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 <FONT STYLE="letter-spacing: -0.1pt">shareholders.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In addition, in connection
with the Spin-Off we entered into a shareholders&rsquo; rights agreement pursuant to which our Board of Directors may cause the substantial
dilution of any person that attempts to acquire us without the approval of our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">These anti-takeover provisions
including provisions of our shareholders&rsquo; rights agreement, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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 Shares less attractive to investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 Shares less attractive because
we may rely on these exemptions. If some investors find our Common Shares less attractive as a result, there may be a less active trading
market for our Common Shares and our share price may be more volatile.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our corporate affairs are
governed by our Amended and Restated Articles of Incorporation, our Amended and Restated 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>As a Marshall Islands
corporation with principal executive offices in Greece and subsidiaries in the Marshall Islands, our operations may be subject to economic
substance requirements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Council of the European
Union, or the Council, routinely publishes a list of &ldquo;non-cooperative jurisdictions&rdquo; for tax purposes, which includes countries
that the Council believes need to improve their legal framework and to work towards compliance with international standards in taxation.
In February 2023, the Republic of the Marshall Islands, among others, was placed by the EU on the list of non-cooperative jurisdictions
for lacking in the enforcement of economic substance requirements and was subsequently removed from such list in October 2023. EU member
states have agreed upon a set of measures, which they can choose to apply against the listed countries, including increased monitoring
and audits, withholding taxes, and non-deductibility of costs, and although we are not currently aware of any such measures being adopted,
they can be adopted by one or more EU members states in the future. The European Commission has stated it will continue to support member
states&rsquo; efforts to develop a more coordinated approach to sanctions for the listed countries. EU legislation prohibits certain EU
funds from being channeled or transited through entities in non-cooperative jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We are a Marshall Islands
corporation with principal executive offices in Greece. The Marshall Islands has enacted economic substance regulations with which we
may be obligated to comply. Those regulations require certain entities that are not otherwise tax resident elsewhere that carry out particular
activities to comply with an economic substance test whereby the entity must show that it (i) is directed and managed in the Marshall
Islands in relation to that relevant activity, (ii) carries out core income-generating activity in relation to that relevant activity
in the Marshall Islands (although it is being understood and acknowledged by the regulators that income-generating activities for shipping
companies will generally occur in international waters), and (iii) having regard to the level of relevant activity carried out in the
Marshall Islands, has (a) an adequate amount of expenditures in the Marshall Islands, (b) adequate physical presence in the Marshall Islands,
and (c) an adequate number of qualified employees in the Marshall Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">If we fail to comply with
our obligations under this legislation or any similar law applicable to us in any other jurisdictions, we could be subject to financial
penalties and spontaneous disclosure of information to foreign tax officials or with respect to the Marshall Islands economic substance
requirements, revocation of the formation documents and dissolution of the applicable non-compliant Marshall Islands entity or struck
from the register of companies in related jurisdictions. Any of the foregoing could be disruptive to our business and could have a material
adverse effect on our business, financial conditions, and operating results. Accordingly, any implementation of, or changes to, any of
the economic substance regulations that impact us could increase the complexity and costs of carrying on business in these jurisdictions,
and thus could adversely affect our business, financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We do not know what actions
the Marshall Islands may take, if any, to remove itself from the list of &ldquo;non-cooperative jurisdictions&rdquo; if it should be placed
back on the list; how quickly the EU would react to any changes in regulations of the Marshall Islands; or how EU banks or other counterparties
will react while we or our subsidiaries remain as entities organized and existing under the laws of the Marshall Islands during a period
if the Marshall Islands is again placed on the list of &ldquo;non-cooperative jurisdictions.&rdquo; The effect of the EU list of non-cooperative
jurisdictions, and any noncompliance by us with legislation or regulations adopted by the Marshall Islands to achieve removal from the
list, could have a material adverse effect on our business, financial conditions and operating results.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We and our subsidiaries
are incorporated in jurisdictions outside the U.S. and substantially all of our assets and those of our subsidiaries 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 subsidiaries 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 subsidiaries are incorporated or where our
assets or the assets of our subsidiaries are located (1) would enforce judgments of U.S. courts obtained in actions against us or our
subsidiaries 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 subsidiaries based on those laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Our Amended and Restated
Articles of Incorporation include forum selection provisions for certain disputes between us and our shareholders, which could limit our
shareholders&rsquo; ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated
Articles of Incorporation provide that, unless we consent in writing to the selection of an alternative forum, (A) to the fullest extent
permitted by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for any internal corporate
claim, intra-corporate claim, or claim governed by the internal affairs doctrine, including (i) any derivative action or proceeding brought
on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or shareholder
of the Company to the Company or the Company&rsquo;s shareholders, and (iii) any action asserting a claim arising pursuant to any provision
of the BCA or our Amended and Restated Articles of Incorporation or Amended and Restated Bylaws, and (B) the United States District Court
for the Southern District of New York (or, if such court does not have jurisdiction over such claim, any other federal district court
of the United States) shall be the sole and exclusive forum for all claims arising under the Securities Act or the Exchange Act, as applicable,
and any rule or regulation promulgated thereunder, to the extent such claims would be subject to federal or state jurisdiction pursuant
to the Securities Act or Exchange Act, as applicable, and after giving effect to clause (A) above. Therefore, to the fullest extent permitted
by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive forum for any derivative action alleging
a violation of the Securities Act or Exchange Act. Although our forum selection provisions shall not relieve us of our statutory duties
to comply with the federal securities laws and the rules and regulations thereunder, and our shareholders are not deemed to have waived
our compliance with such laws, rules, and regulations, as applicable, our forum selection provisions 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, and
may increase the costs associated with such lawsuits, which may discourage lawsuits with respect to such claims. Please also see below,
&ldquo;&mdash;We may not achieve the intended benefits of having forum selection provision if they are found to be unenforceable.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>We may not achieve
the intended benefits of having forum selection provisions if they are found to be unenforceable.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Section 22 of the Securities
Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the
Securities Act and the rules and regulations thereunder and Section 27 of the Exchange Act creates exclusive federal jurisdiction over
all suits brought to enforce any duty or liability created by the Exchange Act and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated
Articles of Incorporation include a forum selection clause which provides that, unless we consent in writing to an alternative forum,
to the fullest extent permitted by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum any internal
corporate claim, intra-corporate claim, or claim governed by the internal affairs doctrine, including, among others, any derivative action
or proceeding brought on behalf of the Company, and that, subject to the foregoing, the United States District Court for the Southern
District of New York (or, if such court does not have jurisdiction over such claim, any other federal district court of the United States)
shall be the sole and exclusive forum for all claims arising under the Securities Act or Exchange Act, to the extent such claims would
be subject to federal or state jurisdiction pursuant to the Securities Act or Exchange Act, as applicable. Therefore, to the fullest extent
permitted by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive forum for any derivative action
alleging a violation of the Securities Act or Exchange Act. 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 provisions contained in our Amended and Restated Articles of Incorporation to be inapplicable or unenforceable (in whole or in
part) in such action. For example, with respect to derivative actions arising under the Exchange Act, there is currently disagreement
among federal Courts of Appeals in the United States (a circuit split between the Courts of Appeals for the Seventh and Ninth Circuits)
as to whether a forum selection clause which requires that derivative actions be brought in a specified forum other than the federal courts
would contravene Section 27 of the Exchange Act under certain circumstances. The circuit split follows a line of cases that analyze the
enforceability of forum selection provisions in the context of derivative Securities Act and Exchange Act claims. Accordingly, the applicability
of the provisions of our Amended and Restated Articles of Incorporation selecting a Marshall Islands forum for certain types of claims
may be limited with respect to such claims arising under the Securities Act or Exchange Act and, as a result, under certain such circumstances,
the effect of our forum selection provisions may be uncertain. As a result, we could be required to litigate claims in multiple jurisdictions,
incur additional costs with resolving such action in other jurisdictions, or otherwise not receive the benefits that we expect our forum
selection provisions to provide, which could adversely affect our business, financial condition and results of operations.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Since we have broad
discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our management will have
significant flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management with regard
to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds
are being used appropriately. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any,
return for us. The failure of our management to use such funds effectively could have a material adverse effect on our business, prospects,
financial condition, operating results and cash flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Purchasers who purchase
our securities in this offering pursuant to a securities purchase agreement may have rights not available to purchasers that purchase
without the benefit of a securities purchase agreement. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In addition to rights and
remedies available to all purchasers in this offering under federal securities and state law, the purchasers that enter into a securities
purchase agreement will also be able to bring claims of breach of contract against us. The ability to pursue a claim for breach of contract
provides those investors with the means to enforce the covenants uniquely available to them under the securities purchase agreement including,
but not limited to (i) timely delivery of securities, (ii) agreement to not issue any Common Shares or securities convertible into Common
Shares for a period of ninety (90) days from closing of the offering, subject to certain exceptions and (iii)&nbsp;indemnification for
breach of contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>It is not possible
to predict the actual number of shares we will sell under the Purchase Agreement to the Selling Shareholder, or the actual gross proceeds
resulting from those sales.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On July 21, 2025, we
entered into the Purchase Agreement with the Selling Shareholder, pursuant to which the Selling Shareholder has committed to
purchase up to $30,000,000 of our Common Shares, subject to certain limitations and conditions set forth in the Purchase Agreement.
We may issue Common Shares and sell them to the Selling Shareholder under the Purchase Agreement at our discretion from time to time
over the 36-month period beginning on the Commencement Date. We generally have the right to control the timing and amount of any
sales of our Common Shares to the Selling Shareholder under the Purchase Agreement. Sales of our Common Shares, if any, to the
Selling Shareholder under the Purchase Agreement will depend upon market conditions and other factors to be determined by us. We may
ultimately decide to sell to the Selling Shareholder all, some or none of the Common Shares that may be available for us to sell to
the Selling Shareholder pursuant to the Purchase Agreement. Because the purchase price that the Selling Shareholder will pay for
Common Shares under the Purchase Agreement will fluctuate based on the market price of our Common Shares at the time we elect to
sell shares to the Selling Shareholder, it is not possible for us to predict, as of the date of this prospectus and prior to any
such sales, the number of our Common Shares that we will sell to the Selling Shareholder under the Purchase Agreement, the purchase
price per share that the Selling Shareholder will pay for shares purchased from us under the Purchase Agreement, or the aggregate
gross proceeds that we will receive from those purchases by the Selling Shareholder under the Purchase Agreement. The Purchase
Agreement provides that we may sell up to an aggregate of $30,000,000 of our Common Shares to the Selling Shareholder and we are
registering 15,000,000 Common Shares for resale under the registration statement that includes this prospectus. If it becomes
necessary for us to issue and sell to the Selling Shareholder more than this number of Common Shares in order to receive aggregate
gross proceeds equal to $30,000,000 under the Purchase Agreement, we must first file with the SEC one or more additional
registration statements to register under the Securities Act the resale by the Selling Shareholder of those additional Common
Shares, and the SEC must declare them effective, in each case before we may elect
to sell any additional Common Shares to the Selling Shareholder under the Purchase Agreement. Any issuance and sale by us under the Purchase
Agreement of a substantial amount of Common Shares in addition to the 15,000,000 Common Shares being registered for resale under this
prospectus could cause additional substantial dilution to our shareholders. The number of Common Shares ultimately offered for resale
by the Selling Shareholder is dependent upon the number of Common Shares, if any, we ultimately elect to sell to the Selling Shareholder
under the Purchase Agreement.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>Investors who buy
shares at different times will likely pay different prices.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to the Purchase
Agreement, we will have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold to the Selling Shareholder.
If and when we do elect to sell Common Shares to the Selling Shareholder pursuant to the Purchase Agreement, the Selling Shareholder may
resell all, some or none of those shares at any time or from time to time in its discretion and at different prices. As a result, investors
who purchase shares from the Selling Shareholder in this offering at different times will likely pay different prices for those shares,
and so may experience different levels of dilution and in some cases substantial dilution and different outcomes in their investment results.
Investors may experience a decline in the value of the shares they purchase from the Selling Shareholder in this offering as a result
of future sales made by us to the Selling Shareholder at prices lower than the prices such investors paid for their shares in this offering.
In addition, if we sell a substantial number of shares to the Selling Shareholder under the Purchase Agreement, or if investors expect
that we will do so, the actual sales of shares or the mere existence of our arrangement with the Selling Shareholder may make it more
difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect
such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><B><I>We may fail to meet
the continued listing requirements of Nasdaq, which could cause our Common Shares to be delisted. </I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">There can be no assurance that we will remain
in compliance with Nasdaq&rsquo;s listing qualification rules, or that our Common Shares will not be delisted, which could have an adverse
effect on the market price of, and the efficiency of the trading market for, our Common Shares.</P>

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

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

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


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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-indent: 0.5in">The Private Securities Litigation Reform Act
of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information
about their business. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995
and are including this cautionary statement in connection therewith. Forward-looking statements include, but are not limited to, statements
regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that
are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations
of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo;
&ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;plan,&rdquo; &ldquo;possible,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo;
&ldquo;should,&rdquo; &ldquo;would&rdquo; and similar expressions may identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">The forward-looking statements in this prospectus
are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management'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
which 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. As a result, you are cautioned not to rely on any forward-looking statements.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">Many of these statements are based on our assumptions
about factors that are beyond our ability to control or predict and are subject to risks and uncertainties that are described more fully
in the section entitled &ldquo;Risk Factors.&rdquo; Any of these factors or a combination of these factors could materially affect our
future results of operations and the ultimate accuracy of the forward-looking statements. In addition to these important factors, important
factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include
among other things:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.9pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">our ability to maintain or develop new and existing customer relationships
with <FONT STYLE="letter-spacing: -0.05pt">major </FONT>crude oil companies and major commodity traders, including our ability to enter
into long-term charters for our vessels and those we may acquire in the future;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our future operating and financial <FONT STYLE="letter-spacing: -0.1pt">results;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">oil tanker industry trends, including fluctuations in charter rates and vessel values and factors affecting
vessel supply and <FONT STYLE="letter-spacing: -0.1pt">demand;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our dependence on our Parent and our fleet manager to operate our <FONT STYLE="letter-spacing: -0.1pt">business;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the aging of our vessels, and those we may acquire in the future, and resultant increases in operation
and dry-docking <FONT STYLE="letter-spacing: -0.1pt">costs;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the ability of our vessels, and any vessels we may acquire in the future, to pass classification inspections
and vetting inspections by oil majors<FONT STYLE="letter-spacing: -0.1pt">;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">significant changes in vessel performance, including increased vessel <FONT STYLE="letter-spacing: -0.1pt">breakdowns;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their
obligations to <FONT STYLE="letter-spacing: -0.25pt">us;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">our ability to repay outstanding indebtedness, to obtain additional financing
and to obtain replacement charters for our vessels, and any vessels we may acquire in the future, in each case, at commercially acceptable
rates or at all;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes to governmental rules and regulations or actions taken by regulatory authorities and the expected
costs <FONT STYLE="letter-spacing: -0.1pt">thereof;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our ability to maintain the listing of our Common Shares on Nasdaq or another trading market;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our ability to comply with additional costs and risks related to our environmental, social and governance policies;</FONT></TD></TR></TABLE>

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


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<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 58.05pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">potential liability from litigation and our vessel operations, including purported discharge of pollutants<FONT STYLE="letter-spacing: -0.1pt">;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in general economic and business <FONT STYLE="letter-spacing: -0.1pt">conditions;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">general domestic and international political conditions, potential disruption
of shipping routes due to accidents, political events, including &ldquo;trade wars,&rdquo; piracy, acts by terrorists or other hostilities
or conflicts, including the war in Ukraine, the war between Israel and Hamas, tensions between the United States and Iran and between
Israel and Iran or the Houthi crisis in and around the Red Sea;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes in production of or demand for oil, either globally or in particular <FONT STYLE="letter-spacing: -0.1pt">regions;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the strength of world economies and currencies, including fluctuations in charterhire rates and vessel
<FONT STYLE="letter-spacing: -0.1pt">values;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the length and severity of public health threats,
epidemics and pandemics and other disease outbreaks and their impact on the demand for commercial seaborne transportation and the condition
of the financial markets and governmental responses thereto; <FONT STYLE="letter-spacing: -0.2pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">other factors discussed in the &ldquo;Risk Factors&rdquo;
section of this prospectus.</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">Should one or more of the foregoing risks or
uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected
in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated by us will
be realized or, even if substantially realized, that they will have the expected consequences to, or effects, on us. Given these uncertainties,
prospective investors are cautioned not to place undue reliance on such forward-looking statements.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">We undertake no obligation to update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable
laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect
to those or other forward-looking statements.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="equityfinancing"></A>THE COMMITTED EQUITY FINANCING</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">On July 21, 2025, we
entered into the Purchase Agreement and the Registration Rights Agreement with the Selling Shareholder. Upon the terms and subject
to the satisfaction of the conditions contained in the Purchase Agreement, from and after the Commencement Date, we will have the
right, in our sole discretion, to sell to the Selling Shareholder up to $30,000,000 million of our Common Shares, subject to certain
limitations set forth in the Purchase Agreement, from time to time after the date of this prospectus and during the term of the
Purchase Agreement. Sales of Common Shares by us to the Selling Shareholder under the Purchase Agreement, and the timing of any such
sales, are solely at our option, and we are under no obligation to sell any securities to the Selling Shareholder under the Purchase
Agreement. In accordance with our obligations under the Registration Rights Agreement, we have filed the registration statement that
includes this prospectus with the SEC to register under the Securities Act the resale by the Selling Shareholder of up to 15,000,000
Common Shares that we may, in our sole discretion, elect to sell to the Selling Shareholder, from time to time from and after the
Commencement Date pursuant to the Purchase Agreement, following our execution of the Purchase Agreement, on July 21, 2025, as
consideration for its commitment to purchase our Common Shares that we may, in our sole discretion, direct the Selling Shareholder
to purchase from us pursuant to the Purchase Agreement, from time to time after the date of this prospectus and during the term of
the Purchase Agreement.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">We do not have the
right to commence any sales of our Common Shares to the Selling Shareholder under the Purchase Agreement until the Commencement
Date, which is the date on which all of the conditions to the Selling Shareholder&rsquo;s purchase obligation set forth in the
Purchase Agreement have initially been satisfied, none of which are in the Selling Shareholder&rsquo;s control, including that our
Common Shares begin trading on the Nasdaq Capital Market following the Spin-Off distribution, the registration statement that
includes this prospectus shall have been declared effective by the SEC and the final form of this prospectus shall have been filed
with the SEC. From and after the Commencement Date, we have the right, but not the obligation, from time to time at our sole
discretion over the 36-month period beginning on the Commencement Date, to direct the Selling Shareholder to purchase up to a
specified maximum amount of Common Shares in one or more Purchases and Intraday Purchases as set forth in the Purchase Agreement, by
timely delivering a written Purchase Notice for each Purchase, and timely delivering a written Intraday Purchase Notice for each
Intraday Purchase, if any, to the Selling Shareholder in accordance with the Purchase Agreement on any Trading Day we select as the
Purchase Date therefor, so long as, (i) with respect to Purchases, the closing sale price of our Common Shares on the Trading Day
immediately prior to such Purchase Date is not less than the Threshold Price and, with respect to Intraday Purchases, the sale price
of our Common Shares at the time of delivery of the Intraday Purchase Notice is not less than the Threshold Price and (ii) all
Common Shares subject to all prior Purchases and all prior Intraday Purchases effected by us under the Purchase Agreement (as
applicable) have been received by the Selling Shareholder in the manner set forth in the Purchase Agreement, prior to the time we
deliver such notice to the Selling Shareholder.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">From and after Commencement, the Company will
control the timing and amount of any sales of Common Shares to the Selling Shareholder. Actual sales of shares of our Common Shares to
the Selling Shareholder under the Purchase Agreement will depend on a variety of factors to be determined by us from time to time, including,
among other things, market conditions, the trading price of our Common Shares and determinations by us as to the appropriate sources of
funding for our company and its operations.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">We may not issue or sell any Common Shares to
the Selling Shareholder under the Purchase Agreement that, when aggregated with all other Common Shares then beneficially owned by the
Selling Shareholder and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 thereunder), would
result in the Selling Shareholder beneficially owning Common Shares in excess of the 4.99% Beneficial Ownership Limitation, which is defined
in the Purchase Agreement as 4.99% of our outstanding Common Shares.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">The net proceeds to us from sales that we elect
to make to the Selling Shareholder under the Purchase Agreement, if any, will depend on the frequency and prices at which we sell our
Common Shares to the Selling Shareholder. We expect that any proceeds received by us from such sales to the Selling Shareholder will be
used as described under &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">Neither we nor the Selling Shareholder may assign
or transfer our respective rights and obligations under the Purchase Agreement or the Registration Rights Agreement, and no provision
of the Purchase Agreement or the Registration Rights Agreement may be modified or waived by us or the Selling Shareholder.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">As consideration for the Selling Shareholder&rsquo;s
commitment to purchase Common Shares at our direction upon the terms and subject to the conditions set forth in the Purchase Agreement, we agreed to pay a commitment fee to the Selling Shareholder of $300,000,
equal to 1% of the full amount of the gross proceeds under the Purchase Agreement. The Commitment Fee shall be payable to the Selling Shareholder upon the earlier of (i) the settlement of the first purchase, if any, that
we direct the Selling Shareholder to make under the Purchase Agreement or (ii) 90 days after the Closing Date. Notwithstanding the foregoing,
if we do not direct the Selling Shareholder to make any purchases under the Purchase Agreement, or if the Commencement does not occur,
then we have agreed to pay the Commitment Fee to the Selling Shareholder within three trading days following the termination of the Purchase
Agreement in accordance with its terms. In addition, we have agreed to reimburse the Selling
Shareholder for the reasonable legal fees and disbursements of the Selling Shareholder&rsquo;s legal counsel in an amount not to exceed $240,000 in connection with the
transactions contemplated by the Purchase Agreement and the Registration Rights Agreement, consisting of $150,000 paid prior to the filing
of this registration statement and $7,500 per fiscal quarter in which we direct the Selling Shareholder to purchase our Common Shares,
as contemplated by the Purchase Agreement and the Registration Rights Agreement.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">The Purchase Agreement and the Registration Rights
Agreement contain customary representations, warranties, conditions and indemnification obligations of the parties. Copies of the agreements
have been filed as exhibits to the registration statement that includes this prospectus and are available electronically on the SEC&rsquo;s
website at www.sec.gov.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B>Purchases of Common Shares Under the Purchase Agreement</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><I>Purchases</I></P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">From
and after the Commencement Date, we will have the right, but not the obligation, from time to time at our sole discretion over the
36-month period beginning on the Commencement Date, to direct the Selling Shareholder to purchase a specified number of Common
Shares, not to exceed the applicable Purchase Maximum Amount, in a Purchase under the Purchase Agreement, by timely delivering a
written Purchase Notice to the Selling Shareholder, prior to 9:00 a.m., New York City time, on any Trading Day we select as the
Purchase Date for such Purchase, so long as the closing sale price of our Common Shares on the Trading Day immediately prior to such
Purchase Date is not less than the Threshold Price and all Common Shares subject to all prior Purchases and all prior Intraday Purchases effected by us under the Purchase Agreement have
been received by the Selling Shareholder prior to the time we deliver such Purchase Notice to the Selling Shareholder</FONT>.</P>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 58.05pt; text-indent: -22.05pt">The Purchase Maximum Amount
applicable to such Purchase will be equal to the lesser of:</P>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 58.05pt; text-indent: -22.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">1,500,000 Common Shares; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the Purchase Percentage (as specified in the applicable Purchase Notice
for such Purchase) of the total aggregate number (or volume) of shares of our Common Shares traded on Nasdaq during the applicable Purchase
Valuation Period for such Purchase.</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in">The actual number of shares of Common Shares
that the Selling Shareholder will be required to purchase in a Purchase, which we refer to as the Purchase Share Amount, will be equal
to the number of shares that we specify in the applicable Purchase Notice, subject to adjustment to the extent necessary to give effect
to the applicable Purchase Maximum Amount and other applicable limitations set forth in the Purchase Agreement, including the Beneficial
Ownership Limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The per share purchase price
that the Selling Shareholder will be required to pay for the Purchase Share Amount in a Purchase effected by us pursuant to the Purchase
Agreement, if any, will be equal to the VWAP of our Common Shares for the applicable Purchase Valuation Period on the Purchase Date for
such Purchase, less a fixed 3% discount to the VWAP for such Purchase Valuation Period. The Purchase Valuation Period for a Purchase is
defined in the Purchase Agreement as the period beginning at the official open (or &ldquo;commencement&rdquo;) of the regular trading
session on Nasdaq on the applicable Purchase Date for such Purchase, and ending at the earliest to occur of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">3:59 p.m., New York City time, on such Purchase Date or such earlier time
publicly announced by the trading market as the official close of the regular trading session on such Purchase Date;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">such time that the total aggregate number (or volume) of Common Shares
traded on Nasdaq during such Purchase Valuation Period reaches the applicable Purchase Share Volume Maximum for such Purchase, which will
be determined by dividing (a) the applicable Purchase Share Amount for such Purchase, by (b) the Purchase Percentage we specified in the
applicable Purchase Notice for such Purchase); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">if we further specify in the applicable Purchase Notice for such Purchase
that a Limit Order Discontinue Election shall apply to such Purchase, such time that the trading price of our Common Shares on Nasdaq
during such Purchase Valuation Period (calculated in accordance with the Purchase Agreement) falls below the applicable Minimum Price
Threshold.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Under the Purchase
Agreement, for purposes of calculating the volume of Common Shares traded during a Purchase Valuation Period, including for purposes
of determining whether the applicable Purchase Share Volume Maximum for a Purchase has been reached, for purposes of calculating the
VWAP of our Common Shares for the applicable Purchase Valuation Period, and to the extent that we specify in the applicable Purchase
Notice that the Limit Order Discontinue Election will apply,
the following transactions, to the extent they occur during such Purchase Valuation Period, shall be excluded: (x) the opening or first
purchase of Common Shares at or following the official open of the regular trading session on Nasdaq on the applicable Purchase Date for
such Purchase, (y) the last or closing sale of Common Shares at or prior to the official close of the regular trading session on Nasdaq
on the applicable Purchase Date for such Purchase, and (z) if we have specified in the applicable Purchase Notice for such Purchase that
a Limit Order Continue Election shall apply to such Purchase (instead of specifying that a Limit Order Discontinue Election shall apply),
all purchases and sales of Common Shares on Nasdaq during such Purchase Valuation Period at a price per share that is less than the applicable
Minimum Price Threshold for such Purchase.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 58.05pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.5in">In addition to the Purchases described
above, from and after the Commencement Date, we will also have the right, but not the obligation, subject to the continued satisfaction
of the conditions set forth in the Purchase Agreement, to direct the Selling Shareholder to make Intraday Purchases, not to exceed the
applicable Intraday Purchase Maximum Amount, in an Intraday Purchase under the Purchase Agreement, by timely delivering a written Intraday
Purchase Notice to the Selling Shareholder, after 10:00 a.m., New York City time (and after the Purchase Valuation Period for any earlier
Purchase and the Intraday Purchase Valuation Period for the most recent prior Intraday Purchase effected on the same Purchase Date if
applicable, have ended), and prior to 3:30 p.m., New York City time, on such Purchase Date, so long as the sale price of our Common Shares
at the time of delivery of the Intraday Purchase Notice is not less than the Threshold Price and all Common Shares subject to all prior Purchases and all prior Intraday Purchases effected by us under the Purchase Agreement (as
applicable) have been received by the Selling Shareholder in themanner set forth in the Purchase Agreement, prior to the time we deliver
such Intraday Purchase Notice to the Selling Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Intraday Purchase Maximum
Amount applicable to such Intraday Purchase will be equal to the lesser of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">1,500,000 Common Shares; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the Purchase Percentage (as specified by us in the applicable Intraday
Purchase Notice for such Intraday Purchase) of the total aggregate number (or volume) of shares of our Common Shares traded on Nasdaq
during the applicable Intraday Purchase Valuation Period for such Intraday Purchase.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The actual number of Common
Shares that the Selling Shareholder will be required to purchase in an Intraday Purchase, which we refer to as the Intraday Purchase Share
Amount, will be equal to the number of shares that we specify in the applicable Intraday Purchase Notice, subject to adjustment to the
extent necessary to give effect to the applicable Intraday Purchase Maximum Amount and other applicable limitations set forth in the Purchase
Agreement, including the Beneficial Ownership Limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The per share purchase price
that the Selling Shareholder will be required to pay for the Intraday Purchase Share Amount in an Intraday Purchase effected by us pursuant
to the Purchase Agreement, if any, will be calculated in the same manner as in the case of a Purchase (including the same fixed percentage
discounts to the applicable VWAP used to calculate the per share purchase price for a Purchase as described above), provided that the
VWAP used to determine the purchase price for the Intraday Purchase Share Amount to be purchased in an Intraday Purchase will be equal
to the VWAP for the applicable Intraday Purchase Valuation Period on the Purchase Date for such Intraday Purchase and the applicable minimum
price threshold in the event we do not specify a minimum price threshold in the Intraday Purchase Notice will be a price equal to 75%
of the sale price of our Common Shares at the time of delivery of the applicable Intraday Purchase Notice. The Intraday Purchase Valuation
Period for an Intraday Purchase is defined in the Purchase Agreement as the period during the regular trading session on Nasdaq on such
Purchase Date, beginning at the latest to occur of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">such time of confirmation of the Selling Shareholder&rsquo;s receipt of
the applicable Intraday Purchase Notice;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">such time that the Purchase Valuation Period for any prior regular Purchase
effected on the same Purchase Date (if any) has ended; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">such time that the Intraday Purchase Valuation Period for the most recent
prior Intraday Purchase effected on the same Purchase Date (if any) has ended,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">and ending at the earliest to occur of:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">3:59 p.m., New York City time, on such Purchase Date or such earlier time
publicly announced by the trading market as the official close of the regular trading session on such Purchase Date;</FONT></TD></TR></TABLE>




<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 114pt"></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 -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">such time that the total aggregate number (or volume) of Common Shares
traded on Nasdaq during such Intraday Purchase Valuation Period reaches the applicable Intraday Purchase Share Volume Maximum for such
Intraday Purchase, which will be determined by dividing (a) the applicable Intraday Purchase Share Amount for such Intraday Purchase,
by (b) the Purchase Percentage we specified in the applicable Intraday Purchase Notice for determining the applicable Intraday Purchase
Share Amount for such Intraday Purchase); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">if we further specify Limit Order Discontinue Election in the applicable
Intraday Purchase Notice for such Intraday Purchase, such time that the trading price of our Common Shares on Nasdaq during such Intraday
Purchase Valuation Period (calculated in accordance with the Purchase Agreement) falls below the applicable Minimum Price Threshold.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As with regular Purchases,
for purposes of calculating the volume of Common Shares traded during an Intraday Purchase Valuation Period, including for purposes of
determining whether the applicable Intraday Purchase Share Volume Maximum for an Intraday Purchase has been reached, for purposes of calculating
the VWAP of our Common Shares for the applicable Intraday Purchase Valuation Period, the following transactions, to the extent they occur
during such Intraday Purchase Valuation Period, are excluded: (x) the opening or first purchase of Common Shares at or following the official
open of the regular trading session on Nasdaq on the applicable Purchase Date for such Intraday Purchase, (y) the last or closing sale
of Common Shares at or prior to the official close of the regular trading session on Nasdaq on the applicable Purchase Date for such Intraday
Purchase, and (z) if we have specified in the applicable Intraday Purchase Notice for such Intraday Purchase that a Limit Order Continue
Election shall apply to such Intraday Purchase (instead of specifying that a Limit Order Discontinue Election shall apply), all purchases
and sales of Common Shares on Nasdaq during such Intraday Purchase Valuation Period at a price per share that is less than the applicable
Minimum Price Threshold for such Intraday Purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We may, in our sole discretion,
timely deliver multiple Intraday Purchase Notices to the Selling Shareholder prior to 3:30 p.m., New York City time, on a single Purchase
Date to effect multiple Intraday Purchases on such same Purchase Date, provided that the Purchase Valuation Period for any earlier regular
Purchase effected on the same Purchase Date (as applicable) and the Intraday Purchase Valuation Period for the most recent prior Intraday
Purchase effected on the same Purchase Date have ended prior to 3:30 p.m., New York City time, on such Purchase Date, and, so long as
all Common Shares subject to all prior Purchases and all prior Intraday Purchases effected by us under the Purchase Agreement, including
those effected earlier on the same Purchase Date (as applicable), have been received by the Selling Shareholder prior to the time we deliver
to the Selling Shareholder a new Intraday Purchase Notice to effect an additional Intraday Purchase on the same Purchase Date as an earlier
regular Purchase (as applicable) and one or more earlier Intraday Purchases effected on such same Purchase Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The terms and limitations
that will apply to each subsequent additional Intraday Purchase effected on the same Purchase Date will be the same as those applicable
to any earlier regular Purchase (as applicable) and any earlier Intraday Purchase effected on the same Purchase Date as such subsequent
additional Intraday Purchase, and the per share purchase price for the Common Shares that we elect to sell to the Selling Shareholder
in each subsequent additional Intraday Purchase effected on the same Purchase Date as an earlier regular Purchase (as applicable) and/or
earlier Intraday Purchase(s) effected on such Purchase Date will be calculated in the same manner as in the case of such earlier regular
Purchase (as applicable) and such earlier Intraday Purchase(s) effected on the same Purchase Date as such subsequent additional Intraday
Purchase, with the exception that the Intraday Purchase Valuation Period for each subsequent additional Intraday Purchase will begin and
end at different times (and may vary in duration) during the regular trading session on such Purchase Date, in each case as determined
in accordance with the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In the case of Purchases
and Intraday Purchases effected by us under the Purchase Agreement, if any, all share and dollar amounts used in determining the purchase
price per share of Common Shares to be purchased by the Selling Shareholder in a Purchase or an Intraday Purchase (as applicable), or
in determining the applicable maximum purchase&nbsp;share amounts or applicable volume or price threshold amounts in connection with any
such Purchase or Intraday Purchase (as applicable), in each case, will be equitably adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction occurring during any period used to calculate such per share purchase price, maximum
purchase share amounts or applicable volume or price threshold amounts.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">At or prior to 5:30 p.m.,
New York City time, on the applicable Purchase Date for a Purchase and/or Intraday Purchase, the Selling Shareholder will provide us with
a written confirmation for such Purchase and/or Intraday Purchase, as applicable, setting forth the applicable purchase price (both on
a per share basis and the total aggregate purchase price) to be paid by the Selling Shareholder for the Common Shares purchased by the
Selling Shareholder in such Purchase and/or Intraday Purchase, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The payment for, against
delivery of, Common Shares purchased by the Selling Shareholder in any Purchase or any Intraday Purchase under the Purchase Agreement
will be fully settled within one Trading Day immediately following the applicable Purchase Date for such Purchase or such Intraday Purchase
(as applicable), as set forth in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><B>Conditions Precedent to Commencement and Each Purchase</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder&rsquo;s
obligation to accept Purchase Notices and Intraday Purchase Notices that are timely delivered by us under the Purchase Agreement and to
purchase shares of our Common Shares in Purchases and Intraday Purchases under the Purchase Agreement, are subject to (i) the initial
satisfaction, at the Commencement, and (ii) the satisfaction, at the applicable &ldquo;Purchase Condition Satisfaction Time&rdquo; (as
such term is defined in the Purchase Agreement) on the applicable Purchase Date for each Purchase and Intraday Purchase after the Commencement
Date, of the conditions precedent thereto set forth in the Purchase Agreement, all of which are entirely outside of the Selling Shareholder&rsquo;s
control, which conditions including the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the accuracy in all material respects of the representations and warranties
of the Company included in the Purchase Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the Company having performed, satisfied and complied in all material respects
with all covenants, agreements and conditions required by the Purchase Agreement to be performed, satisfied or complied with by the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the registration statement that includes this prospectus (and any one
or more additional registration statements filed with the SEC that include Common Shares that may be issued and sold by the Company to
the Selling Shareholder under the Purchase Agreement) having been declared effective under the Securities Act by the SEC, and the Selling
Shareholder being able to utilize this prospectus (and the prospectus included in any one or more additional registration statements filed
with the SEC under the Registration Rights Agreement) to resell all of the Common Shares included in this prospectus (and included in
any such additional prospectuses);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the SEC shall not have issued any stop order suspending the effectiveness
of the registration statement that includes this prospectus (or any one or more additional registration statements filed with the SEC
that include Common Shares that may be issued and sold by the Company to the Selling Shareholder under the Purchase Agreement) or prohibiting
or suspending the use of this prospectus (or the prospectus included in any one or more additional registration statements filed with
the SEC under the Registration Rights Agreement), and the absence of any suspension of qualification or exemption from qualification of
the Common Shares for offering or sale in any jurisdiction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">FINRA shall not have provided an objection to, and shall have confirmed
in writing that it has determined not to raise any objections with respect to the fairness and reasonableness of, the terms and arrangements
of the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">there shall not have occurred any event and there shall not exist any
condition or state of facts, which makes any statement of a material fact made in the registration statement that includes this prospectus
(or in any one or more additional registration statements filed with the SEC that include Common Shares that may be issued and sold by
the Company to the Selling Shareholder under the Purchase Agreement) untrue or which requires the making of any additions to or changes
to the statements contained therein in order to state a material fact required by the Securities Act to be stated therein or necessary
in order to make the statements then made therein (in the case of this prospectus or the prospectus included in any one or more additional
registration statements filed with the SEC under the Registration Rights Agreement,
in the light of the circumstances under which they were made) not misleading;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">this prospectus, in final form, shall have been filed with the SEC under
the Securities Act prior to Commencement, and all reports, schedules, registrations, forms, statements, information and other documents
required to have been filed by the Company with the SEC pursuant to the reporting requirements of the Exchange Act shall have been filed
with the SEC;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">trading in the Common Shares shall not have been suspended by the SEC
or Nasdaq, the Company shall not have received any final and non-appealable notice that the listing or quotation of the Common Shares
on Nasdaq, shall be terminated on a date certain (unless, prior to such date, the Common Shares are listed or quoted on any other Eligible
Market, as such term is defined in the Purchase Agreement), and there shall be no suspension of, or restriction on, accepting additional
deposits of the Common Shares, electronic trading or book-entry services by The Depository Trust Company with respect to the Common Shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the Company shall have complied with all applicable federal, state and
local governmental laws, rules, regulations and ordinances in connection with the execution, delivery and performance of the Purchase
Agreement and the Registration Rights Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the absence of any statute, regulation, order, decree, writ, ruling or
injunction by any court or governmental authority of competent jurisdiction which prohibits the consummation of or that would materially
modify or delay any of the transactions contemplated by the Purchase Agreement or the Registration Rights Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the absence of any action, suit or proceeding before any arbitrator or
any court or governmental authority seeking to restrain, prevent or change the transactions contemplated by the Purchase Agreement or
the Registration Rights Agreement, or seeking material damages in connection with such transactions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">all of the Common Shares that may be issued pursuant to the Purchase Agreement
shall have been approved for listing or quotation on Nasdaq (or if the Common Shares is not then listed on Nasdaq, then on any Eligible
Market), subject only to notice of issuance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">no condition, occurrence, state of facts or event constituting a Material
Adverse Effect (as such term is defined in the Purchase Agreement) shall have occurred and be continuing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the absence of any bankruptcy proceeding against the Company commenced
by a third party, and the Company shall not have commenced a voluntary bankruptcy proceeding, consented to the entry of an order for relief
against it in an involuntary bankruptcy case, consented to the appointment of a custodian of the Company or for all or substantially all
of its property in any bankruptcy proceeding, or made a general assignment for the benefit of its creditors; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the receipt by the Selling Shareholder of the legal opinions and negative
assurances, bring-down legal opinions and negative assurances, and audit comfort letters, in each case as required under the Purchase
Agreement.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Unless earlier terminated
as provided in the Purchase Agreement, the Purchase Agreement will terminate automatically on the earliest to occur of:</P>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 58.05pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">the first day of the month next following the third anniversary of the
Commencement Date;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the date on which the Selling Shareholder shall have purchased Common
Shares under the Purchase Agreement for an aggregate gross purchase price equal to $30,000,000;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the date on which the Common Shares shall have failed to be listed or
quoted on Nasdaq or any other Eligible Market;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the 30th Trading Day after the date on which a voluntary or involuntary
bankruptcy proceeding involving our company has been commenced that is not discharged or dismissed prior to such Trading Day; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the date on which a bankruptcy custodian is appointed for all or substantially
all of our property, or we make a general assignment for the benefit of our creditors.</FONT></TD></TR></TABLE>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We have the right to terminate
the Purchase Agreement at any time after Commencement, at no cost or penalty, at any time. We and the Selling Shareholder may also terminate
the Purchase Agreement at any time by mutual written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder
also has the right to terminate the Purchase Agreement upon 10 Trading Days&rsquo; prior written notice to us, but only upon the occurrence
of certain events, including:</P>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 58.05pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the occurrence and continuation of a Material Adverse Effect (as such
term is defined in the Purchase Agreement);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the occurrence of a Fundamental Transaction (as such term defined in the
Purchase Agreement) involving our company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">if any registration statement is not filed by the applicable Filing Deadline
(as defined in the Registration Rights Agreement) or declared effective by the SEC by the applicable Effectiveness Deadline (as defined
in the Registration Rights Agreement), or the Company is otherwise in breach or default in any material respect under any of the other
provisions of the Registration Rights Agreement, and, if such failure, breach or default is capable of being cured, such failure, breach
or default is not cured within 10 Trading Days after notice of such failure, breach or default is delivered to us;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">if we are in breach or default in any material respect of any of our covenants
and agreements in the Purchase Agreement or in the Registration Rights Agreement, and, if such breach or default is capable of being cured,
such breach or default is not cured within 10 Trading Days after notice of such breach or default is delivered to us;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the effectiveness of the registration statement that includes this prospectus
or any additional registration statement we file with the SEC pursuant to the Registration Rights Agreement lapses for any reason (including
the issuance of a stop order by the SEC), or this prospectus or the prospectus included in any additional registration statement we file
with the SEC pursuant to the Registration Rights Agreement otherwise becomes unavailable to the Selling Shareholder for the resale of
all of the Common Shares included therein, and such lapse or unavailability continues for a period of 20 consecutive Trading Days or for
more than an aggregate of 60 Trading Days in any 365-day period, other than due to acts of the Selling Shareholder; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">trading in the Common Shares on Nasdaq (or if the Common Shares is then
listed on an Eligible Market, trading in the Common Shares on such Eligible Market) has been suspended for a period of three consecutive
Trading Days.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">No termination of the Purchase
Agreement by us or by the Selling Shareholder will become effective prior to the time when any pending Purchase and any pending Intraday
Purchase has been fully settled in accordance with the terms and conditions of the Purchase Agreement, and no termination will affect
any of our respective rights and obligations under the Purchase Agreement with respect to any pending Purchase, any pending Intraday Purchase,
the Commitment Fee and any fees and disbursements of the Selling Shareholder&rsquo;s legal counsel in connection with the transactions
contemplated by the Purchase Agreement and the Registration Rights Agreement. Both we and the Selling Shareholder have agreed to complete
our respective obligations with respect to any such pending Purchase and any pending Intraday Purchase under the Purchase Agreement. Furthermore,
no termination of the Purchase Agreement will affect the Registration Rights Agreement, which will survive any termination of the Purchase
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><B>No Short-Selling or Hedging by the Selling Shareholder</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Selling
Shareholder has agreed not to engage in or effect, directly or indirectly, for its own principal account or for the principal
account of its sole member, any of its or its sole member&rsquo;s respective officers, or any entity managed or controlled by it or
its sole member, any (i) &ldquo;short sale&rdquo; (as such term is defined in Rule 200 of Regulation SHO of&nbsp;the Exchange Act)
of the Common Shares or (ii) hedging transaction, which establishes a net short position with respect to the Common Shares, during
the term of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><B>Effect of Sales of our Common Shares under the Purchase Agreement
on our Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">All Common Shares that may
be issued or sold by us to the Selling Shareholder under the Purchase Agreement that are being registered under the Securities Act for
resale by the Selling Shareholder in this offering are expected to be freely tradable. The Common Shares being registered for resale in
this offering may be issued and sold by us to the Selling Shareholder from time to time at our discretion over a period of up to 36 months
commencing on the Commencement Date. The resale by the Selling
Shareholder of a significant amount of shares registered for resale in this offering at any given time, or the perception that these sales
may occur, could cause the market price of our Common Shares to decline and to be highly volatile. Sales of our Common Shares, if any,
to the Selling Shareholder under the Purchase Agreement will depend upon market conditions and other factors to be determined by us. We
may ultimately decide to sell to the Selling Shareholder all, some or none of the shares of our Common Shares that may be available for
us to sell to the Selling Shareholder pursuant to the Purchase Agreement.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">If and when we do elect
to sell shares of our Common Shares to the Selling Shareholder pursuant to the Purchase Agreement, after the Selling Shareholder has acquired
such shares, the Selling Shareholder may resell all, some or none of such shares at any time or from time to time in its discretion and
at different prices. As a result, investors who purchase shares from the Selling Shareholder in this offering at different times will
likely pay different prices for those shares, and so may experience different levels of dilution and in some cases substantial dilution
and different outcomes in their investment results. Investors may experience a decline in the value of the shares they purchase from the
Selling Shareholder in this offering as a result of future sales made by us to the Selling Shareholder at prices lower than the prices
such investors paid for their shares in this offering. In addition, if we sell a substantial number of shares to the Selling Shareholder
under the Purchase Agreement, or if investors expect that we will do so, the actual sales of shares or the mere existence of our arrangement
with the Selling Shareholder may make it more difficult for us to sell equity or equity-related securities in the future at a time and
at a price that we might otherwise wish to effect such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Because the purchase price
per share to be paid by the Selling Shareholder for the Common Shares that we may elect to sell to the Selling Shareholder under the Purchase
Agreement, if any, will fluctuate based on the market prices of our Common Shares during the applicable Purchase Valuation Period for
each Purchase, and during the applicable Intraday Purchase Valuation Period for each Intraday Purchase, made pursuant to the Purchase
Agreement, if any, as of the date of this prospectus it is not possible for us to predict the number of Common Shares that we will sell
to the Selling Shareholder under the Purchase Agreement, the actual purchase price per share to be paid by the Selling Shareholder for
those shares, or the actual gross proceeds to be raised by us from those sales, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Upon the consummation of
the Spin-Off, we will have 3,132,337 Common Shares outstanding, of which 1,446,414 shares will be held by our non-affiliates, based on
information available to us as of the date hereof. The Purchase Agreement provides that we may sell up to $30,000,000 million of our Common
Shares to the Selling Shareholder, and we are registering 15,000,000 of our Common Shares under the Securities Act for resale by the Selling
Shareholder under this prospectus. If all of the 15,000,000 shares offered for resale by the Selling Shareholder under this prospectus
were issued and outstanding as of the date hereof, such shares would represent approximately 83% of the total number of outstanding Common
Shares and approximately 91% of the total number of outstanding Common Shares held by non-affiliates of our company, in each case , based
on information available to us as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">If we elect to issue and
sell more than the 15,000,000 shares offered under this prospectus to the Selling Shareholder, which we have the right, but not the obligation,
to do, we must first file with the SEC one or more additional registration statements to register under the Securities Act the resale
by the Selling Shareholder of any such additional shares of our Common Shares we wish to sell from time to time under the Purchase Agreement,
which the SEC must declare effective, in each case before we may elect to sell any additional shares of our Common Shares to the Selling
Shareholder under the Purchase Agreement. Any issuance and sale by us under the Purchase Agreement of a substantial amount of Common Shares
in addition to the 15,000,000 Common Shares being registered for resale by the Selling Shareholder under the registration statement that
includes this prospectus could cause additional substantial dilution to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The number of Common Shares
ultimately offered for resale by the Selling Shareholder through this prospectus is dependent upon the number of Common Shares, if any,
we elect to sell to the Selling Shareholder under the Purchase Agreement from and after the Commencement Date. The issuance of our Common
Shares to the Selling Shareholder pursuant to the Purchase Agreement will not affect the rights or privileges of our existing shareholders,
except that the economic and voting interests of each of our existing shareholders will be diluted. Although the number of shares of our
Common Shares that our existing shareholders own will not decrease, the shares of our Common Shares owned by our existing&nbsp;shareholders
will represent a smaller percentage of our total outstanding shares of our Common Shares after any such issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The following table sets
forth the amount of gross proceeds we would receive from the Selling Shareholder from our sale of Common Shares to the Selling Shareholder
under the Purchase Agreement at varying purchase prices:</P>

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


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<P STYLE="font: 6pt Times New Roman, Times, Serif; 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 COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assumed</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Average</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purchase Price</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Share</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Registered</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares to be Issued</B></FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>if Full Purchase (1)</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage of</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Outstanding Shares</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>After Giving Effect to</B></FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>the Issuance to the Selling Shareholder (2)</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gross Proceeds from the</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sale of Shares to the Selling Shareholder Under the Purchase</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agreement</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 23%; text-align: right">10.00</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; text-align: right">3,000,000.00</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; text-align: right">49</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 22%; text-align: right">30,000,000</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15.00</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000,000.00</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,000,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20.00</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500,000.00</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32.4</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,000,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">25.00</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,200,000.00</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,000,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30.00</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000,000.00</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,000,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Although the Purchase Agreement provides that
we may sell up to $30,000,000 million of our Common Shares to the Selling Shareholder, we are only registering 15,000,000 shares under
the registration statement that includes this prospectus, which may or may not cover all of the shares we ultimately sell to the Selling
Shareholder under the Purchase Agreement. The number of shares to be issued as set forth in this column is without regard for the Beneficial
Ownership Limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) The denominator is based on 3,132,337 Common Shares
outstanding upon consummation of the Spin-Off, adjusted to include the issuance of the number of shares set forth in the adjacent column
that we would have sold to the Selling Shareholder, assuming the average purchase price in the first column. The numerator is based on
the number of shares issuable under the Purchase Agreement (that are the subject of this offering) at the corresponding assumed average
purchase price set forth in the first column.</P>

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

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

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

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">All of the Common Shares
offered pursuant to this prospectus will be sold by the Selling Shareholder for its own account. We will not receive any proceeds from
these sales of Common Shares.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">However, we may
receive up to $30 million in aggregate gross proceeds from the Selling Shareholder under the Purchase Agreement in connection with
sales of our Common Shares to the Selling Shareholder. We estimate that the net proceeds to us from the sale of our Common Shares to
the Selling Shareholder could be up to $29.5 million, after estimated fees and expenses, over a 36-month period, assuming that we
sell Common Shares to them for aggregate gross proceeds of $30 million. The net proceeds from sales, if any, under the Purchase
Agreement, will depend on the frequency and prices at which we sell our Common Shares to the Holder after the date of this
prospectus. See &ldquo;Plan of Distribution (Conflict of Interest)&rdquo; and &ldquo;The Committed Equity Financing&rdquo; elsewhere
in this prospectus for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We intend to use the net
proceeds of this offering for general corporate purposes, which may include, among other things, funding for working capital needs, debt
repayments, and fleet expansion. At this time, we have not specifically identified any vessels to acquire or debt repayment, nor have
we specifically identified another material use for which we intend to use the net proceeds, and, accordingly, we are not able to allocate
the net proceeds among any of these potential uses in light of the variety of factors that will impact how such net proceeds are ultimately
utilized by us. The foregoing represents our current intentions with respect to the use of the net proceeds of this offering based upon
our present plans and business conditions, but our management will have significant flexibility and discretion in applying the net proceeds.
The occurrence of unforeseen events or changed business conditions could result in the application of the net proceeds of this offering
in a manner other than as described above. The principal purposes of this offering are to obtain additional capital to fund our operations
and growth and to facilitate our future access to the public equity&nbsp;markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder
will pay any underwriting fees, discounts and selling commissions incurred by it in connection with any sale of Common Shares. We will
bear all other costs, fees and expenses incurred in effecting the registration of the Common Shares covered by this prospectus, including,
without limitation, all registration and filing fees, Nasdaq listing fees and fees and expenses of our counsel and independent registered
public accountants.</P>

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

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

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


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.65pt; text-align: justify">The following table sets forth our capitalization
and indebtedness as of December 31, 2024<FONT STYLE="letter-spacing: -0.1pt">:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.65pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on an actual <FONT STYLE="letter-spacing: -0.1pt">basis;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.65pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">on an adjusted basis to give effect to our
                                                                                                      issuance of 3,132,337 Common Shares, par value $0.01 per share and 100,000 Series D Preferred Shares (see &ldquo;Description of
                                                                                                      Capital Stock&mdash;Preferred Shares&rdquo;) in conjunction with the Spin-Off distribution including 75,000 Common Shares at a
                                                                                                      purchase price of $20.00 per Common Shares, for aggregate gross proceeds of $1.5 million in the Private Placement and to give effect
                                                                                                      to $2.6 million of scheduled debt repayments under the AVIC and Huarong SLB facilities paid by the Rubico Predecessor from December
                                                                                                      31, 2024 to the date of this registration statement; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.45pt; text-indent: -12.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.65pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">on a further adjusted basis, assuming our issuance and sale of 15,000,000
Common Shares for an aggregate purchase price of $30 million, resulting in net proceeds of $29.5 million after deducting estimated issuance
costs and commissions of $0.5 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.45pt; text-align: justify; text-indent: -12.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.4pt; text-align: justify">Except as set forth above, there have been
no significant changes to our capitalization since December 31, 2024<FONT STYLE="letter-spacing: -0.1pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="font-style: italic; text-align: left"><P STYLE="font: 10pt/7.75pt Times New Roman, Times, Serif; margin: 0 0 0 1.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Based on our audited carve-out financial statements of the Rubico <FONT STYLE="letter-spacing: -0.1pt">Predecessor:</FONT></B></FONT></P> <P STYLE="font: 10pt/7.5pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 1.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(Expressed in thousands of U.S. Dollars, except number of shares and per share <FONT STYLE="letter-spacing: -0.1pt">data)</FONT></I></B></FONT></P></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>Actual</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As <FONT STYLE="letter-spacing: -0.1pt">Adjusted</FONT></B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As <FONT STYLE="letter-spacing: -0.4pt">Further </FONT><FONT STYLE="letter-spacing: -0.1pt">Adjusted<SUP>(4)</SUP></FONT></B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0 1.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Debt:<SUP>(1) <FONT STYLE="letter-spacing: -0.25pt">(2)</FONT></SUP></B></FONT></P> <P STYLE="font: 10pt/7.9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0 1.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current portion of long -term <FONT STYLE="letter-spacing: -0.2pt">debt</FONT></FONT></P></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">4,221</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">4,221</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">4,221</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 1.7pt">Non-current portion of long -term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,013</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1.7pt">Total debt</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">75,801</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">73,234</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">73,234</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Parent company equity <FONT STYLE="letter-spacing: -0.25pt"><SUP>(3)</SUP></FONT></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 1.7pt">Net parent investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,066</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash; &#8239;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 1.7pt">Common shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">181</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 1.7pt">Series D preferred shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 1.7pt">Retained Earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,049</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&#8239;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 1.7pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,583</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64,933</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1.7pt">Total Parent company equity</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">34,115</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">35,615</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>65,115</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1.7pt">Total capitalization</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">109,916</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">108,849</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>138,349</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;&nbsp;&nbsp;</P>

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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            indebtedness (both current and non-current portions) is secured by titles on our vessels
                                            and is guaranteed by the <FONT STYLE="letter-spacing: -0.1pt">Parent.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            capitalization table does not take into account any amortization of deferred finance fees
                                            incurred after December 31, 2024<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 21.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            connection with the Spin-Off, the Parent contributed the Rubico Predecessor to us as a capital
                                            contribution in exchange for 3,132,337 newly issued Common Shares, par value $0.01 per share,
                                            including the related preferred stock purchase rights (and assuming the cancellation of our
                                            existing outstanding Common Shares that are held by the Parent), and 100,000 newly issued
                                            Series D Preferred Shares, as further described under &ldquo;Our Company&rdquo; and &ldquo;Description
                                            of Capital Stock.&rdquo;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 21.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            &ldquo;as further adjusted&rdquo; information is illustrative only and will change based
                                            on actual pricing and other terms of this offering determined at pricing. The final public
                                            offering price will be determined through negotiation between us, the Placement Agent and
                                            the investors in the offering and may be at a discount to the current market price. Therefore,
                                            the assumed public offering price used here and throughout this prospectus may not be indicative
                                            of the final public offering price.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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, dividends to holders of our preferred shares, investment opportunities, restrictions
in our financing arrangements, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In addition, we may incur
expenses or liabilities, including extraordinary expenses, decreases in revenues, including as a result of unanticipated off-hire days
or loss of a vessel, or increased cash needs, or be subject to other circumstances in the future, including as a result of the risks described
in this registration statement and any future reports we may file with the SEC, that could reduce or eliminate the amount of cash that
we have available for distribution as dividends. Our growth strategy contemplates that we will finance the acquisition of additional vessels
in part through raising equity capital. However, if external sources of funds on terms acceptable to us are limited, our Board of Directors
may determine to finance acquisitions with cash from operations, which would reduce or even eliminate the amount of cash available for
the payment of dividends. In addition, any credit facilities that we may enter into or the terms of preferred shares which we may issue
in the future may include restrictions on our ability to pay dividends on our Common Shares. Further, under the terms of our current financing
arrangements, and possibly any future financing arrangements, we will not be permitted to pay dividends that would result in an event
of default or if an event of default has occurred and is continuing. As a result of these and other factors, we cannot assure you that
our Board of Directors will declare dividend payments on our Common Shares in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In addition, since we are
a holding company with no material assets other than the shares of our subsidiaries and affiliates through which we conduct our operations,
our ability to pay dividends will depend on our subsidiaries and affiliates distributing to us their earnings and cash flow.</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="MDA"></A>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>The following discussion
and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements
and the notes thereto, included herein. Those financial statements have been prepared in accordance with U.S. GAAP and, among other things,
include more detailed information regarding the basis of presentation for the following information. </I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><B><U>Factors Affecting our Results of <FONT STYLE="letter-spacing: -0.1pt">Operations</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt; text-align: justify">We believe that the important measures
for analyzing trends in the results of our operations consist of the <FONT STYLE="letter-spacing: -0.1pt">following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 47.55pt; text-align: justify"><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: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 47.55pt; text-align: justify"><I>Available days. </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. Our calculation of Available Days may not be comparable
to that reported by other companies due to differences in methods of calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 47.55pt; text-align: justify"><I>Operating days. </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. Our calculation of Operating Days may not be comparable to that reported by other companies due to differences
in methods of calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 47.55pt; text-align: justify"><I>Fleet utilization. </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. We believe monitoring Fleet utilization
assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and as such provides
useful information to investors regarding the efficiency of our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 0pt 0pt 47.55pt; text-align: justify"><I>TCE Revenues / TCE
Rates. </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. <FONT STYLE="letter-spacing: -0.2pt">Our </FONT>calculation of TCE may not be similar to other method of
calculation of other companies.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 9pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.65pt"><B><U>Time Charter <FONT STYLE="letter-spacing: -0.1pt">Revenues</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 charterer to in-house brokers associated with the charterer
for the arrangement of the relevant charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As of the date of this registration
statement, 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: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><FONT STYLE="letter-spacing: -0.1pt"><B><U>Vessel Operating
Expenses</U></B></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><FONT STYLE="letter-spacing: -0.2pt"><B><U>Voyage Expenses</U></B></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Voyage expenses primarily
consist of port charges, including canal dues, bunkers (fuel costs) and commissions. All these expenses, except commissions, are paid
by the charterer under a time charter or bareboat charter contract. The amount of voyage expenses are primarily driven by the routes that
the vessels travel, the amount of ports called on, the canals crossed and the price of bunker fuels paid.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><FONT STYLE="letter-spacing: -0.2pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><FONT STYLE="letter-spacing: -0.2pt"><B><U>Dry-docking Costs</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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;Note 2 &ldquo;Significant Accounting Policies and Recent Accounting Pronouncements.&rdquo; In
the case of tankers, dry-docking costs may also be affected by new rules and regulations. For further information please see &ldquo;Business&mdash;
Environmental and Other Regulations.&rdquo;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt"><B><U>Management Fees&mdash;Related <FONT STYLE="letter-spacing: -0.1pt">Party</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As from May 28, 2020, the
Athenean Rubico Predecessor and Roman Rubico Predecessor, our vessel owning subsidiaries, have 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 M/T&rsquo;s <I>Eco Malibu</I> and <I>Eco West Coast</I>. For further information, please see &ldquo;Certain Relationships and Related
Party Transactions.&rdquo;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><B><U>General and Administrative <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">General and administrative
expenses represent an allocation of the expenses incurred by our Parent based on the number of calendar days of our vessels to total calendar
days of the Parent&rsquo;s fleet. These expenses consisted mainly of executive compensation (including bonuses), professional fees, utilities
and directors' liability insurance.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><FONT STYLE="letter-spacing: -0.1pt"><B><U>Inflation</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Although inflation has had
a moderate impact on our vessel operating expenses and corporate overheads, management does not consider inflation to be a significant
risk to direct costs in the current and foreseeable economic environment. It is anticipated that insurance costs, which have risen over
the last three years, may well continue to rise over the next few years. Oil transportation is a specialized area and the number of vessels
is increasing. There will therefore be an increased demand for qualified crew and this has and will continue to put inflationary pressure
on crew costs. However, in a shipping downturn, costs subject to inflation can usually be controlled because shipping companies typically
monitor costs to preserve liquidity and encourage suppliers and service providers to lower rates and prices in the event of a downturn.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><B><U>Interest and Finance <FONT STYLE="letter-spacing: -0.1pt">Costs</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We incur interest expense
on outstanding indebtedness under our financing facilities, which we include in interest and finance costs. We also incur finance costs
in establishing those 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: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Main components of managing our business and main drivers
of <FONT STYLE="letter-spacing: -0.1pt">profitability</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The management of financial, general and
administrative elements involved in the conduct of our business and ownership of our vessels requires the following main <FONT STYLE="letter-spacing: -0.1pt">components:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">management of our financial resources, including banking relationships,
i.e., administration of bank loans, sale and leasebacks and bank accounts;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">management of our accounting system and records and financial reporting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">administration of the legal and regulatory requirements affecting our
business and assets; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">management of the relationships with our service providers and customers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">The principal factors that affect our profitability, cash flows
and shareholders&rsquo; return on investment <FONT STYLE="letter-spacing: -0.1pt">include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">charter rates and periods of charter hire for our tankers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">utilization of our tankers (earnings efficiency);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">levels of our tankers operating expenses and dry-docking costs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">depreciation and amortization expenses;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">financing costs; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">fluctuations in foreign exchange rates.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0.05pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Year ended December 31, 2022 compared with year ended December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of U.S. Dollars)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt"><B>Year Ended December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>change YE22 v YE23</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.5pt"><I>$</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.5pt"><I>%</I></FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>24,784</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>24,478</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>(306)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>-1%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>EXPENSES:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">Voyage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt">508</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt">508</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt"><I>0%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Vessel operating expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">4,901</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">4,816</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">(85)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>-2%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Vessel depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">4,480</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">4,480</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt"><I>0%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Management fees-related parties</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt">528</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt">550</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt"><I>4%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt">394</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">1,688</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">1,294</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt"><I>328%</I></FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>13,973</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>12,436</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>(1,537)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>-11%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>OTHER EXPENSES:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest and finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(3,312)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(5,867)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(2,555)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt"><I>77%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt"><I>100%</I></FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total other expenses, net</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>(3,312)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>(5,805)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>(2,493)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt"><B><I>75%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Net Income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>10,661</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>6,631</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>(4,030)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>-38%</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt"><B><I>Year on Year Comparison of Operating <FONT STYLE="letter-spacing: -0.1pt">Results</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2023, revenues, voyage expenses, vessel operating expenses, vessel depreciation and management fees-related parties remained approximately
on the same levels as the vessels remained on the same time-charters and their utilization didn&rsquo;t vary between the years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><B>General and administrative <FONT STYLE="letter-spacing: -0.1pt">expenses</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2023, our general and administrative expenses increased by $1.3 million, or 328%, compared to the year ended December 31, 2022, due
to the allocation of $1.3 million of bonuses to the Parent&rsquo;s CEO declared in 2023 (with no bonuses being declared in 2022).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><B>Interest and Finance <FONT STYLE="letter-spacing: -0.1pt">Costs</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0pt 0pt 0.5in; text-indent: 0pt">During the year ended December 31, 2023, interest and
finance costs increased by $2.6 million, or 77%, compared to the same period in 2022 mainly due <FONT STYLE="letter-spacing: -0.25pt">to:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">a $2.0 million increase in interest costs mainly due to the increase in
the variable interest rate of our credit facilities (LIBOR and SOFR) which increased from 4.22% in January 2023 to 5.37% in December 2023,
while LIBOR ranged from 0.10% in January 2022 to 4.22% in December 2022;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">an increase of $0.6 million in amortization of deferred financing
                                                                                                         fees due to the acceleration of the amortization of deferred financing fees relating to the prepayment of the ABN and the Alpha Bank
                                                                                                         facilities (see &ldquo;&mdash;Liquidity and Capital Resources&mdash;Debt Facilities&mdash;Prepayments of senior secured loans)&rdquo;.</FONT></TD></TR></TABLE>

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


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<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 58.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0.05pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 7.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt"><B>Year Ended December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>change YE23 v YE24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 29.5pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.5pt"><I>$</I></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.5pt"><I>%</I></FONT></TD></TR>
  <TR STYLE="background-color: #DDEBF7">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>24,478</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>24,205</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(273)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>EXPENSES:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Voyage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">508</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">495</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Vessel operating expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4,816</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4,655</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;(161)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Vessel depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4,480</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4,181</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(299)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Management fees-related party</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">550</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">567</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">17 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1,688</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1,887</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">199 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12%</FONT></TD></TR>
  <TR STYLE="background-color: #DDEBF7">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12,436</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12,420</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;(16)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>OTHER EXPENSES:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest and finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(5,867)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(6,501)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(634)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(37)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">-60%</FONT></TD></TR>
  <TR STYLE="background-color: #DDEBF7">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total other expenses, net</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(5,805)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(6,476)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(671)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DDEBF7">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Net Income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6,631</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5,944</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(687)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-10%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt">Year on Year Comparison of Operating <FONT STYLE="letter-spacing: -0.1pt">Results</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2024, revenues, voyage expenses, vessel operating expenses and management fees-related parties remained approximately on the same
levels as the vessels remained on the same time-charters and their utilization didn&rsquo;t vary between the years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">General and administrative <FONT STYLE="letter-spacing: -0.1pt">expenses</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2024, our general and administrative expenses increased by $0.2 million, or 12%, compared to the year ended December 31, 2023, mainly
due to an increase of $0.2 million of bonuses allocated to us from the Parent compared to the same period in 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20.25pt; text-align: justify"><B>Vessel depreciation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2024, Vessel depreciation decreased by $0.3 million, or 7%, compared to the same period in 2023, due to the fact that effective January
1, 2024, we revised our scrap rate estimate from $300 to $430 per lightweight ton, a fact that increased the residual value per vessel
by $3.2 million leading to a corresponding decrease in depreciable value over the average remaining 21.3 years of useful life of the vessels).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 47.25pt; text-align: justify; text-indent: -27pt"><B>Interest and finance
costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2024, Interest and finance costs increased by $0.6 million, or 11%, compared to the same period in 2023, mainly due to an increase
of $1.1 million in interest expense (mainly due to the refinancing of all our vessels in December 2023 that resulted in an aggregate increase
of debt outstanding of $20.9 million, at the time of refinancing) offset by a decrease in amortization of finance charges of $0.5 million
(mainly due to the acceleration of finance charges of $0.6 million of the ABN and Alpha Bank facilities in December 2023 due to their
refinancing, please see &ldquo;&mdash;Debt Facilities&rdquo; below).</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Implications of Being an Emerging Growth <FONT STYLE="letter-spacing: -0.1pt">Company</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We had less than $1.235
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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">exemption from compliance with any new requirements adopted by 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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">We may take advantage of
these provisions until the end of the fiscal year following the fifth anniversary of the closing of this 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 $1.235 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="font: 9pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt">Liquidity and Capital <FONT STYLE="letter-spacing: -0.1pt">Resources</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; 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 vessels, maintain the quality of our vessels, comply
with international shipping standards and environmental laws and regulations and fund working capital requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As of December 31, 2023,
we had an indebtedness of $80.0 million, which after excluding unamortized financing fees amounts to a total indebtedness of $81.8 million.
As of December 31, 2023, our cash and cash equivalent balances amounted to $3.8 million, held in U.S. Dollar accounts, $1.0 million of
which are classified as restricted cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As of December 31, 2024,
we had an indebtedness of $75.8 million, which after excluding unamortized financing fees amounts to a total indebtedness of $77.4 million.
As of December 31, 2024, our cash and cash equivalent balances amounted to $2.2 million, held in U.S. Dollar accounts, $1.0 million of
which are classified as restricted cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As of the date of this registration
statement we have no contractual commitments for the acquisition of any vessel or for any material capital expenditures with respect to
our existing vessels in the twelve-month period following the end of the period covered by our financial statements. See &ldquo;&mdash;Debt
Facilities&rdquo; below for a description of amortization payments due under our financing agreements. Our cash flow projections indicate
that cash on hand and cash to be provided by operating activities as well as net proceeds from the Private Placement will be sufficient
to cover the liquidity needs that become due in the twelve-month period following the end of the period covered by our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 32.85pt"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 32.85pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 32.85pt">Working Capital Requirements and Sources of <FONT STYLE="letter-spacing: -0.1pt">Capital</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 32.85pt"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">As of December 31, 2024,
we had a working capital deficit (current assets less current liabilities) of $5.6 million, which includes an amount of $2.2 of unearned
revenue. This amount represents current liabilities that do not require future cash settlement. For the year ended December 31, 2024 we
realized a net income of $5.9 million and generated cash flow from operations of $10.5 million. In our opinion we will be able to finance
our working capital deficit and our obligations as they come due in the twelve-month period ending one year after December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our operating cash flow,
for the remainder of 2024 provided that SOFR expectations for 2024 remain as they are as of the date of this registration statement, is
expected to slightly increase when compared to the same period in 2023, since all our vessels have financing facilities with fluctuating
interest rates, leading to a decrease in interest costs (please see &ldquo;&mdash;Quantitative and Qualitative Disclosures about Market
Risk&mdash;Interest Rate Risk&rdquo;).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt">Cash Flow <FONT STYLE="letter-spacing: -0.1pt">Information</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt">Cash and cash equivalents and restricted cash were $3.4 million,
$3.8 and $2.2 million as of December 31, 2022, 2023 and 2024, <FONT STYLE="letter-spacing: -0.1pt">respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt"><I>Net Cash from Operating <FONT STYLE="letter-spacing: -0.1pt">Activities</FONT></I><FONT STYLE="letter-spacing: -0.1pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">Net
cash provided by operating activities decreased by $1.3 million, or 11%, in the year ended December 31, 2024 to $10.5 million, compared
to $11.8 million in the year ended December 31, 2023.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">Net
cash provided by operating activities decreased by $3.7 million, or 24%, in the year ended December 31, 2023 to $11.8 million, compared
to $15.5 million in the year ended December 31, 2022.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">Net
cash provided by operating activities increased by $2.2 million, or 17%, for 2022 to $15.5 million, compared to $13.3 million for 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">Adjustments
to reconcile net income to net cash provided by operating activities for the year ended December 31, 2024 totaled $4.6 million. This consisted
mainly of $4.2 million of depreciation expenses and $0.2 million of amortization of deferred financing costs. The cash inflow from operations
was increased by a $0.7 million increase in current liabilities and offset by a $0.5 million increase in current assets.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">Adjustments
to reconcile net income to net cash provided by operating activities for the year ended December 31, 2023 totaled $5.2 million. This consisted
mainly of $4.5 million of depreciation expenses and $0.7 million of amortization of deferred financing costs.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">Adjustments
to reconcile net income to net cash provided by operating activities for the year ended December 31, 2022 totaled $4.7 million. This consisted
mainly of $4.5 million of depreciation expenses and $0.2 million of amortization of deferred financing costs. The cash inflow from operations
was increased by a $0.2 million increase in current liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt"><I>Net Cash from Investing <FONT STYLE="letter-spacing: -0.1pt">Activities</FONT></I><FONT STYLE="letter-spacing: -0.1pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 32.85pt">There was no net cash used in or provided by investing
activities in the years ended December 31, 2023 and <FONT STYLE="letter-spacing: -0.1pt">2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 32.85pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">Net cash
used in investing activities in the year ended December 31, 2022 was $0.1 million that comprised of advances for vessels under construction
of 2021, paid in 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/8pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt"><I>Net Cash from Financing <FONT STYLE="letter-spacing: -0.1pt">Activities</FONT></I><FONT STYLE="letter-spacing: -0.1pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Net cash used in financing
activities in the period ended December 31, 2024 was $12.1 million, consisting of $7.6 million of principal payments of long-term debt,
$4.4 million of net advances to the parent and $0.1 million payments of financing costs.</P>

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


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<P STYLE="font: 7pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Net cash used in financing
activities in the year ended December 31, 2023 was $11.5 million, consisting of $82.0 million of proceeds from long term debt, offset
by $61.2 million of long-term debt prepayments, $25.6 million of advances to the parent, $5.0 million of principal payments of long-term
debt and $1.7 million payments of financing costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Net cash used in financing
activities in the year ended December 31, 2022 was $15.9 million, consisting of $10.5 million payments to the parent and $5.4 million
of principal payments of long-term debt.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 32.85pt">Debt <FONT STYLE="letter-spacing: -0.1pt">Facilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.65pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 32.85pt"><B><I><U>Prepayments of senior secured <FONT STYLE="letter-spacing: -0.1pt">loans</FONT></U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.65pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 32.85pt"><FONT STYLE="letter-spacing: -0.2pt"><I><U>ABN Facility</U></I></FONT></P>

<P STYLE="font: 7pt/1pt Times New Roman, Times, Serif; margin: 0 0 0 65.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On March 18, 2021, we entered
into a credit facility with ABN AMRO for $36.8 million for the financing of the vessel M/T <I>Eco West Coast</I>. This facility was drawn
down in full. The credit facility was repayable in 24 consecutive quarterly installments of $0.61 million commencing in June 2021, plus
a balloon installment of $22.0 million payable together with the last installment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The facility bore interest
at LIBOR plus a margin of 2.50%. From June 23, 2023, ABN Amro switched the facility&rsquo;s variable rate from LIBOR to Compounded SOFR.
On December 14, 2023, this facility was fully prepaid using part of the proceeds from the AVIC SLB (see &ldquo;&mdash;New Financings Committed
under Sale and Leaseback Agreements&mdash;AVIC SLB&rdquo;).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 32.85pt"><I><U>Alpha Bank <FONT STYLE="letter-spacing: -0.1pt">Facili</FONT></U><FONT STYLE="letter-spacing: -0.1pt">ty</FONT></I></P>

<P STYLE="font: 7pt/1pt Times New Roman, Times, Serif; margin: 0 0 0 87.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On May 6, 2021, we entered
into a credit facility with Alpha Bank for $38.0 million for the financing of the vessel M/T <I>Eco Malibu</I>. This facility was drawn
down in full. The credit facility was repayable in 12 consecutive quarterly installments of $0.75 million and 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 bore interest at LIBOR plus a margin of 3.00%. From June 9, 2023, Alpha Bank switched the facility&rsquo;s
variable rate from LIBOR to Term SOFR. On December 21, 2023, this facility was fully prepaid through part of the proceeds from the Huarong
SLB (see &ldquo;&mdash;New Financings Committed under Sale and Leaseback Agreements&mdash;Huarong SLB&rdquo;).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt"><B><I><U>New Financings Committed under Sale and Leaseback
<FONT STYLE="letter-spacing: -0.1pt">Agreements</FONT></U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt"><FONT STYLE="letter-spacing: -0.1pt"><B><I><U>AVIC</U></I></B></FONT><B><I><U>
<FONT STYLE="letter-spacing: -0.25pt">SLB</FONT></U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On December 14, 2023 we
consummated an SLB with AVIC in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured over the M/T <I>Eco
West Coast</I>. We bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly
installments of $0.18 million and a balloon payment of $19.0 million payable together with the last installment, plus interest based on
Term SOFR plus 2.65% per annum. As part of this transaction, we have continuous options to buy back the vessel at purchase prices stipulated
in the bareboat agreement depending on when the option will be exercised. At the end of the ten-year period, we have an obligation to
buy back the vessel at a cost represented by the balloon payment.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt"><B><I><U>Huarong <FONT STYLE="letter-spacing: -0.25pt">SLB</FONT></U></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On December 20, 2023,
we consummated an SLB with Huarong in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured over the
M/T <I>Eco Malibu</I>. We bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120
consecutive monthly installments of $0.18 million and a balloon payment of $19.0 million payable together with the last installment,
plus interest based on Term SOFR plus 2.50% per annum. As part of this transaction, we have continuous options to buy back the
vessel at purchase prices stipulated in the bareboat agreement depending
on when the option will be exercised. At the end of the ten-year period, we have an obligation to buy back the vessel at a cost represented
by the balloon payment.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We expect to enter into
amendments to the AVIC and Huarong SLBs with the lenders pursuant to which we together with the Parent will become joint guarantors of
the SLBs prior to the Spin-Off. As of the date of this registration statement both we and our Parent are in compliance with all covenants
in the AVIC and Huarong SLBs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We also expect to provide
a corporate guarantee to China Merchants Bank Financial Leasing Co. Ltd. (&ldquo;CMBFL&rdquo;) upon completion of the Spin-Off. CMBFL
is the financier of three of our Parent&rsquo;s vessels and, as of the date of this registration statement, their aggregate outstanding
loan balance to the Parent is $145.8 million.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt"><FONT STYLE="letter-spacing: -0.1pt">Trend Information</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our results of operations depend primarily on the charter rates earned
by our vessels. Over the course of 2024, the BDTI reached a high of 1,552 and a low of 860. 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. Although the BDTI was 945 as of
July 4, 2025, there can be no assurance that the tanker charter market will continue to increase, and the market could again decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Meanwhile, the war in Ukraine
has amplified the volatility in the tanker market. 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 and oil products embargo enacted by the United States, the European
Union and the United Kingdom.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Furthermore, the intensity
and duration of the war between Israel and Hamas is difficult to predict and its impact on the world economy and our industry is uncertain.
Beginning in late 2023, vessels in the Red Sea and Gulf of Aden have been subject to attempted hijackings and attacks by drones and projectiles
characterized by Houthi groups in Yemen as a response to the war between Israel and Hamas. A number of companies have rerouted their vessels
to avoid transiting the Red Sea, incurring greater shipping costs and delays and for vessels transiting the region, war risk premium has
increased substantially. While much uncertainty remains regarding the global impact of the war between Israel and Hamas, it is possible
that such tensions could result in the eruption of further hostilities in other regions, including in and around the Red Sea and the Persian
Gulf. Regarding the possible impact of supply chain disruptions that have or may emanate from the war between Israel and Hamas, our operations
have not been affected materially and we do not expect them to be materially affected in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Inflation has had a moderate
impact on our vessel operating expenses and corporate overheads. It is anticipated that insurance costs, which have risen over the last
three years, may well continue to rise over the next few years. Oil transportation is a specialized area and the number of vessels is
increasing. There will therefore be an increased demand for qualified crew and this has and will continue to put inflationary pressure
on crew costs. However, in a shipping downturn, costs subject to inflation can usually be controlled because shipping companies typically
monitor costs to preserve liquidity and encourage suppliers and service providers to lower rates and prices in the event of a downturn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">For further discussion of
industry trends, refer to &ldquo;&mdash;Business&mdash;The International Shipping Industry.&rdquo;</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt"><FONT STYLE="letter-spacing: -0.1pt">EBITDA</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">EBITDA which is not a measure
prepared in accordance with U.S. GAAP (i.e., a &ldquo;Non-US GAAP&rdquo; measure) 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 define EBITDA as
earnings before interest, taxes, depreciation and amortization. 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><B><U>Reconciliation of Net Income to <FONT STYLE="letter-spacing: -0.1pt">EBITDA</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PERIOD AND YEAR ENDED DECEMBER 31,</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">(Expressed in thousands of U.S. Dollars)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="width: 58%; font-weight: bold; text-align: left; padding-left: 5.4pt">Net Income</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: 11%; font-weight: bold; text-align: right">10,661</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</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: 11%; font-weight: bold; text-align: right">6,631</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</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: 11%; font-weight: bold; text-align: right">5,944</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Add: Vessel depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,181</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Add: Interest and finance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,312</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,867</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,501</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Less: Interest Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(62</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">EBITDA</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,453</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,916</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,601</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/7.05pt Times New Roman, Times, Serif; margin: 4.2pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/7.05pt Times New Roman, Times, Serif; margin: 4.2pt 0 0"><B><I>Performance <FONT STYLE="letter-spacing: -0.1pt">Indicators</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.9pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The figures shown below
are non-GAAP financial and non-financial statistical metrics used by management to measure performance of our vessels. For the &ldquo;Fleet
Data&rdquo; figures, there are no comparable U.S. GAAP measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">PERIOD AND YEAR ENDED DECEMBER 31,</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">(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 STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 5.4pt">Fleet Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left; padding-left: 5.4pt">Calendar days</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: 11%; font-size: 10pt; text-align: center">730</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: center">730</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: center">732</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">Available days</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">730</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">730</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">732</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">Operating days</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">730</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">730</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">732</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">Fleet utilization</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">100.00%</TD><TD STYLE="font-size: 10pt; text-align: center"></TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">100.00%</TD><TD STYLE="font-size: 10pt; text-align: center"></TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">100.00%</TD><TD STYLE="font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-left: 5.4pt">Average Daily Results:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">TCE 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">33,254</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">32,836</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">32,391</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">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">6,714</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">6,597</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">6,359</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">Time charter equivalent
rate, or TCE rate, is a metric 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 standard shipping industry performance metrics, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We define vessel operating
expenses to include crew wages and related costs, spares and consumable stores, insurance, maintenance and repairs and registration, taxes
and other related expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by fleet calendar days
for the relevant time period. Our ability to control our fixed and variable expenses, including our daily vessel operating expenses, also
affects our financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PERIOD AND YEAR ENDED DECEMBER 31,</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">(Expressed in thousands of U.S. Dollars, except for daily rates)</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; padding-left: 5.4pt">Revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">24,784</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">24,478</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">24,205</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Voyage expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(508</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(508</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(495</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Time charter equivalent revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,970</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,710</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Operating days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">730</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">730</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">732</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Daily time charter equivalent rate</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33,254</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">32,836</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">32,391</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.95pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/7.05pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.7pt; text-align: justify"><B>Critical Accounting <FONT STYLE="letter-spacing: -0.1pt">Estimates</FONT></B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The discussion and analysis
of our financial condition and results of operations are 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Impairment of Long-lived <FONT STYLE="letter-spacing: -0.1pt">Assets</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 projected net operating net cash flows, the carrying value is reduced to its fair value.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The carrying values of our
vessels and any vessels we may acquire 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 undiscounted 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 vessels.
During the past two years, the market values of Suezmax tankers have been increasing and hence we believe that there are no indications
for impairment of our vessels. Thus, no undiscounted cash flow tests were deemed necessary to be performed for any of our vessels. Therefore,
for the years ended December 31, 2023 and 2024, this is not considered a critical accounting estimate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As of December 31, 2023
and 2024, based on third party valuations, the basic charter-free market value of our operating vessels was higher than their carrying
value by approximately 58% and 66.7%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our estimates of basic charter-free
market value assume that our vessels are 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our vessels are currently
employed under long-term time charters. For more information, see &ldquo;&mdash;Business&mdash;Business Overview&mdash;Our Fleet.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Quantitative and Qualitative Disclosures about Market Risk </B></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Interest Rate <FONT STYLE="letter-spacing: -0.2pt">Risk</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Currently, our financing
facilities use variable interest rates as we pay interest at SOFR plus a margin. Consequently, we are exposed to risks associated with
changes in 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 SOFR plus a margin (and if applicable
a credit adjustment spread) may increase. As such increases in interest rates could affect our results of operations and ability to service
our debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Based on the amount of our
outstanding fluctuating interest rate indebtedness, as of December 31, 2024, a hypothetical one percentage point increase in the U.S.
dollar SOFR would increase our interest rate expense for 2025, on an annualized basis, by approximately $0.77 million</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Based on the amount of our
outstanding fluctuating interest rate indebtedness, as of December 31, 2023, a hypothetical one percentage point increase in the U.S.
dollar SOFR would increase our interest rate expense for 2024, on an annualized basis, by approximately $0.82 million.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Based on the amount of
our outstanding fluctuating interest rate indebtedness, as of December 31, 2022, a hypothetical one percentage point increase in the
applicable interest rate would increase our interest rate expense for 2023, on an annualized basis, by approximately $0.71 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.65pt">Foreign Currency Exchange Rate <FONT STYLE="letter-spacing: -0.2pt">Risk</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We generate all of our revenue
in U.S. dollars. The minority of our operating expenses and 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>History and Development of our Company </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We are an international
owner and operator of two modern, fuel efficient eco, 157,000 dwt Suezmax tankers, the M/T <I>Eco Malibu</I> with an age of 4.1 years
and the M/T <I>Eco West Coast</I> with an age of 4.2 years, each focusing on the transportation of crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We intend to expand our
fleet into other seaborne transportation sectors depending on available opportunities, opportunistically considering further expansion
into Suezmax crude oil tanker vessels as well as diversification into other sectors related to seaborne transportation of goods or passengers,
including recreational transportation, 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Currently, we do not have
any agreements or commitments to acquire additional vessels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 20 Iouliou Kaisara Str, 19002, Paiania, Athens, Greece and our telephone number is +30 210 812 8107. Our website is www.rubicoinc.com.
The SEC maintains a website that contains reports, proxy and information statements, and other information that we file electronically
at www.sec.gov. Information on such websites does not constitute a part of this registration statement and is not incorporated by reference
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On March 18, 2021, we entered
into a credit facility with ABN Amro for $36.8 million for the financing of the vessel M/T <I>Eco West Coast</I> (see &ldquo;Management&rsquo;s
Discussion and Analysis of Operating and Financing Review and Prospects&mdash;Liquidity and Capital Resources&mdash;Debt Facilities&mdash;Prepayments
of senior secured loans&mdash;ABN Facility.&rdquo;) The facility bore interest at LIBOR plus a margin of 2.50%. From June 23, 2023, ABN
Amro switched the facility&rsquo;s variable rate from LIBOR to Compounded SOFR. On December 14, 2023, this facility was fully prepaid
using part of the proceeds from the AVIC SLB (see &ldquo;Management&rsquo;s Discussion and Analysis of Operating and Financing Review
and Prospects&mdash;Liquidity and Capital Resources&mdash;Debt Facilities&mdash;New Financings Committed under Sale and Leaseback Agreements&mdash;AVIC
SLB.&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On May 6, 2021, we entered
into a credit facility with Alpha Bank for $38.0 million for the financing of the vessel M/T <I>Eco Malibu</I> (see &ldquo;Management&rsquo;s
Discussion and Analysis of Operating and Financing Review and Prospects&mdash;Liquidity and Capital Resources&mdash;Debt Facilities&mdash;Prepayments
of senior secured loans&mdash;Alpha Bank Facility&rdquo;). The facility bore interest at LIBOR plus a margin of 3.00%. From June 9, 2023,
Alpha Bank switched the facility&rsquo;s variable rate from LIBOR to Term SOFR. On December 21, 2023, this facility was fully prepaid
through part of the proceeds from the Huarong SLB (see &ldquo;Management&rsquo;s Discussion and Analysis of Operating and Financing Review
and Prospects&mdash;Liquidity and Capital Resources&mdash;Debt Facilities&mdash;New Financings Committed under Sale and Leaseback Agreements&mdash;Huarong
SLB&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On December 14, 2023, we
consummated an SLB with AVIC International Leasing Co., Ltd (&ldquo;AVIC&rdquo; and the &ldquo;AVIC SLB&rdquo;) in the amount of $41.0
million, for the purpose of refinancing the indebtedness secured over the M/T <I>Eco West Coast</I>. For more information, see Management&rsquo;s
Discussion and Analysis of Operating and Financing Review and Prospects&mdash;Liquidity and Capital Resources&mdash;Debt Facilities&mdash;New
Financings Committed under Sale and Leaseback Agreements&mdash;AVIC SLB.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On December 20, 2023, we
consummated an SLB with China Huarong Shipping Financial Leasing Co Ltd. (&ldquo;Huarong&rdquo; and the &ldquo;Huarong SLB&rdquo;) in
the amount of $41.0 million, for the purpose of refinancing the indebtedness secured over the M/T <I>Eco Malibu</I>. For more information,
see Management&rsquo;s Discussion and Analysis of Operating and Financing Review and Prospects&mdash;Liquidity and Capital Resources&mdash;Debt
Facilities&mdash;New Financings Committed under Sale and Leaseback Agreements&mdash;Huarong SLB.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

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

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The vessels of our fleet
were contributed to us by the Parent in connection with the distribution of our issued and outstanding Common Shares (including the related
preferred stock purchase rights), to the Parent&rsquo;s shareholders and warrant holders (the &ldquo;Spin-Off&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Spin-Off distribution will be pro rata to the beneficial holders of the Parent&rsquo;s
outstanding common shares and to beneficial holders of the Parent&rsquo;s outstanding common stock purchase warrants on an as-exercised
basis to the extent such warrants contain anti-dilution provisions conferred an interest equivalent to the Spin-Off distribution, in each
case as of June 16, 2025, the record date of the Spin-Off, so that such holders maintain the same proportionate interest (on a fully-diluted
basis) in each respective class of shares of the Parent and of us both immediately before and immediately after the Spin-Off. A new series
of preferred shares (the &ldquo;Series D Preferred Shares&rdquo;) to be distributed to the holder of the Series D preferred shares of
the Parent has been created to mirror the rights of the Series D perpetual preferred shares of the Parent. The holder of the Series D
preferred shares of the Parent is the Lax Trust, which is an irrevocable trust established for the benefit of certain family members of
the President, Chief Executive Officer and Director of the Parent, Mr. Evangelos Pistiolis. In connection with the Spin-Off, we expect
that the Parent will distribute 100,000 Series D Preferred Shares. The Parent will not distribute the Series D Preferred Shares to its
common shareholders in connection with the Spin-Off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On June 23, 2025, in connection
with the Spin-Off, Nasdaq approved the listing of our Common Shares under the symbol &ldquo;RUBI.&rdquo; The Common Shares are expected
to begin trading on Nasdaq on the Trading Day following the consummation of the Spin-Off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We will have a multi-class
capital structure consisting of Common Shares and Series&nbsp;D Preferred Shares. Our common shareholders are entitled to one vote for
each Common Share held. Each Series&nbsp;D Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for
purposes of determining quorum at a meeting of shareholders, subject to certain adjustments to satisfy minimum voting right financing
agreement covenants. Except as otherwise required by law or provided by our Amended and Restated Articles of Incorporation and Statement
of Designation for our Series&nbsp;D Preferred Shares, holders of our Series&nbsp;D Preferred Shares and holders of our Common Shares
shall vote together as one class on all matters submitted to a vote of our shareholders. Please see the section of this prospectus entitled
&ldquo;Description of Capital Stock&rdquo; for further information regarding our capital structure, and the rights, including the voting
rights, privileges, and preferences of the holders of our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Lax Trust is the sole
beneficial owner of our Series&nbsp;D Preferred Shares. The Series&nbsp;D Preferred Shares held by the Lax Trust represent 97.0% of our
total voting power. In addition, 3 Sororibus Trust may be deemed to beneficially own 46.8% of our Common Shares and Mr. Evangelos J. Pistiolis
may be deemed to beneficially own 7.0% of our Common Shares. The Lax Trust together with the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis
may be deemed to beneficially own 98.6% of our total voting power. Because the Lax Trust, the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis
beneficially own the majority of our voting power, they have the ability to control us and our affairs, including, among other matters,
the election of our Board of Directors and, as a result, the ability of our common shareholders to influence our corporate matters is
limited. Please see &ldquo;Risk Factors&mdash;Risks Relating to Our Common Shares and this Offering&mdash;Our significant shareholder
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 Preferred Shares, and thereby to control the outcome of matters on which our shareholders are entitled
to vote.&rdquo;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Business Overview</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Our Fleet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We are an international
owner and operator of two modern, fuel efficient eco, 157,000 dwt Suezmax tanker, the M/T <I>Eco Malibu</I> with an age of 4.1 years and
the M/T <I>Eco West Coast</I> with an age of 4.2 years, each focusing on the transportation of crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The following table lists the vessels in
our fleet as of the date of this registration <FONT STYLE="letter-spacing: -0.1pt">statement</FONT></FONT><FONT STYLE="font-size: 11pt">:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.95pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>Vessel Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 1.95pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt"><B>Year Built</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.25pt"><B>Dwt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.85pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt"><B>Yard</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.95pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>Charterer</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>End of firm period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>Charterer&rsquo;s Optional Periods</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Gross Rate fixed period/ options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 10.05pt"><FONT STYLE="font-size: 10pt"><B>Type of Employment</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 10pt"><FONT STYLE="font-size: 10pt">M/T <I>Eco West Coast</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.9pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">157,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.9pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Hyundai</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.9pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Clearlake</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 10pt"><FONT STYLE="font-size: 10pt">January 2027</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 10pt"><FONT STYLE="font-size: 10pt">1+1 years</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$32,850 / $34,750 / $36,750</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Time Charter<SUP>(1)</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 10pt"><FONT STYLE="font-size: 10pt">M/T <I>Eco Malibu</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.9pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">157,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.9pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Hyundai</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.9pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Clearlake</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 10pt"><FONT STYLE="font-size: 10pt">March 2027</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 10pt"><FONT STYLE="font-size: 10pt">1+1 years</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$32,850 / $34,750 / $36,750</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Time Charter<SUP>(1)</SUP></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
                                            of our vessels are chartered by Clearlake. According to the provisions of each time charter,
                                            the Rubico Predecessor is entitled to terminate the charter in case of the charterer&rsquo;s
                                            failure of punctual and regular payment of hire, while the charterer may cancel the relevant
                                            charter if we are in breach of certain maintenance obligations under the relevant agreement,
                                            if the relevant vessel is not available for a scheduled voyage due to the action of third
                                            parties, or if the relevant vessel is or is expected to be off-hire for more than sixty consecutive
                                            days due to certain mechanical or operational causes. In addition, both parties have the
                                            option to terminate the relevant charter in case of the outbreak of war or hostilities between
                                            two or more of the United States, the United Kingdom, the former U.S.S.R. (except that declaration
                                            of war or hostilities solely between any two or more of the countries or republics having
                                            been part of the former U.S.S.R. shall be exempted), the People&rsquo;s Republic of China
                                            and the Marshall Islands.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt">Our Business <FONT STYLE="letter-spacing: -0.1pt">Strategy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Competitive <FONT STYLE="letter-spacing: -0.1pt">Strengths</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>Demonstrated access to
financing</I>. We believe that we are well placed to take advantage of business opportunities due to the Fleet Manager&rsquo;s operational
platform, which we aim to leverage, along with our Fleet Manager&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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>Our Fleet Manager&rsquo;s
commercial relationships, reputation and track record</I>. We believe that our Fleet Manager&rsquo;s network of commercial relationships
and 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>Modern, Fuel Efficient,
Scrubber Fitted Fleet</I>. Our vessels have 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="font: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><FONT STYLE="letter-spacing: -0.1pt">Strategies</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>Opportunistic and sector-agnostic
vessel acquisition strategy</I>. We plan to exploit opportunities in any sector related to seaborne transportation of goods or passengers,
including recreational transportation 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 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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 Fleet Manager&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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>Access to attractive
chartering opportunities</I>. Our Fleet Manager has built relationships with many well-known charterers, which we believe is the result
of its and our Parent&rsquo;s reputation for reliable service, safety and dependability. Through a combination of fixed period time charters
and spot charters, our Parent and Fleet Manager have 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><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 vessels, 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.65pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt">Management of Our <FONT STYLE="letter-spacing: -0.1pt">Fleet</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Prior to the consummation
of the Spin-Off, we will enter into the CSI Letter Agreement with our Fleet Manager, a related party affiliated with the family of Mr.
Evangelos J. Pistiolis, our significant shareholder, that detailed the terms on which any vessels we may acquire will be managed. Both
Athenean and Roman, our vessel-owning subsidiaries, have entered into the Management Agreements with our Fleet Manager on May 28, 2020.
Both the Management Agreements 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 each of the Management Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to the CSI Letter
Agreement as well as each of the Management Agreements, we currently pay a management fee of $670 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, each of the Management Agreements and the CSI Letter Agreement provide for payment to our
Fleet Manager of: (i) $609 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 will also perform supervision
services for any newbuilding vessel we may acquire while the vessel is under construction, for which we will pay our Fleet Manager 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: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Fleet Manager provides,
at cost, all accounting, reporting and administrative services. Finally, each of the Management Agreements and the CSI Letter Agreement
provide for a performance incentive fee for the provision of management services to be determined at the discretion of our Board of Directors.
Each of the Management Agreements and the CSI Letter Agreement have an initial term of five years, after which they will both continue
to be in effect until terminated by either party subject to an eighteen-month advance notice of termination. Pursuant to the terms of
each of the Management Agreements and the intended terms of the CSI Letter Agreement, all fees payable to our Fleet Manager are adjusted
annually according to the CPI of the previous year and if CPI is less than 2% then a 2% increase is effected.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Employment of Our <FONT STYLE="letter-spacing: -0.1pt">Fleet</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As of the date of this registration
statement, both of our current vessels are chartered on a time charter by Clearlake Shipping Pte Ltd. For both of our vessels, we had
entered into time charters with Clearlake for a period of three years at a firm daily rate of $33,950,
with a charterer&rsquo;s option to extend for two additional years at $34,750 and $36,750, respectively. On July 6, 2023, our Parent entered
into an agreement with Clearlake to extend the duration of the fixed period of the time charterparties of both vessels to a fixed term
of a minimum of 30 months and maximum of 36 months. The daily rate of the extended period was agreed at $32,850, with the daily rates
of the optional periods remaining the same. The time charter for M/T <I>Eco Malibu</I> commenced on May 15, 2021, with the fixed term
expiring between September 13, 2026 and March 13, 2027 and the time charter for M/T <I>Eco West Coast</I> commenced on March 30, 2021,
with the fixed term expiring between July 30, 2026 and January 30, 2027, with the fixed term depending on the period elected by the charterer
as set out above. A time charter is generally a contract to provide your ship for a predefined period to the charterer for an agreed daily
US$ 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.65pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><FONT STYLE="letter-spacing: -0.1pt"><B><U>The International
Shi</U>pp<U>ing Industry</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Shipping demand, measured
in ton-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 ton-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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 increased to 102.6 million barrels/day in 2024, compared to 101.7 million barrels/day in 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 class size. Ownership of tankers is highly fragmented and is divided
among major oil companies and independent vessel owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B><U>Customers</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">The only customer of the
Rubico Predecessor during the last year was Clearlake.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><FONT STYLE="letter-spacing: -0.1pt"><B><U>Seasonality</U></B></FONT></P>




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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Environmental and Other <FONT STYLE="letter-spacing: -0.1pt">Regulations</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 vessels 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">A variety of government
and private entities subject our vessels 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, (the &ldquo;USCG&rdquo;), harbor
master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal
operators. Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of
our vessels 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 vessels and other vessels we may acquire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Increasing environmental
concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards
for our vessels 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 vessels is in substantial
compliance with applicable environmental laws and regulations and that our vessels have 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 vessels 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="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">International Maritime <FONT STYLE="letter-spacing: -0.1pt">Organization
(IMO)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The IMO, the United Nations
agency for maritime safety and the prevention of pollution by vessels, adopted the International Convention for the Prevention of Pollution
from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as &ldquo;MARPOL,&rdquo;
the International Convention for the Safety of Life at Sea of 1974 (&ldquo;SOLAS Convention&rdquo;), and the International Convention
on Load Lines of 1966 (the &ldquo;LL Convention&rdquo;) and International Convention on Standards of Training, Certification and Watchkeeping
for Seafarers (&ldquo;STCW&rdquo;). MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management,
sewage, air emissions, 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 divided into six Annexes, each of which regulates a different source
of pollution. Annex 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 VI, lastly, relates
to air emissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Since 2014, the IMO&rsquo;s
Marine Environmental Protection Committee, or the &ldquo;MEPC,&rdquo; amendments to MARPOL Annex I Condition Assessment Scheme, or &ldquo;CAS&rdquo;
have required compliance with the 2011 International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and
Oil Tankers, or &ldquo;ESP Code,&rdquo; which provides for enhanced inspection programs. Effective July 1, 2024, amendments to the ESP
Code became effective, addressing inconsistencies on examination of ballast tanks at annual surveys for bulk carriers and oil tankers.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Air <FONT STYLE="letter-spacing: -0.1pt">Emissions</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">In September of 1997, the
IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex 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 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 1, 2000) of certain substances (such as polychlorinated biphenyls, (&ldquo;PCBs&rdquo;)
are also prohibited. We believe that our vessels are currently compliant in all material respects with these regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Marine Environment Protection
Committee (&ldquo;MEPC&rdquo;) adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter
and ozone depleting substances, which entered into force on July 1, 2010. The amended Annex 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 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 exhaust gas cleaning systems (or &ldquo;EGCS&rdquo;). Ships are required to
obtain bunker delivery notes and International Air Pollution Prevention (&ldquo;IAPP&rdquo;) Certificates from their flag states that
specify sulfur content. Additionally, at MEPC 73, amendments to Annex VI to prohibit the carriage of bunkers above 0.5% sulfur on ships
became effective on March 1, 2020. Fuels with higher sulfur content than required by Reg. 14 of Annex VI can still be delivered to a ship,
provided the ship uses equivalent measures, such as an EGCS. Additional amendments to Annex 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, became effective in April 2022. Amendments to Annex VI requiring bunker delivery notes to include a flashpoint of fuel oil or
a statement that the flashpoint has been measured at or above 70&deg;C as mandatory information became effective on May 1, 2024. These
regulations subject ocean-going vessels to stringent emissions controls, and may cause us to incur substantial costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">MEPC 77 adopted a non-binding
resolution which urges member states and ship operators to voluntarily use distillate or other cleaner alternative fuels or methods of
propulsion that are safe for ships and could contribute to the reduction of black carbon emissions from ships when operating in or near
the Arctic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Sulfur content standards
are even stricter within certain &ldquo;Emission Control Areas,&rdquo; or (&ldquo;ECAs&rdquo;). As of January 1, 2015, ships operating
within an ECA were not permitted to use fuel with sulfur content in excess of 0.1% m/m. Amended Annex VI 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. In December 2022, the Committee adopted Resolution MEPC.361(79) establishing a new ECA for
the Mediterranean Sea as a whole. These amendments entered into force on May 1, 2024, however, ships operating in this ECA will be exempted
from compliance with the 0.10% m/m sulfur content standard for fuel oil until July 1, 2025. At MEPC 82, the IMO adopted additional amendments
to Annex VI designating the Canadian Arctic and the Norwegian Sea as ECAs, which will become effective on March 1, 2026. Ocean-going vessels
in these areas will be subject to stringent emission controls and ocean-going vessels trading in ECAs are subject to increased operational
costs due to the higher price of fuel with low sulfur content and may cause us to incur additional costs. Other areas in China are subject
to local regulations that impose stricter emission controls. 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
(&ldquo;EPA&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">MEPC 79 adopted amendments
to Annex VI on the reporting of mandatory values related to the implementation of the IMO short-term GHG reduction measure, including
attained EEXI, CII and rating values to the IMO DCS, which became effective May 1, 2024. MEPC 80 adopted the 2023 IMO Strategy on Reduction
of GHG Emissions from Ships with enhanced targets to mitigate harmful emissions. The revised IMO GHG Strategy comprises a common ambition
to ensure an uptake of alternative zero and near-zero GHG fuels by 2030 and to achieve net-zero emissions from international shipping
by 2050. In March 2024, MEPC 81 agreed on a draft outline of an &lsquo;IMO net-zero framework&rsquo; for cutting GHG emissions from international
shipping, which lists regulations under MARPOL to be adopted or amended to allow a new global pricing mechanism for maritime GHG emissions.
At the conclusion of MEPC 82, a draft legal text was used as a basis
for ongoing talks about mid-term GHG reduction measures, which are expected to be adopted in 2025. The proposed mid-term measures include
a goal-based marine fuel standard, phasing in the mandatory use of fuels with less GHG intensity, and a global GHG emission pricing mechanism.
The IMO net-zero framework was approved by MEPC 83, including the new fuel standard for ships and a global pricing mechanism for emissions.
These measures are set to be formally adopted in October 2025 before entry into force in 2027.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Amended Annex VI also establishes
new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. Now Annex
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 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 on or after January 1, 2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards
in late 2009. Additionally, amendments to Annex 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. 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 (&ldquo;EPA&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As determined at the MEPC
70, Regulation 22A of MARPOL Annex VI became effective as of March 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 having commenced on January 1, 2019.
The IMO used 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. Amendments to Annex VI requiring bunker delivery notes to include a flashpoint of fuel oil or
a statement that the flashpoint has been measured at or above 70&deg;C as mandatory information, became effective May 1, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As of January 1, 2013, MARPOL
made mandatory certain measures relating to energy efficiency for ships. All ships are now required to develop and implement Ship Energy
Efficiency Management Plans (&ldquo;SEEMPS&rdquo;), and new ships must be designed in compliance with minimum energy efficiency levels
per capacity mile as defined by the Energy Efficiency Design Index (&ldquo;EEDI&rdquo;). Under these measures, by 2025, all newbuild ships
are required to be 30% more energy efficient than those built in 2014. Additionally, MEPC 75 adopted amendments to MARPOL Annex VI which
brought forward the effective date of the EEDI's &quot;phase 3&quot; requirements from January 1, 2025, to April 1, 2022, for several
ship types, including gas carriers, general cargo ships, and LNG carriers. MEPC 81 adopted amendments to the guidelines for the development
of SEEMPs, including methodology for collecting data. These amendments will go into effect in August 1, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Additionally, MEPC 76 adopted
amendments to Annex VI which impose new regulations to reduce greenhouse gas emissions from ships. The revised Annex VI entered into force
in November 2022, and includes requirements to assess and measure the energy efficiency of all ships and set the required attainment values,
with the goal of reducing the carbon intensity of international shipping. The requirements include (1) a technical requirement to reduce
carbon intensity based on a new Energy Efficiency Existing Ship Index (&ldquo;EEXI&rdquo;), and (2) operational carbon intensity reduction
requirements based on a new operational carbon intensity indicator (&ldquo;CII&rdquo;). The attained EEXI is required to be calculated
for ships of 400 gross tonnage and above, in accordance with different values set for ship types and categories. With respect to the CII
requirement, which took effect from January 1, 2023, ships of 5,000 gross tonnage are required to document and verify their actual annual
operational CII achieved against a determined required annual operational CII. All ships that fall under the new CII regime are required
to have a CII rating of C or above in order to be compliant. Ships that have a CII rating of D for three consecutive years or E, are required
to submit a corrective action plan, to show how the required index (C or above) would be achieved or else they will be deemed non-compliant.
The EEXI and CII certification requirements entered into effect on January 1, 2023. MEPC 79 adopted amendments to Annex VI on the reporting
of mandatory values related to the implementation of the IMO short-term GHG reduction measure, including attained EEXI, CII and rating
values to the IMO DCS, which became effective on May 1, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Additionally, MEPC 76 adopted
amendments requiring ships of 5,000 gross tonnage and above to revise their SEEMP to include methodology for calculating the ship&rsquo;s
attained annual operation CII and the required annual operational CII, on or before June 1, 2023. MEPC 76 also approved amendments to
MARPOL Annex I to prohibit the use and carriage for use as fuel of heavy fuel
oil (or HFO) by ships in Arctic waters on and after July 1, 2024. For ships subject to Regulation 12A (oil fuel tank protection), the
prohibition will become effective on or after July 1, 2029.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to the IMO&rsquo;s
short-term targets for the reduction of greenhouse gas emissions in the shipping industry by 2030, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Safety Management System <FONT STYLE="letter-spacing: -0.1pt">Requirements</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">The SOLAS Convention was
amended to address the safe manning of vessels and emergency training drills. The 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 vessels are in substantial compliance with SOLAS and LLMC standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Military Sealift Command
adopted amendments to modernize the Global Maritime Distress and Safety System (or GMDSS), which entered into force on January 1, 2024.
The amendments, which include amendments to SOLAS, may require vessel owners/operators to ensure their radio equipment is compliant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The ISM Code requires that
vessel operators obtain a Safety Management Certificate (or &ldquo;SMC&rdquo;) 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 (or &ldquo;DOC&rdquo;), issued by each flag state
(or Recognized Organization (&ldquo;RO&rdquo;) on behalf of the flag administration), under the ISM Code. We have obtained applicable
Documents of Compliance for our offices and safety management certificates for our vessel. The DOC &amp; SMC are renewed as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Amendments to SOLAS chapter
II-2, intended to prevent the supply of oil fuel not complying with SOLAS flashpoint requirements, requiring that ships carrying oil fuel
must, prior to bunkering, be provided with a declaration certifying that the oil fuel supplied is in conformity with SOLAS regulation
II.2/4.2.1, will enter into effect January 1, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Regulation II-1/3-10 of
the SOLAS Convention governs ship construction and stipulates that ships over 150 meters in length must have adequate strength, integrity,
and stability to minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force
in 2012, and from July 1, 2016 with respect to new oil tankers and bulk carriers. Regulation II-1/3-10 requires that all oil tankers and
bulk carriers of 150 meters in length and above, for which the building contract is placed on or after July 1, 2016, satisfy applicable
structural requirements conforming to the functional requirements of the International Goal-based Ship Construction Standards for Bulk
Carriers and Oil Tankers, or GBS Standards. Amendments to the International Code on the Enhanced Programme of Inspections during Surveys
of Bulk Carriers and Oil Tankers, 2011 became effective, addressing inconsistencies on examination of ballast tanks at annual surveys
for bulk carriers and oil tankers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 (&ldquo;IMDG Code&rdquo;). Effective January 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 which took effect on January 1, 2020, also reflect
the latest material from the UN Recommendations on the Transport of Dangerous Goods, including (1) new provisions regarding IMO type
9 tank, (2) new abbreviations for segregation groups; and (3) special provisions for carriage of lithium batteries and of vehicles powered
by flammable liquid or gas. Amendments to the IMDG Code relating to segregation requirements for certain substances, and classification
and transport of carbon came into effect in June 2022. Updates to the IMDG Code, in line with the updates to the United Nations Recommendations
on the Transport of Dangerous Goods, which set the recommendations for all transport modes, became effective January 1, 2024.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The IMO has also adopted
the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (&ldquo;STCW&rdquo;). 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 ship-owners 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="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Pollution Control and Liability <FONT STYLE="letter-spacing: -0.1pt">Requirements</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">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 an 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 globally on September 8, 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 involves 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 28, 2020 shall be approved in accordance with BWMS Code, while BWMS installed
before October 23, 2020 must be approved taking into account guidelines developed by the IMO or the BWMS Code. MEPC 72&rsquo;s amendments
to the BWM Convention requires all ships to meet the D-2 standard. 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 became effective in 2022, and other
amendments concerning the form of the Ballast Water Record Book entered into force on February 1, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The IMO adopted the International
Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols in 1976, 1984, and 1992, and amended
in 2000, the CLC. Under the CLC and depending on whether the country in which the damage results is a party to the 1992 Protocol to the
CLC, a vessel's registered owner may be strictly liable for pollution damage caused in the territorial waters of a contracting state by
discharge of persistent oil, subject to certain exceptions. The 1992 Protocol changed certain limits on liability expressed using the
International Monetary Fund currency unit, the Special Drawing Rights. The limits on liability have since been amended so that the compensation
limits on liability were raised. The right to limit liability is forfeited under the CLC where the spill is caused by the
shipowner's actual fault and under the 1992 Protocol where the spill is caused by the shipowner's intentional or reckless act or omission
where the shipowner knew pollution damage would probably result. The CLC requires ships over 2,000 tons covered by it to maintain insurance
covering the liability of the owner in a sum equivalent to an owner's liability for a single incident. We have protection and indemnity
insurance for environmental incidents. P&amp;I Clubs in the International Group issue the required Bunkers Convention &quot;Blue Cards&quot;
to enable signatory states to issue certificates. We will ensure that our vessels are in possession of a CLC State issued certificate
attesting that the required insurance coverage is in force as required by law.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 a 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Anti-Fouling <FONT STYLE="letter-spacing: -0.1pt">Requirements</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">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; which
entered into force on September 17, 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
came into effect which includes controls on the biocide cybutryne; ships shall not apply cybutryne or re-apply anti-fouling systems containing
cybutryne from January 1, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We have obtained Anti-fouling
System Certificates for our vessels that is subject to the Anti-fouling Convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.65pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.65pt"><I>Compliance <FONT STYLE="letter-spacing: -0.1pt">Enforcement</FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">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 vessels are ISM Code certified. However,
there can be no assurance that such certificates will be maintained in the future. 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="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">United States <FONT STYLE="letter-spacing: -0.1pt">Regulations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">President Donald Trump has
signed a number of executive orders and directives that are likely to have an impact on U.S. regulations. For example, a regulatory freeze
was issued, which permits the withdrawal of rules sent to be published and authorizes those in charge of federal agencies to delay for
60 days the effective date of rules that have been published but are not yet effective.
This and additional executive orders could impact regulatory&nbsp;requirements.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>The U.S. Oil Pollution Act of 1990 and the Comprehensive
Environmental Response, Compensation and Liability <FONT STYLE="letter-spacing: -0.25pt">Act</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.85pt"></TD><TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">injury
                                            to, destruction or loss of, or loss of use of, natural resources and related assessment <FONT STYLE="letter-spacing: -0.1pt">costs;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.85pt"></TD><TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">injury
                                            to, or economic losses resulting from, the destruction of real and personal <FONT STYLE="letter-spacing: -0.1pt">property;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.85pt"></TD><TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                            of subsistence use of natural resources that are injured, destroyed or <FONT STYLE="letter-spacing: -0.1pt">lost;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.85pt"></TD><TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">net
                                            loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction
                                            or loss of real or personal property, or natural <FONT STYLE="letter-spacing: -0.1pt">resources;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.85pt"></TD><TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lost
                                            profits or impairment of earning capacity due to injury, destruction or loss of real or personal
                                            property or natural resources; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.85pt"></TD><TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">OPA contains statutory caps
on liability and damages; such caps do not apply to direct cleanup costs. Effective March 2023, the USCG adjusted the limits of OPA liability
for a tank vessel, other than a single-hull tank vessel, over 3,000 gross tons liability to the greater of $2,500 per gross ton or $21,521,000
(subject to periodic adjustment for inflation), for non-tank vessels, edible oil tank vessels, and any oil spill response vessels, to
the greater of $1,300 per gross ton or $1,076,000 (subject to periodic adjustment for inflation). These limits of liability do not apply
if an incident was proximately caused by the violation of any 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 limitation on liability similarly does not apply if the responsible party fails or refuses
to (i) report the incident as required by law where the responsible party knows or has reason to know of the incident; (ii) reasonably
cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued
under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 27, 2018, modified and relaxed certain environmental and
safety protections under the 2016 PSSR. Additionally, in August 2023, the BSEE amended the Well Control Rule, which strengthens testing
and performance requirements, and may affect offshore drilling operations. Compliance with any new requirements of OPA and future legislation
or regulations applicable to the operation of our vessels and other vessels we may acquire could negatively impact the cost of our operations
and adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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. We intend to comply with all applicable state regulations
in the ports where the Company&rsquo;s vessels call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We currently maintain pollution
liability coverage insurance in the amount of $1 billion per incident for each of our vessels. 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt"><I>Other United States Environmental <FONT STYLE="letter-spacing: -0.1pt">Initiatives</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">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 vessels and other vessels we may acquire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The U.S. Clean Water Act,
or CWA, prohibits the discharge of oil, hazardous substances and ballast water in U.S. 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 expanded the definition of &ldquo;waters of the United States,&rdquo; or WOTUS, thereby expanding federal authority under the CWA.
On December 30, 2022, the EPA and U.S. Army Corps of Engineers announced the final revised WOTUS rule, which was published on January
18, 2023. In August 2023, the EPA and Department of the Army issued a final rule to amend the revised WOTUS definition to conform the
definition of WOTUS to the U.S. Supreme Court&rsquo;s interpretation of the Clean Water Act in its decision dated May 25, 2023. The final
rule became effective September 8, 2023 and operates to limit the Clean Water Act. On March 12, 2025, the EPA announced it would work
with the U.S. Army Corp of Engineers further to review the definition of WOTUS further to the U.S. Supreme Court&rsquo;s interpretation
and undertake a rulemaking process to revise the definition of WOTUS. During the rulemaking process, the EPA advised it would provide
guidance implementing the pre-2015 definition of WOTUS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The EPA and the USCG have
also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on our vessels 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 vessels 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 4, 2018 and requires that the USCG develop implementation, compliance and enforcement
regulations regarding ballast water. On October 26, 2020, the EPA published a Notice of Proposed rulemaking for Vessel Incidental Discharge
National Standards of Performance under VIDA, and in November 2020, held virtual public meetings. On October 18, 2023, the EPA published
a Supplemental Notice to the Vessel Incidental Discharge National Standards of Performance, which shares new ballast water information
that the EPA received from the USCG. On September 20, 2024, the EPA finalized national standards of performance for non-recreational vessels
79-feet in length and longer with respect to incidental discharges and on October 9, 2024, these Vessel Incidental Discharge National
Standards of Performance were published. Within two years of publication, the USCG is required to develop corresponding implementing regulations.
Currently USCG ballast water management regulations adopted under the U.S. National Invasive Species Act, or NISA, require 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.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Therefore, until new USCG
regulations are final and enforceable, 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 (&ldquo;NOI&rdquo;) or retention of a PARI form and submission
of annual reports. We have submitted NOIs for all our vessels where required. Compliance with the EPA, U.S. Coast Guard and state regulations
requires the installation of ballast water treatment equipment on our vessels or the implementation of other port facility disposal procedures
at potentially substantial cost, or may otherwise restrict our vessels from entering U.S. waters. Our vessels are equipped with ballast
water treatment systems, which are subject to functionality monitoring and treated ballast water sampling and analysis, in compliance
with the requirements stipulated in EPA VGP 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">European Union <FONT STYLE="letter-spacing: -0.1pt">Regulations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 April 29, 2015 (amending EU Directive 2009/16/EC) 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 March 1, 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On July 14, 2021, the European
Commission published a package of draft proposals as part of its &ldquo;Fit for 55&rdquo; environmental legislative agenda and as part
of the wider EU Green Deal growth strategy. There are two key initiatives relevant to maritime arising from the proposals: (a) a bespoke
emissions trading scheme for maritime (Maritime ETS) which commenced in 2024 and applies to all ships above a gross tonnage of 5000; and
(b) a FuelEU draft regulation which seeks to require all ships above a gross tonnage of 5000 to carry on board a &ldquo;FuelEU certificate
of compliance&rdquo; from June 30, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">ETS was agreed in December
2022 and FuelEU was passed into law on July 25, 2023 and entered into force on January 1, 2025. More specifically, Maritime ETS is to
apply gradually over the period from 2024 to 2026. In 2025, shipping companies would have to surrender 40% of ETS allowances for 2024
emissions; in 2026 shipping companies would have to surrender 70% of ETS allowances for the 2025 missions; and 100% in 2027 for 2026 emissions.
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. All maritime allowances will be auctioned and there will be no free allocation for the shipping sector. From a risk management
perspective, new systems, including data management systems, personnel, cost recovery mechanisms, revised service agreement terms, and
emissions reporting procedures will have to be put in place, at significant cost, to prepare for and manage the administrative aspects
of ETS compliance.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Additionally, on July 25,
2023, the European Council of the European Union adopted the Fuel EU Maritime Regulation 2023/1805 (&ldquo;FuelEU&rdquo;) under the FuelEU
Initiative of its &ldquo;Fit-for-55&rdquo; package which sets limitations on the acceptable yearly greenhouse gas intensity of the energy
used by covered vessels. Among other things, the Maritime Fuel Regulation requires that greenhouse gas intensity of fuel used by covered
vessels is reduced by 2% starting January 1, 2025, with additional reductions contemplated every five years (up to 80% by 2050). Shipping
companies may enter into pooling mechanisms with other shipping companies in order to achieve compliance, bank surplus emissions and borrow
compliance balances from future years. A FuelEU Document of Compliance is required to be kept on board a vessel to show compliance by
June 30, 2026. Both the ETS and FuelEU schemes have significant impacts on the management of the vessels calling to EU ports, by increasing
the complexity and monitoring of, and costs associated with the operation of vessels and affecting the relationships with our time charterers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Responsible recycling and
scrapping of ships are becoming increasingly important issues 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. The 2013 regulations are vital to responsible ship
recycling in the EU. SRR requires that, from December 31, 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. Now that the Hong Kong Convention has been ratified
and will enter into force on June 26, 2025, it is expected the EU Ship Recycling Regulation will be reviewed in light of this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced
requirements parallel to those in Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum
sulfur requirement for fuel used by ships at berths in the Baltic, the North Sea, and the English Channel (the so-called &ldquo;SOx-Emission
Control Area&rdquo;). As of January 2020, EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control
Area, use fuels with a 0.5% maximum sulfur content.</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On November 10, 2022, the
EU Parliament adopted the Corporate Sustainability Reporting Directive (&ldquo;CSRD&ldquo;). EU member states have 18 months to integrate
it into national law. The CSRD will create new, detailed sustainability reporting requirements and will significantly expand the number
of EU and non-EU companies subject to the EU sustainability reporting framework. The required disclosures will go beyond environmental
and climate change reporting to include social and governance matters (for example, respect for employee and human rights, anti- corruption
and bribery, corporate governance and diversity and inclusion). In addition, it will require disclosure regarding the due diligence processes
implemented by a company in relation to sustainability matters and the actual and potential adverse sustainability impacts of an in-scope
company&rsquo;s operations and value chain. The CSRD will begin to apply for financial years starting in 2024 to large EU and non-EU undertakings
subject to certain financial and employee thresholds being met. New systems, personnel, data management systems and reporting procedures
will have to be put in place, at significant cost, to prepare for and manage the administrative aspect of CSRD compliance. We note that
following the publication of the Omnibus package of proposals on February 26, 2025 which are designed to simplify EU regulations and cut
red tape, the application of all reporting requirements in the CSRD for companies that are due to report in 2026 and 2027 is postponed
and to 2028. If implemented into law, the Omnibus package will simplify compliance for SMEs and all companies with up to 1,000 employees
and 50 million turnover will be outside the scope of the CSRD. For the companies in scope (above 1,000 employees and 50 million turnover),
the Commission will adopt a delegated act to revise and simplify the existing sustainability reporting standards (ESRS). The proposed
provisions in CSRD also create a derogation for companies with more than 1,000 employees and a turnover below EUR 450 million by making
the reporting of Taxonomy voluntary, and also, put a stronger emphasis on transition finance by introducing the option of reporting on
partial Taxonomy-alignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">International Labor <FONT STYLE="letter-spacing: -0.1pt">Organization</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The International Labor
Organization (the &ldquo;ILO&rdquo;) is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 (&ldquo;MLC
2006&rdquo;). 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 tonnage or over and are either engaged in international trade. We believe that our vessels are in substantial
compliance with and are certified to meet MLC 2006 and its amendments.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.65pt">Greenhouse Gas <FONT STYLE="letter-spacing: -0.1pt">Regulation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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. 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 4, 2016 and does not directly limit greenhouse gas emissions from ships. On January 20, 2025, President Donald Trump signed an
executive order initiating the United States' withdrawal from the Paris Agreement; the withdrawal will take at least one year to complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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, a MEPC 80 in July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of
GHG Emissions from Ships, which revoked the 2018 initial strategy. The 2023 IMO GHG Strategy identifies a number of levels of ambition,
including (1) decreasing the carbon intensity from ships through implementation of further phases of energy efficiency for new ships;
(2) reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, comparted
to 2008; and (3) uptake of zero or near-zero Green House Gas (&ldquo;GHG&rdquo;) emission technologies, fuels, and/or energy sources,
striving to represent 10% of the energy sources used by international shipping by 2030; and (4) to reach net-zero GHG emissions by or
around 2050. At the conclusion of MEPC 82, a draft legal text was used as a basis for ongoing talks about mid-term GHG reduction measures,
which are expected to be adopted in 2025. The proposed mid-term measures include a goal-based marine fuel standard, phasing in the mandatory
use of fuels with less GHG intensity, and a global GHG emission pricing mechanism. The IMO net-zero framework was approved by MEPC 83,
including the new fuel standard for ships and a global pricing mechanism for emissions. These measures are set to be formally adopted
in October 2025 before entry into force in 2027. The pricing mechanism could be in the form of a global carbon levy or in the form of
a global emissions trading scheme thus removing the need for the existing fragmented and localized schemes as are present in the EU, China,
Japan and Singapore. UK too is consulting on introducing
a UK based emissions trading scheme (UK ETS) to apply from 2026 for ships above 5000GT but for domestic voyages only (i.e., voyages taking
place between two UK ports). These regulations could cause us to incur additional substantial expenses.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As noted above, at the MEPC
70 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">IMO&rsquo;s MEPC 76 adopted
amendments to Annex VI that will require ships to reduce their greenhouse gas emissions. The Revised MARPOL Annex VI entered into force
on November 1, 2022. The revised Annex 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 the implementation of the amendments. MEPC 79 adopted amendments
to Annex VI to revise the IMO DCS and reporting requirements in connection with the implementation of the EEXI and the CII framework,
which amendments became effective on May 1, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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. Starting in January 2018, large ships over
5,000 gross tonnage calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information.
As previously discussed, regulations relating to the inclusion of greenhouse gas emissions from the maritime sector in the European Union&rsquo;s
carbon market are also forthcoming.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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. On November 2, 2021, the EPA issued a proposed
rule under the CAA designed to reduce methane emissions from oil and gas sources. In November 2022, the EPA issued a supplemental proposal
that would achieve more comprehensive emissions reductions and add proposed requirements for sources not previously covered. The EPA held
a public hearing in January 2023 on the proposal and in December 2023, issued a final rule to sharply reduce emissions of methane and
other air pollution from oil and natural gas operations, including storage vessels. In 2024, the EPA issued a final Waste Emissions Charge
rule to reduce methane emissions, applicable to waste emissions from high-emitting oil and gas facilities. On March 14, 2025, a joint
Congressional resolution, signed by President Trump, disapproved the 2024 Waste Emissions Charge Rule, such that it is no longer in effect.
The EPA is evaluating options and obligations with respect to implementing Clean Air Act section 136(c-g) (pertaining to methane emissions
and waste reduction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 financial 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="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Vessel Security <FONT STYLE="letter-spacing: -0.1pt">Regulations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B><I></I></B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Since the terrorist attacks
of September 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">To 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 a 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 and our Fleet Manager; 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The USCG regulations, intended
to align with international maritime security standards, exempt non-U.S. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">All vessels have been issued
with ISSC, which is subject to Verifications that have ensured that the security system and any associated security equipment of the vessel
fully complies with the applicable requirements of MTSA and the ISPS Code, is in satisfactory condition and fit for the service for which
the vessel is intended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 the Red Sea and the Arabian Sea areas and the West Africa area including the Gulf of Guinea. 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 affect our business. Costs are 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="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Inspection by Classification <FONT STYLE="letter-spacing: -0.1pt">Societies</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 1, 2015. The Rules attempt to create a level of consistency between IACS Societies. Our vessels are certified as being &ldquo;in
class&rdquo; by their Classification Society (American Bureau of Shipping).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">A vessel must undergo annual
surveys, intermediate surveys, dry-dockings 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, dry-docking 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 financing arrangements. 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="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt">Risk of Loss and Liability <FONT STYLE="letter-spacing: -0.1pt">Insurance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><FONT STYLE="letter-spacing: -0.1pt">General</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.65pt">Hull &amp; Machinery and War Risks <FONT STYLE="letter-spacing: -0.1pt">Insurances</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We maintain marine hull
and machinery and war risks insurances, which include the risk of actual or constructive total loss, for our vessel. Our vessels are covered
up to at least their fair market value with a deductible of $150,000 per incident. We also maintain increased value coverage for our vessels.
Under this increased value coverage, in the event of total loss of the relevant 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="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Protection and Indemnity <FONT STYLE="letter-spacing: -0.1pt">Insurance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Protection and indemnity
insurance, provided by mutual protection and indemnity associations, or P&amp;I 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our coverage limit is as
per International Group&rsquo;s rules, where there are standard sub-limits for oil pollution at $1 billion, passenger liability at $2
billion and seamen liabilities at $3 billion. The 12 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 million up to, currently, approximately $8.9 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="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.65pt">Permits and <FONT STYLE="letter-spacing: -0.1pt">Authorizations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We are required by various
governmental and quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our vessels 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 vessels 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="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt">Organizational <FONT STYLE="letter-spacing: -0.1pt">Structure</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Rubico Inc. is the owner
of all of the issued and outstanding shares of the Rubico Predecessor, Athenean Empire Inc. and Roman Empire Inc., each incorporated under
the laws of the Republic of the Marshall Islands. Rubico Inc. was incorporated on August 11, 2022 as Central Tactical Acquisitions Inc.
and on March 3, 2023 its articles of incorporation were amended to effect a change in the name of the corporation to Rubico Inc.</P>




<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt">Property, Plants and <FONT STYLE="letter-spacing: -0.1pt">Equipment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We do not own any real
estate property. We maintain our principal executive offices at 20 Iouliou Kaisara Str, 19002, Paiania, Athens, Greece. Other than our
vessels, we do not have any material property. See &ldquo;Business&mdash;Business Overview&mdash;Our Fleet&rdquo;.</P>

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Set forth below are the
names, ages and positions of our directors and executive officers. 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 20
Iouliou Kaisara Str, 19002, Paiania, Athens, Greece.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 31%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.2pt"><B>Name</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%; border-bottom: black 1pt solid; padding-right: 13.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>Age</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%; border-bottom: black 1pt solid; padding-left: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>Position</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalliopi
    <FONT STYLE="letter-spacing: -0.1pt">Ornithopoulou</FONT></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 15.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">66</FONT></TD>
    <TD STYLE="font: 10pt/7.05pt Times New Roman, Times, Serif; padding-left: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
    President, Chairwoman, Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nikolaos
    <FONT STYLE="letter-spacing: -0.1pt">Papastratis</FONT></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 15.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">46</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
    Chief Financial <FONT STYLE="letter-spacing: -0.1pt">Officer, Secretary</FONT></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aristovoulos
    Christinis</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 15.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">71</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Non-Executive <FONT STYLE="letter-spacing: -0.1pt">Director</FONT></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">George
    Xiradakis</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 15.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">61</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Non-Executive <FONT STYLE="letter-spacing: -0.1pt">Director</FONT></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">George
    M. Daskalakis</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 15.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">70</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Non-Executive <FONT STYLE="letter-spacing: -0.1pt">Director</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt">Biographical information with respect to each of our directors
and executives is set forth <FONT STYLE="letter-spacing: -0.1pt">below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B>Kalliopi Ornithopoulou </B>has
more than 40 years of maritime and international business experience in the areas of finance and banking. She has served in executive
positions of both Greek and International banks with a specialization in shipping from 1982 until 2010. From September 2009 to the date
of this registration statement she is a freelance financial advisor for Greek shipping companies as well as for Aegean Baltic Bank and
two UK-based banks. Ms. Ornithopoulou holds a B.Sc in Economics and Politics from Pantios University of Athens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B>Nikolaos Papastratis </B>has
more than 17 years of experience in the shipping finance, finance and accounting industry. Mr. Papastratis experience includes Financial
Reporting / Controlling in Central Mare Inc from September 2009 to the date of this registration statement, a ship management company
and a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our significant shareholder, being responsible for its shipping
company client accounts. Currently Mr. Nikolaos Papastratis holds the position of Financial Controller in Central Mare. Prior to Central
Mare, Mr. Papastratis was an in-house management consultant in the Vardinogiannis Group of companies for 3 years and prior to that a consultant
in the advisory and corporate finance department of PriceWaterhouseCoopers for 2 years. Mr. Papastratis holds a BA in Economics from the
Kapodistrian University of Athens and an MBA from the Athens Laboratory of Business Administration (ALBA).</P>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B>Aristovoulos Christinis </B>has
more than 50 years of maritime and international business experience having started as a deck hand in a cargo vessel and progressed to
various executive positions in the operations <FONT STYLE="letter-spacing: -0.1pt">and chartering </FONT>departments of London based <FONT STYLE="letter-spacing: -0.1pt">tanker
and dry-cargo </FONT>shipping companies (Solidor Shipping, European Navigation London, Spinoza Shipping, Marcan Shipping, Top Tankers
UK). From 1995 to 2004 <FONT STYLE="letter-spacing: -0.1pt">he was a full member of the Baltic Exchange London, a membership organization
for the maritime industry and freight market information provider for the trading and settlement of physical and derivative contracts.
</FONT>From <FONT STYLE="letter-spacing: -0.1pt">April </FONT>2018 <FONT STYLE="letter-spacing: -0.1pt">to the date of this registration
statement </FONT>he has been working as freelance advisor to the shipping industry with various worldwide shipping companies. Mr. Christinis
holds a Shipping diploma from London Westminster College.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 3.45pt 0pt 0pt; text-align: justify"><B>George Xiradakis </B>has
more than 40 years of maritime and international finance experience. He served as Senior Manager in the French bank Credit Lyonnais both
in Athens and Paris. In 1999 he founded XRTC Business Consultants which acts as a commercial representative of foreign banks and institutions
in Greek Shipping Market. Since 2009 XRTC acting as Advisor to Chinese Finance market and in 2010 awarded in Lloyd&rsquo;s List Greek
Shipping Awards as &ldquo;Financier of the Year 2010&rdquo; for the completion of the first bilateral loan between a Chinese bank that
was a milestone transaction in the world of ship financing being the first transaction of the new Chinese market. He graduated from the
Nautical Marine Academy of Aspropyrgos-Athens in 1984 and he holds a diploma in Commercial Operations from City of London Polytechnic
and an MSc in Maritime Studies from University of Wales. Mr. Xiradakis is President of the Association of Banking and Financial Executives
of Hellenic Shipping, Vice President of China Hellenic Chamber (HCCI). He is President Emeritus of International Propeller Club-Port of
Piraeus, Vice President of the Heraklion Port Authority, Member of the BOD of the Piraeus Chamber of Commerce &amp; Industry, BOD member
of Piraeus Marine Club, Member of the Mediterranean Committee of China Classification Society and
Member of the Greece- China Association, Hellenic Maritime Museum and Hellas Liberty Floating Museum. He is currently a non-executive
director of C3is Inc. and Imperial Petroleum Inc., both of which are listed on Nasdaq, and has also been a Board Member of other U.S.
listed shipping companies.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 3.45pt 7.15pt 0 7.65pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 7pt/103% Times New Roman, Times, Serif; margin: 3.45pt 7.15pt 0 7.65pt; text-align: justify"></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B>George M. Daskalakis </B>has
been an active sale and purchase shipbroker for the last 43 years having participated in more than 3,500 transactions. From July 1996
to the date of this registration statement he has been the senior partner and director of Allied Shipbroking Inc, one of the largest shipbroking
and ship-chartering firms in Greece. Before that he has served as a managing director in Belacasa Compania Naviera S.A. for 9 years where
he introduced to the Greek shipping market the bareboat chartering structure and helped established more than 25 new shipping companies
by arranging the purchase and financing of their fleet through finance brokers. From 1980 to 1987 he worked as a shipbroker in Vakis Vlahoulis
S.A. and Overseas Agency S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 32.85pt">No family relationships exist among any of the directors
and executive <FONT STYLE="letter-spacing: -0.1pt">officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 32.85pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We expect to pay aggregate
cash compensation of $0.1 million for the first year following the Spin-Off 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 do not have a retirement plan for our officers or directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We will enter into an agreement
with Central Mare, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our significant shareholder, pursuant to
which Central Mare will furnish our executive officers as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Under the terms of the agreement
for the provision of our executive officers, we will be obligated to pay base salary and additional incentive compensation as determined
by our Board of Directors. The initial term of the agreement will expire after one year from its inception 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">If any of our officers&rsquo;
employment is terminated without cause, she or he will be entitled to certain personal and household security costs. If she or he is
removed from our Board of Directors or not re-elected, then her or his employment will terminate 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 will be entitled to receive
a cash payment of three years&rsquo; annual base salary. The agreement will also contain death and disability provisions for each officer.
In addition, the officers will be subject to non-competition and non-solicitation undertakings.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We will adopt our 2025 Equity
Incentive Plan, or the Plan. The Plan is administered by the Compensation Committee of our Board of Directors, which can make awards totaling
in aggregate up to 15% of the number of Common Shares outstanding at the time any award is granted. Under the Plan, our officers, key
employees, directors, consultants and service providers may be granted incentive stock options, non-qualified stock options, stock appreciation
rights, restricted stock, unrestricted stock, restricted stock units, and unrestricted stock at the discretion of our Compensation Committee.&nbsp;Any
awards granted under the Plan that are subject to vesting are conditioned upon the recipient's continued service as an employee or a director
of the Company, through the applicable vesting date.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We have no direct employees
while our executive officers and a number of 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, 2024, the Rubico Predecessor employed
42 sea-going employees, indirectly through our Fleet Manager.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-align: justify">Audit <FONT STYLE="letter-spacing: -0.1pt">Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our audit committee consists
of George Xiradakis (Chairman), Aristovoulos Christinis and George M. Daskalakis. Our Board of Directors has determined that the members
of the audit committee meet the applicable independence requirements of the SEC and Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The audit committee has
powers and performs the functions customarily performed by such a committee (including those required of such a committee by and Nasdaq
and the SEC). 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="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt">Compensation <FONT STYLE="letter-spacing: -0.1pt">Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our compensation committee
consists of George Xiradakis, Aristovoulos Christinis and George M. Daskalakis, each of whom is an independent director. The compensation
committee reviews and approves the compensation of our executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Nominating <FONT STYLE="letter-spacing: -0.1pt">Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our nominating committee
consists of George Xiradakis, Aristovoulos Christinis and George M. Daskalakis, 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="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The shares owned by our
directors and executive officers are disclosed below in &ldquo;Security Ownership of Certain Beneficial Owners and Management.&rdquo;</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="certainrelatioships"></A><B>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><I>We have entered, or may
enter in the future, into significant contractual agreements and transactions with related parties. Related party transactions are subject
to review and approval of the independent members of our Board. The information in this section includes, were applicable, a summary of
the terms of the agreements entered into with related parties. This summary does not purport to be complete and is subject to, and qualified
in its entirety by reference to, the relevant agreements filed as exhibits hereto. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>In addition to the information
contained in this section, you should carefully review the notes to our financial statements included in this prospectus for additional
information about our related party transactions. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Management <FONT STYLE="letter-spacing: -0.1pt">Agreements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Please see &ldquo;Business&mdash;Management
of Our Fleet&rdquo; for a description of the management of our vessels, or any vessels we may acquire from CS and &ldquo;Management&mdash;Compensation&rdquo;
for a description of the terms under which our officers are provided to us by Central Mare.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Contribution and Conveyance <FONT STYLE="letter-spacing: -0.1pt">Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Prior to the consummation
of the Spin-Off, we will enter into the Contribution and Conveyance Agreement with the Parent. Pursuant to the Contribution and Conveyance
Agreement, the Parent (i) contributed the Rubico Predecessor to us in exchange for the shares to be distributed in the Spin-Off and (ii)
indemnified us and the Rubico Predecessor for any and all obligations and other liabilities arising from or relating to the operation,
management or employment of our vessels prior to the effective date of the Spin-Off.</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="securityownership"></A>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The following table sets
forth information regarding the beneficial ownership of our capital stock as of December 31, 2024, and upon completion of this offering,
held by beneficial owners of 5% or more of our voting stock and by our directors and officers as a group. All of our common shareholders,
including the shareholders listed in the table below, are entitled to one vote for each Common Share held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Prior to the Spin-Off, our
sole shareholder is the Parent. The following table sets forth information regarding beneficial ownership of our voting securities, comprising
our Common Shares and Series D 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. We are not aware of any arrangements the operation of
which may at a subsequent date result in our change of control. All shareholders of Common Shares are entitled to one vote for each common
share held and holders of our Series D Preferred Shares are entitled to 1,000 votes per Series D Preferred Share held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 June 16, 2025, the record date of the Spin-Off, assuming the capital structure of the Parent immediately prior to the Spin-Off will
be the same as its capital structure as of the record date of the Spin-Off, and giving effect to a distribution in the Spin-Off of an
expected 3,057,337 of our Common Shares at an assumed distribution ratio of one Common Share for every two common shares of the Parent
held by such person or underlying our common share purchase warrants, as well as the issuance of 75,000 Common Shares in the Private Placement
concurrently with the Spin-Off distribution. The distribution ratio of the Spin-Off distribution of our Common Shares will depend on the
number of common shares of the Parent outstanding, as well as the number of shares of common stock into which its outstanding common stock
purchase warrants are exercisable or convertible, on the record date for the Spin-Off distribution set by the Parent&rsquo;s board of
directors. As of the date of this registration statement, the Parent had outstanding 4,626,197 shares of common stock, 100,000 Series
D Preferred Shares and common stock purchase warrants exercisable to purchase up to 1,488,478 common shares of the Parent whose holders
will receive the Spin-Off distribution of our Common Shares on an as-exercised basis. Information for certain holders is based on their
latest filings with the SEC with respect to beneficial ownership of common shares of the Parent or information delivered to us.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares </B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beneficially Owned </B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>as of the Record Date of the Spin-Off</B></FONT></P>

</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Security</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">Number</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of Class</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of Total </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Power</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 66%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lax Trust<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">Series D Preferred Shares</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: center">100,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: center">100.0%</TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: center">97.0%</TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 1%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 Sororibus <FONT STYLE="letter-spacing: -0.1pt">Trust<SUP>(2)(3)</SUP></FONT></FONT></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Common Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">1,465,359</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">46.8%</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">1.4%</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evangelos J. Pistiolis <SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Common Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">220,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">7.0%</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">0.2%</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left">Directors and executive officers as a group</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">0%</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Lax Trust is an irrevocable trust established for the benefit of certain family members of
                                            Mr. Evangelos J. Pistiolis. The business address of the Lax Trust is Level 3, 18 Stanley
                                            Street, Auckland 1010, New Zealand. In order to satisfy the minimum percentage of voting
                                            of Mr. Evangelos J. Pistiolis contained in the AVIC and Huarong SLBs as described above as
                                            well as any future such minimum voting rights financing agreement 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. Both the number of the Series D Preferred
                                            Shares and the votes per Series D Preferred Share are not adjusted in case of splits, subdivisions,
                                            reverse stock splits or combinations of the Company&rsquo;s outstanding shares.</FONT></TD></TR></TABLE>




<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0.35pt 24.75pt 0 32.85pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3
                                            Sororibus Trust is an irrevocable trust established for the benefit of certain family members
                                            of Mr. Evangelos J. Pistiolis. The business address of 3 Sororibus Trust is 31 Kitiou Kyprianou,
                                            3036, Limassol, Cyprus. 3 Sororibus Trust is the sole shareholder of Family Trading Inc.,
                                            or Family Trading, a Marshall Islands corporation, and may be deemed to beneficially own
                                            all of the Common Shares beneficially owned by Family Trading.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 32.3pt 0 32.85pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 12.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            above information is derived, in part, from the Amendment No. 39 to the Schedule 13D/A filed
                                            with the SEC on February 14, 2024 reporting beneficial ownership of the common shares of
                                            the Parent.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.6pt 0 0">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">This prospectus relates
to the possible offer and resale from time to time by the Selling Shareholder of up to 15,000,000 Common Shares that we may issue to the
Selling Shareholder pursuant to the Purchase Agreement. For additional information regarding the issuance of the Common Shares to be offered
by the Selling Shareholder pursuant to this prospectus, see the section titled &ldquo;Committed Equity Financing.&rdquo; We are registering
the Common Shares pursuant to the provisions of the Registration Rights Agreement in order to permit the Selling Shareholder to offer
the Common Shares for resale from time to time. Except for the transactions contemplated by the Purchase Agreement and the Registration
Rights Agreement and as set forth in the section titled &ldquo;Plan of Distribution (Conflict of Interest)&rdquo; in this prospectus,
the Selling Shareholder has not had any material relationship with us or any of our affiliates within the past three years. All of the
data in the following table are as of  July 21, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The table below presents
information regarding the Selling Shareholder and the Common Shares that may be resold by the Selling Shareholder from time to time under
this prospectus. This table is prepared based on information supplied to us by the Selling Shareholder, and reflects holdings as of July 21,
2025. The number of shares in the column &ldquo;Maximum Number of Common Shares to be Offered Pursuant to this Prospectus&rdquo; represents
all of the Common Shares being offered for resale by the Selling Shareholder under this prospectus. The Selling Shareholder may sell some,
all or none of the shares being offered for resale in this offering. We do not know how long the Selling Shareholder will hold the shares
before selling them and, except as set forth in the section titled &ldquo;Plan of Distribution (Conflict of Interest)&rdquo; in this prospectus,
we are not aware of any existing arrangements between the Selling Shareholder and any other shareholder, broker, dealer, underwriter or
agent relating to the sale or distribution of the Common Shares being offered for resale by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Beneficial ownership in
the table has been determined in accordance with Rule 13d-3(d) promulgated by the SEC under the Exchange Act and includes Common Shares
with respect to which the Selling Shareholder has sole or shared voting and investment power. Because the purchase price to be paid by
the Selling Shareholder for Common Shares that we may elect to sell to the Selling Shareholder will be determined on the applicable Purchase
Dates therefor, the actual number of Common Shares that we may sell to the Selling Shareholder under the Purchase Agreement may be fewer
than the number of shares being offered for resale under this prospectus. The fourth column assumes the resale by the Selling Shareholder
of all of the Common Shares being offered for resale pursuant to this prospectus.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 0pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-top: 0pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0pt; padding-bottom: 4.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of Common Shares Beneficially Owned Prior to Offering</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-top: 0pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum
    Number of Common Shares to be Offered </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 0pt; padding-bottom: 4.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of Common Shares to be Beneficially Owned After Offering<SUP>(3)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: black 1pt solid; padding-top: 4.25pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Selling shareholder</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-top: 4.25pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid; padding-top: 4.25pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; padding-top: 4.25pt; padding-bottom: 4.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-top: 4.25pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid; padding-top: 4.25pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 10%; padding-top: 4.25pt; padding-bottom: 4.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-top: 4.25pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 10%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant to</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>this Prospectus</B></FONT></P></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; padding-top: 4.25pt; padding-bottom: 4.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-top: 4.25pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: white 1pt solid; padding-top: 4.25pt; padding-bottom: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; padding-top: 4.25pt; padding-bottom: 4.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent
    </B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
    Riley Principal Capital II, LLC<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding-top: 4.25pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-top: 4.25pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; padding-left: 10.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 4.25pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-top: 4.25pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; padding-left: 9.7pt">&ndash;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-top: 4.25pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,000,000</FONT></TD>
    <TD STYLE="padding-top: 4.25pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; padding-left: 10.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 4.25pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-top: 4.25pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; padding-left: 9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">(1) In accordance with Rule 13d-3(d) under the Exchange Act, we have excluded
from the number of shares beneficially owned prior to the offering all of the Common Shares that the Selling Shareholder may be required
to purchase under the Purchase Agreement, because the issuance of such shares is solely at our discretion and is subject to conditions
contained in the Purchase Agreement, the satisfaction of which are entirely outside of the Selling Shareholder&rsquo;s control, including
the registration statement that includes this prospectus becoming and remaining effective. Furthermore, the Purchases and the Intraday
Purchases of Common Shares under the Purchase Agreement are subject to certain agreed upon maximum amount limitations set forth in the
Purchase Agreement. Also, the Purchase Agreement prohibits us from issuing and selling any Common Shares to the Selling Shareholder to
the extent such shares would cause the Selling Shareholder&rsquo;s beneficial ownership of our Common Shares to (i) require a Regulatory Approval or (ii) exceed the Beneficial Ownership Limitation.
The Beneficial Ownership Limitation may not be amended or waived under the Purchase Agreement.</P>

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




<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">(2) Applicable percentage ownership is based on 3,132,337 Common Shares
outstanding upon consummation of the Spin-Off.</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">(3) Assumes the sale of all Common Shares being offered for resale pursuant
to this prospectus.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">(4) The business address of B.
Riley Principal Capital II, LLC is 11100 Santa Monica Blvd., Suite 800, Los Angeles, California 90025. BRPC II&rsquo;s principal business
is that of a private investor. BRPC II is a wholly-owned subsidiary of B. Riley Principal Investments, LLC (&ldquo;BRPI&rdquo;). As a
result, BRPI may be deemed to indirectly beneficially own the securities of the company held of record by BRPC II. B. Riley Financial,
Inc. (&ldquo;BRF&rdquo;) is the parent company of BRPC II and BRPI. As a result, BRF may be deemed to indirectly beneficially own the
securities of the company held of record by BRPC II and indirectly beneficially owned by BRPI. Bryant R. Riley is the Co-Chief Executive
Officer and Chairman of the Board of Directors of BRF. As a result, Bryant R. Riley may be deemed to indirectly beneficially own the securities
of the company held of record by BRPC II and indirectly beneficially owned by BRPI. Each of BRF, BRPI and Bryant R. Riley expressly disclaims
beneficial ownership of the securities of the company held of record by BRPC II, except to the extent of its/his pecuniary interest therein.
We have been advised that none of BRF, BRPI or BRPC II is a member of FINRA or an independent broker-dealer; however, each of BRF, BRPI,
BRPC II and Bryant R. Riley is an affiliate of B. Riley Securities, Inc., a registered broker-dealer and FINRA member, and Bryant R. Riley
is an associated person of BRS. BRS will act as an executing broker that will effectuate resales of our Common Stock that have been and
may be acquired by BRPC II from us pursuant to the Purchase Agreement to the public in this offering. See &ldquo;Plan of Distribution
(Conflict of Interest)&rdquo; for more information about the relationship between BRPC II and BRS.</P>

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>The following is a description
of the material terms of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws. Please see our Amended and
Restated Articles of Incorporation and Amended and Restated Bylaws, copies of which have been filed as exhibits to the registration statement
of which this prospectus forms a part. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our purpose, as stated in
our Amended and Restated Articles of Incorporation, is to engage in any lawful act or activity for which corporations may now or hereafter
be organized under the BCA. Our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws do not impose any limitations
on the ownership rights of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Under our Amended and Restated Articles of Incorporation,
our authorized share capital stock consists of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.85pt">&nbsp;</TD>
    <TD STYLE="width: 14.15pt; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">1,000,000,000 Common Shares, par value $0.01 per
    share, of which 3,132,337 shares will be issued and outstanding upon consummation of the Spin-Off; and </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 0pt"><FONT STYLE="font-size: 10pt">20,000,000 preferred shares, par value $0.01 per
    share, out of which 100,000 Series D Preferred Shares have been designated, of which 100,000 will be issued and outstanding upon consummation of the Spin-Off. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in"><B><I>Description
of Common Shares</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">Each outstanding Common
Share 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 Common Shares 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 Shares will be entitled to receive pro rata our remaining assets available
for distribution. Holders of Common Shares do not have conversion, redemption or preemptive rights to subscribe to any of our securities.
The rights, preferences and privileges of holders of Common Shares are subject to the rights of the holders of our preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Prior to the Spin-Off, the
Parent, as our then sole shareholder, approved an amendment to our Amended and Restated Articles of Incorporation to effect one or more
reverse stock splits of the Common Shares issued and outstanding at the time of the reverse split at a cumulative exchange ratio of between
one-for-two and one-for-250, 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 was intended to provide us the means to maintain compliance with the continued
listing requirements of the trading market for our Common Shares, in particular any minimum 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Broadridge Financial Solutions,
Inc. is the transfer agent and registrar for our Common Shares.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in"><B><I>Preferred
Shares</I></B>.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><B><I></I></B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in"><B><I>Description
of Series D Preferred Shares</I></B>.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Series D Preferred
Shares has the following characteristics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><I>Conversion</I>. The Series
D Preferred Shares are not convertible into Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in"><I>Voting</I>. 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 AVIC and Huarong SLBs as described above as well as any future such minimum voting rights financing agreement
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. Both the number of the Series D Preferred Shares and the votes per Series D Preferred Share are not adjusted
in case of splits, subdivisions, reverse stock splits or combinations of the Company&rsquo;s outstanding shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in"><I>Distributions</I>. The
Series D Preferred Shares shall have no dividend or distribution rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in"><I>Maturity</I>. The Series
D Preferred Shares shall expire and all outstanding Series D Preferred 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 SLBs with AVIC and Huarong have similar provisions that are satisfied via the existence of
the Series D Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in"><I>Liquidation, Dissolution
or Winding Up</I>. 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: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in"><I>No Preemptive Rights;
No Sinking Fund</I>. The holders of Series D Preferred Shares do not have any preemptive rights. The Series D Preferred Shares will not
be subject to any sinking fund or any other obligation of us for their repurchase or retirement.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-indent: 0.35in">Preferred Share Purchase <FONT STYLE="letter-spacing: -0.1pt">Rights</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">Prior to the Spin-Off, we
entered into a Shareholders&rsquo; Rights Agreement, or the Rights Agreement, with Broadridge Financial Services Inc., as Rights Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Under the Rights Agreement,
we declared a dividend payable of one preferred stock purchase right, or Right, for each Common Share 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 $0.01, at an exercise price of $40.00 per share. The Rights will separate from the Common Shares and become exercisable
only if a person or group acquires beneficial ownership of 15% or more of our Common Shares (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 (as
defined below), 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 Common Shares 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 Shares, each holder of
the Right will thereafter have the right to purchase, upon payment of the exercise price, a number of Common Shares 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Detachment of the <FONT STYLE="letter-spacing: -0.1pt">Rights</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Rights are attached
to all certificates representing our currently outstanding Common Shares, 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 Shares 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 the tenth anniversary
of our entry into the Rights Agreement, unless we redeem or exchange them earlier as we describe below. The Rights will separate from
the Common Shares and a Rights distribution date would occur, subject to specified exceptions, on the earlier of the following two dates:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.85pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the 10th day after public announcement that a person or group has acquired ownership of 15% or more
of the Company&rsquo;s Common Shares; <FONT STYLE="letter-spacing: -0.25pt">or</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.8pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.8pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the 10th 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 Shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&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 Shares 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 and any person holding Common Shares for or pursuant to the terms of any such plan,
are excluded from the definition of &ldquo;Acquiring Person.&rdquo; Certain inadvertent owners that would otherwise become an Acquiring
Person, including those who would have this designation as a result of repurchases of Common Shares by us, will not become Acquiring Persons
as a result of those transactions. For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own
15% or more of our outstanding Common Shares, the Rights Agreement &ldquo;grandfathers&rdquo; their current level of ownership, so long
as they do not purchase additional shares in excess of certain limitations. In addition, none of the Lax Trust, 3 Sororibus Trust of Cyprus,
Evangelos J. Pistiolis, or any of their affiliates or associates shall be considered an Acquiring Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Until the Rights distribution
date: (i) the Rights will be evidenced by the certificates for Common Shares registered in the names of the holders thereof or, in the
case of uncertificated Common Shares registered in book-entry form by notation in book entry accounts reflecting the ownership of such
Common Shares (which certificates and Book Entry Shares, as applicable, shall also be deemed to be Rights Certificates) and not by separate
Rights Certificates and (ii) the right to receive Rights
Certificates will be transferable only in connection with the transfer of Common Shares.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 Common Shares 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 Shares, a Rights Certificate
evidencing one Right for each Common Share so held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We will not issue Rights
with any Common Shares we issue after the Rights distribution date, except as our Board of Directors may otherwise determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Flip-In <FONT STYLE="letter-spacing: -0.1pt">Event</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">If an Acquiring Person obtains
beneficial ownership of 15% or more of our 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Flip-Over <FONT STYLE="letter-spacing: -0.1pt">Event</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">If, after an Acquiring Person
obtains 15% or more of our Common Shares, (i) the Company merges into another entity; (ii) an acquiring entity merges into the Company;
or (iii) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Anti-<FONT STYLE="letter-spacing: -0.1pt">dilution</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Redemption of <FONT STYLE="letter-spacing: -0.1pt">Rights</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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. The redemption price shall be payable, at our option, in cash, Common Shares
or such other form of consideration as our Board of Directors shall determine. The redemption price shall be payable, at the option of
the Company, in cash, Common Shares or such other form of consideration as the Board shall determine.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Exchange of <FONT STYLE="letter-spacing: -0.1pt">Rights</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">After a person or group
becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the outstanding Common Shares, 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="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Amendment of Terms of <FONT STYLE="letter-spacing: -0.1pt">Rights</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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) cure any ambiguities; (ii) correct or supplement any provision contained in the Rights Agreement that may
be defective or inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant to the Rights Agreement;
or (iv) 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="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt">Our Amended and Restated Articles of Incorporation
and <FONT STYLE="letter-spacing: -0.1pt">Amended and Restated Bylaws</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The following description
of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws is a summary of the Amended and Restated Articles
of Incorporation and Amended and Restated Bylaws.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 Amended and Restated Bylaws do not provide for cumulative voting
in the election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 or her successor shall have been duly elected and qualified, except in the event of his or her death, resignation, removal,
or the earlier termination of his or her 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="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><I>Classified <FONT STYLE="letter-spacing: -0.1pt">Board</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Under our Amended and Restated
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 Board of Directors. 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Election and <FONT STYLE="letter-spacing: -0.1pt">Removal</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated
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. These provisions may discourage, delay or prevent the removal
of incumbent officers and directors.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Dissenters&rsquo; Rights of Appraisal and Payment </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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 or her 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) listed on a securities exchange
or admitted for trading on an interdealer quotation system or (ii) 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0.1in 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

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

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated
Articles of Incorporation provide that, (A) unless we consent in writing to the selection of an alternative forum, to the fullest extent
permitted by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for any internal corporate
claim, intra-corporate claim, or claim governed by the internal affairs doctrine, including (i) any derivative action or proceeding brought
on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or shareholder
of the Company to the Company or the Company&rsquo;s shareholders, and (iii) any action asserting a claim arising pursuant to any provision
of the BCA or our Amended and Restated Articles of Incorporation or Amended and Restated Bylaws and (B) the United States District Court
for the Southern District of New York (or, if such court does not have jurisdiction over such claim, any other federal district court
of the United States) shall be the sole and exclusive forum for all claims arising under the Securities Act or the Exchange Act, and any
rule or regulation promulgated thereunder, to the extent such claims would be subject to federal or state jurisdiction pursuant to the
Securities Act or the Exchange Act, as applicable, after giving effect to clause (A) above. Therefore, to the fullest extent permitted
by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive forum for any derivative action alleging
a violation of the Securities Act or Exchange Act. 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 provisions contained in our Amended and Restated Articles of Incorporation to be inapplicable or unenforceable in
such action. For example, with respect to derivative actions arising under the Exchange Act, there is currently disagreement among federal
Courts of Appeals in the United States (a circuit split between the Courts of Appeals for the Seventh and Ninth Circuits) as to whether
a forum selection clause which requires that derivative actions be brought in a specified forum other than the federal courts would contravene
Section 27 of the Exchange Act under certain circumstances. The circuit split follows a line of cases that analyze the enforceability
of forum selection provisions in the context of derivative Securities Act and Exchange Act claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Accordingly, the applicability
of the provisions of our Amended and Restated Articles of Incorporation selecting a Marshall Islands forum for certain types of claims
may be limited with respect to such claims arising under the Securities Act or Exchange Act and, as a result, under certain such circumstances,
the effect of our forum selection provisions may be uncertain. It is possible that a court could find our forum selection provisions to
be inapplicable or unenforceable for these or other reasons. As a result, we could be required to litigate claims in multiple jurisdictions,
incur additional costs, or otherwise not receive the benefits that we expect our forum selection provisions to provide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Any person or entity holding,
owning, or otherwise acquiring any shares of capital stock of us shall be deemed to have notice of and consented to the forum selection
provisions in our Amended and Restated Articles of Incorporation. Section 22 of the Securities Act creates concurrent jurisdiction for
federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act and the rules and regulations
thereunder and Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability
created by the Exchange Act and the rules and regulations thereunder. Although our forum selection provisions shall not relieve us of
our statutory duties to comply with the federal securities laws and the rules and regulations thereunder, and our shareholders are not
deemed to have waived our compliance with these laws, rules, and regulations, as applicable, our forum selection provisions 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 such lawsuits with respect to such claims. For more information regarding the risks connected
to the forum selection provisions in our Amended and Restated
Articles of Incorporation, see &ldquo;Risk Factors&mdash;Risks Related to Our Common Shares and this Offering&mdash;We may not achieve
the intended benefits of having forum selection provisions if they are found to be unenforceable.&rdquo;</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Limitations on Liability and Indemnification of Officers and Directors
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The BCA authorizes corporations
to limit or eliminate the personal liability of directors and officers to corporations and their shareholders for monetary damages for
breaches of directors' fiduciary duties. Our Amended and Restated Articles of Incorporation include a provision that eliminates the personal
liability of directors for monetary damages for actions taken as a director to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated
Articles of Incorporation provide that we must indemnify and hold harmless our directors and officers to the fullest extent permitted
by the BCA. We are also required to advance certain expenses to our directors and officers incurred while defending a civil or criminal
proceeding, provided that the director or officer will repay the amount if it shall ultimately be determined by final judicial decision
from which there is no further right to appeal that he or she is not entitled to indemnification under the relevant section of our Amended
and Restated Articles of Incorporation. We may carry directors' and officers' insurance providing indemnification for our directors and
officers for some liabilities. We believe that these indemnification provisions and this insurance are useful to attract and retain qualified
directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The limitation of liability
and indemnification provisions in our Amended and Restated Articles of Incorporation may discourage shareholders from bringing a lawsuit
against directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative
litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders.
In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors
and officers pursuant to these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">There is currently no pending
material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Anti-Takeover Effect of Certain Provisions of our Amended and Restated
Articles of Incorporation and Amended and Restated Bylaws </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Several provisions of our
Amended and Restated Articles of Incorporation and Amended and Restated 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="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.65pt">Limited Actions by <FONT STYLE="letter-spacing: -0.1pt">Shareholders</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated
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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated
Bylaws provide that the Board of Directors 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="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated
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 Amended and Restated 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="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Blank Check Preferred <FONT STYLE="letter-spacing: -0.1pt">Stock</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Classified Board of <FONT STYLE="letter-spacing: -0.1pt">Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt">Election and Removal of <FONT STYLE="letter-spacing: -0.1pt">Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated
Articles of Incorporation and Amended and Restated Bylaws prohibit cumulative voting in the election of directors. Our Amended and Restated
Bylaws require parties other than our Board of Directors to give advance written notice of nominations for the election of directors.
Our Amended and Restated 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="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0 7.65pt">Super-Majority Approval <FONT STYLE="letter-spacing: -0.1pt">Requirements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated
Articles of Incorporation and Amended and Restated 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 Amended and Restated
Bylaws or certain provisions of our Amended and Restated Articles of Incorporation at any annual or special meeting of shareholders. In
addition, amendments to certain provisions of our Amended and Restated Bylaws may be made when approved by a vote of not less than 66
2/3% of the entire Board of Directors. These provisions that require not less than 66 2/3% vote of our Board of Directors to be amended
are provisions governing: the nature of business to be transacted at our annual meetings of shareholders, the calling of special meetings
by our Board of Directors, any amendment to change the number of directors constituting our Board of Directors, the method by which our
Board of Directors is elected, the nomination procedures of our Board of Directors, removal of our directors and the filling of vacancies
on our Board of Directors.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 7.65pt">Business <FONT STYLE="letter-spacing: -0.1pt">Combinations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">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. Subject to certain exceptions, interested shareholders
generally include:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">any person who is the beneficial owner of 15% or more of our issued and
outstanding common stock; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">any person who is our affiliate or associate and who held 15% or more
of our issued and outstanding common 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">Subject to certain exceptions, a business combination includes, among
other things:</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">certain mergers or consolidations of us or any direct or indirect majority-owned
subsidiary of ours;</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 114pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

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


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">certain transactions that result in the issuance or transfer by us of
any stock of ours to the interested shareholder;</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 32.85pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">These provisions of our Amended and Restated Articles of Incorporation
do not apply to a business combination if:</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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 interested shareholder;</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">the shareholder was or became an interested shareholder prior to the consummation
of the transactions;</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">a shareholder became an interested shareholder inadvertently and (i) as
soon as practicable divested itself of ownership of sufficient shares so that the shareholder ceased to be an interested shareholder;
and (ii) 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</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 88.8pt"></TD><TD STYLE="text-align: justify; width: 25.2pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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 Amended and Restated Articles of Incorporation
which (i) constitutes one of the transactions described in the following sentence; (ii) 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) 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:</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            merger or consolidation of us (except for a merger in respect of which, pursuant to the BCA,
                                            no vote of our shareholders is <FONT STYLE="letter-spacing: -0.1pt">required);</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.15pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.2pt"></TD><TD STYLE="width: 14.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            proposed tender or exchange offer for 50% or more of our issued and outstanding voting <FONT STYLE="letter-spacing: -0.1pt">stock.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.65pt 0 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The registrar and transfer
agent for our Common Shares is Broadridge Financial Solutions, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Common Shares are listed
on Nasdaq under the symbol &ldquo;RUBI.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our corporate affairs are
governed by our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws and by 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 provides that
its provisions shall be applied and construed in a manner to make them uniform with the laws of the State of Delaware and other states
of the United States of America 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 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. The following table provides a comparison between statutory provisions of the BCA and
the General Corporation Law of the State of Delaware relating to shareholders&rsquo; rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; width: 100%; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%; border-right: black 1pt solid"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 2.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
    Islands</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 2.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 2pt; padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder
    Meetings</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    be held at a time and place as designated in the bylaws.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Notice:</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Notice:
    </I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
    shareholders are required to take any action at a meeting, 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. Notice of a special meeting shall also state the purpose for which the meeting is called.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    copy of the notice of any meeting shall be given personally, sent by mail or by electronic mail not less than 15 nor more than 60
    days before the meeting.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
    notice shall be given not less than 10 nor more than 60 days before the meeting. </FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholders&rsquo;
    Written Consent</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
    otherwise provided in the articles of incorporation, any action required to be taken at a meeting of shareholders may be taken without
    a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, is 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.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    action required to be taken at 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 fewer 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. </FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Merger
    or Consolidation</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; padding-top: 1.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    two or more domestic corporations may merge or consolidate into a single corporation if approved by the board of each constituent
    corporation and if authorized by a majority vote at a shareholder meeting of each such corporation by the holders of outstanding
    shares.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; padding-top: 1.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution
    and upon the majority vote by shareholders of each constituent corporation at an annual or special meeting. </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></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="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; width: 100%; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="width: 1%; padding-top: 4pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 48%; padding-top: 4pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%; border-right: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 4pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 48%; padding-top: 4pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 4pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
    Islands</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization
    by a majority vote of the holders of a class of shares may be required if such class is entitled to vote if a proposed amendment
    to the articles, undertaken in connection with such merger or consolidation, would increase or decrease the aggregate number of authorized
    shares of such class, increase or decrease the par value of the shares of such class, or alter or change the powers, preferences
    or special rights of the shares of such class so as to affect them adversely.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization
    by a majority vote of the holders of a class of shares may be required if such class is entitled to vote if a proposed amendment
    to the articles, undertaken in connection with such merger or consolidation, would increase or decrease the aggregate number of authorized
    shares of such class, increase or decrease the par value of the shares of such class, or alter or change the powers, preferences,
    or special rights of the shares of such class so as to affect them adversely. However, unless expressly required by its certificate
    of incorporation, no vote of stockholders of a constituent corporation that has a class or series of stock that is listed on a national
    securities exchange or held of record by more than 2,000 holders immediately prior to the execution of the agreement of merger by
    such constituent corporation shall be necessary to authorize a merger that meets certain conditions. </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    sale, lease, exchange or other disposition of all or substantially all the assets of a corporation, if not made in the corporation&rsquo;s
    usual or regular course of business, once approved by the board of directors (and notice of the meeting shall be given to each shareholder
    of record, whether or not entitled to vote), shall be authorized by the affirmative vote of two-thirds of the shares of those entitled
    to vote at a shareholder meeting, unless any class of shares is entitled to vote thereon as a class, in which event such authorization
    shall require the affirmative vote of the holders of a majority of the shares of each class of shares entitled to vote as a class
    thereon and of the total shares entitled to vote thereon.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
    corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board
    deems expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority
    of the outstanding stock of the corporation entitled to vote. </FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    approval by the board, any domestic corporation owning at least 90% of the outstanding shares of each class of another domestic corporation
    may merge such other corporation into itself without the authorization of the shareholders of any such corporation.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into
    itself and assume all of its obligations without the vote or consent of shareholders; however, in case the parent corporation is
    not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation
    entitled to vote at a duly called shareholder meeting. </FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Directors</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number
    of directors may be fixed by the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw.
    The number of board members may be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the
    specific provisions of a bylaw.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number
    of board members shall be fixed by, or in a manner provided by, the bylaws and amended by an amendment to 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 an amendment
    to the certificate of incorporation. </FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></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="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B></B></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; width: 100%; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 48%; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
    Islands</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 48%; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware
    </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the board is authorized to change the number of directors, it can only do so by a majority of the entire board and so long as no
    decrease in the number shall shorten the term of any incumbent director.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
    entitled to vote upon amendments to the bylaws hold the power to adopt, amend or repeal bylaws in a stock corporation that has received
    any payment for its stock, unless such power is otherwise conferred upon the directors in the certificate of incorporation. An amendment
    to the certification of incorporation must be approved by the board and a majority of outstanding stock entitled to vote thereon.
    </FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Removal
    of Directors:</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Removal
    of Directors: </I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    or all of the directors may be removed for cause by vote of the shareholders. The articles of incorporation or the bylaws may provide
    for such removal by board action, except in the case of any director elected by cumulative voting, or by shareholders of any class
    or series when entitled by the provisions of the articles of incorporation.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 unless
    the certificate of incorporation otherwise provides. </FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the articles of incorporation or bylaws provide any or all of the directors may be removed without cause by vote of the shareholders.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the case of a classified board, shareholders may effect the removal of any or all directors only for cause unless the certificate
    of incorporation provides otherwise. </FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dissenters&rsquo;
    Rights of Appraisal</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 or her shares shall not be available for the shares of any class or series
    of stock, which shares or depository receipts in respect thereof, 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) listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held of record by more than
    2,000 holders. The right of a dissenting shareholder to receive payment of the fair value of his or her shares shall not be available
    for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote
    of the shareholders of the surviving corporation.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 stock
    is offered for consideration which is (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders.
    Notwithstanding those limited exceptions, appraisal rights will be available if shareholders are required by the terms of an agreement
    of merger or consolidation to accept certain forms of uncommon consideration. </FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 115 -->
    <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 -->109<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
    Islands</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 2.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware
    </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>

<TR>
    <TD STYLE="text-align: justify; width: 1%; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 48%; padding-top: 2pt"><P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;&bull;&#8195;</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">alters
    or abolishes any preferential right of any outstanding shares having preference; or</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;&bull;&#8195;</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">creates,
    alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;&bull;&#8195;</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">alters
    or abolishes any preemptive right granted by law and not disseated by the articles of incorporation of such holder to acquire shares
    or other securities; or</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;&bull;&#8195;</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P></TD>
    <TD STYLE="text-align: justify; width: 1%; border-right: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; width: 1%; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 48%; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
    do not have appraisal rights due to an amendment of the company&rsquo;s certificate of incorporation unless provided for in such
    certificate.</FONT></TD>
    <TD STYLE="text-align: justify; width: 1%; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT>&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD></TR>
  </TABLE>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="shareseligibleforfuturesale"></A>SHARES ELIGIBLE FOR FUTURE SALE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">Our Common Shares being
distributed in this offering will be freely transferable, except for Common Shares held by persons that are our &ldquo;affiliates&rdquo;
as defined in the rules under the Securities Act. Affiliates are individuals or entities that control, are controlled by or are under
common control with us, and may include our officers, directors and principal shareholders. Common Shares held by affiliates may only
be sold pursuant to an effective registration statement under the Securities Act or Rule 144 under the Securities Act. We cannot predict
whether substantial amounts of our Common Shares will be sold in the open market following this offering. Sales of substantial amounts
of our Common Shares in the public market, or the perception that substantial sales may occur, could lower the market price for our Common
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In the Spin-Off distribution we expect to distribute approximately 3,057,337 Common Shares. These Common Shares will be freely tradable without restriction or further
registration or qualifications under the Securities Act except for Common Shares held by persons that are our affiliates as described
above. In addition, we have agreed to issue 75,000 Common Shares in the Private Placement, which shares may only be resold pursuant to
an effective registration statement under the Securities Act or Rule 144 under the Securities Act and will be subject to lock-up restrictions
on resale for a period of 45 days following the commencement of trading of the Common Shares on an exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Future sales of substantial
amounts of our Common Shares in the public market after this offering, or the possibility of these sales occurring, could adversely affect
the prevailing market prices for our Common Shares and could impair our ability to raise equity capital through the sale of our equity
securities in the future.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The following is a summary
of the material U.S. federal income tax and Marshall Islands tax consequences of the ownership and disposition of our Common Shares as
well as the material U.S. federal and Marshall Islands income tax consequences applicable to us and our operations. The discussion below
of the U.S. federal income tax consequences to &ldquo;U.S.&nbsp;Holders&rdquo; will apply to a beneficial owner of our Common Shares that
is treated for U.S. federal income tax purposes as:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">an individual citizen or resident of the United States; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized (or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">an estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">a trust if (i) a U.S. court can exercise primary supervision over the trust&rsquo;s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">If you are not described as a U.S.
Holder and are not an entity treated as a partnership or other pass-through entity for U.S. federal income tax purposes, you will be considered
a &ldquo;Non-U.S. Holder.&rdquo; The U.S. federal income tax consequences applicable to Non-U.S. Holders is described below under the
heading &ldquo;&mdash;United States Federal Income Taxation of Non-U.S. Holders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">This discussion does not consider
the tax treatment of partnerships or other pass-through entities or persons who hold our Common Shares through such entities. If a partnership
(or other entity classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of our Common Shares, the U.S.
federal income tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities of
the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">This summary is based on the U.S.
Internal Revenue Code of 1986, as amended, or the Code, its legislative history, Treasury Regulations promulgated thereunder, published
rulings and court decisions, all as currently in effect. These authorities are subject to change, possibly on a retroactive basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">This summary does not address all
aspects of U.S. federal income taxation that may be relevant to any particular holder based on such holder&rsquo;s individual circumstances.
In particular, this discussion considers only holders that will own and hold our Common Shares as capital assets within the meaning of
Section&nbsp;1221 of the Code and does not address the potential application of the alternative minimum tax or the U.S. federal income
tax consequences to holders that are subject to special rules, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">financial institutions or &ldquo;financial services entities&rdquo;; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">broker-dealers; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">taxpayers who have elected mark-to-market accounting for U.S. federal income tax purposes; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">tax-exempt entities; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">governments or agencies or instrumentalities thereof; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">insurance companies; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">regulated investment companies; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">real estate investment trusts; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">certain expatriates or former long-term residents of the United States; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">persons that actually or constructively own 10% or more (by vote or value) of our shares; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">persons that own shares through an &ldquo;applicable partnership interest&rdquo;; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">persons required to recognize income for U.S. federal income tax purposes no later than when such income is reported on an &ldquo;applicable financial statement&rdquo;; </FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; width: 27px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">persons that hold our Common Shares as part of a straddle, constructive sale, hedging, conversion or other integrated transaction; or </FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; width: 27px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">persons whose functional currency is not the U.S. dollar. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">This summary does not address any
aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U.S., non-Marshall Islands tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">We have not sought, nor do we intend
to seek, a ruling from the Internal Revenue Service, or the IRS, as to any U.S. federal income tax consequence described herein. The IRS
may disagree with the description herein, and its determination may be upheld by a court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Because of the complexity of the
tax laws and because the tax consequences to any particular holder of our Common Shares may be affected by matters not discussed herein,
each such holder is urged to consult with its tax advisor with respect to the specific tax consequences of the ownership and disposition
of our Common Shares, including the applicability and effect of state, local and non-U.S. tax laws, as well as U.S. federal tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>United States Federal Income Tax Consequences </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Taxation of Operating Income in General </I></B></P>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">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, code 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: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 0pt 0pt; text-align: justify; text-indent: 0.35in">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: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">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: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">In the absence
of exemption from tax under Section 883 of the Code, our gross U.S.-source shipping income generally would be subject to a 4% tax imposed
without allowance for deductions as described below.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Exemption of Operating Income from United States Federal Income Taxation</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Under Section 883 of the Code and the Treasury Regulations
thereunder, we will be exempt from U.S. federal income tax on our U.S.-source shipping income <FONT STYLE="letter-spacing: -0.25pt">if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.1pt"></TD><TD STYLE="width: 14.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            are organized in a foreign country, or our <FONT STYLE="letter-spacing: -0.05pt">&ldquo;</FONT>country
                                            of organization&rdquo;, that grants an &ldquo;equivalent exemption&rdquo; to corporations
                                            organized in the United States; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.1pt"></TD><TD STYLE="width: 14.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">either</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.6pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

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



<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 62.25pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.05pt"></TD><TD STYLE="width: 13.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 62.25pt"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.35in">The Marshall Islands, the jurisdiction
where we and the Rubico Predecessor are incorporated, grants an &ldquo;equivalent exemption&rdquo; to U.S. corporations. Therefore, we
will be exempt <FONT STYLE="letter-spacing: -0.2pt">from</FONT> 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 <FONT STYLE="letter-spacing: -0.2pt">met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">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). We believe that the Rubico Predecessor satisfied the 50% Ownership
Test for the 2024 taxable year and took this position on our U.S. federal income tax return for the 2024 year. This is a factual
determination made on an annual basis, and no assurance can be given that we will satisfy the 50% Ownership Test in future taxable years.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.15pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 4.05pt 0pt 0pt; text-align: justify; text-indent: 0.35in">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. We anticipate that our Common Shares,
which are our sole class of issued and outstanding stock that is traded, will be &ldquo;primarily traded&rdquo; on Nasdaq, which is an
established securities market for this purpose. 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 generally 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 NYSE American LLC 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 2024 taxable year, and accordingly, our Parent did not satisfy the listing threshold
for the 2024 taxable year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">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.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 7.1pt 0 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>


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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">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: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our U.S.-source shipping income would
be considered &ldquo;effectively connected&rdquo; with the conduct of a U.S. trade or business only <FONT STYLE="letter-spacing: -0.25pt">if:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 45.45pt"></TD><TD STYLE="text-align: justify; width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We have, or are considered to have, a fixed place of business in the United States involved in the earning
of shipping income; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 45.45pt"></TD><TD STYLE="text-align: justify; width: 12.6pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-size: 10pt">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 in the case of leasing income, is attributable
to such fixed place of business in the United States.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">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 <FONT STYLE="letter-spacing: -0.5pt">a</FONT>
U.S. trade or <FONT STYLE="letter-spacing: -0.1pt">business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>United States Taxation of Gain on Sale of a Vessel </I></B></P>

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

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">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: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>United States Federal Income Taxation of U.S. Holders</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The following represents the opinion of our United States counsel, Watson
Farley &amp; Williams LLP, and is a summary of the material U.S. federal income tax consequences to U.S. Holders of the ownership and
disposition of our Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Taxation of Distributions Paid on Common Shares </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Subject to the passive foreign
investment company, or PFIC, rules discussed below, any distributions made by us with respect to Common Shares to a U.S. Holder will generally
constitute dividends, which may be taxable as ordinary income or &ldquo;qualified dividend income&rdquo; as described in more detail below,
to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions
in excess of our earnings and profits will be treated first as a non-taxable return of capital to the extent of the U.S. Holder&rsquo;s
tax basis in his or her 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 generally not be entitled to claim a dividends-received deduction with respect to any distributions
they receive from us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Dividends paid on Common Shares
to a U.S. Holder which is an individual, trust, or estate (a &ldquo;U.S.&nbsp;Non-Corporate Holder&rdquo;) will generally be treated as
&ldquo;qualified dividend income&rdquo; that is taxable to such shareholders at preferential U.S. federal income tax rates provided that
(1) the Common Shares are readily tradable on an established securities market in the United States (such as Nasdaq on which our Common
Shares are listed); (2) we are not a passive foreign investment company, or PFIC, for the taxable year during which the dividend is paid
or the immediately preceding taxable year (which we do not
expect to be); (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) certain other conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Any dividends paid by us which
are not eligible for these preferential rates will be taxed as ordinary income to a U.S. Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Special rules may apply to any
&ldquo;extraordinary dividend&rdquo;&mdash;generally, a dividend in an amount which is equal to or in excess of 10% of a shareholder&rsquo;s
adjusted basis in a Common Share&mdash;paid by us. 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.&nbsp;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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Sale, Exchange or other Disposition of Common Shares </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Assuming we do not constitute a
PFIC for any taxable year, 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.&nbsp;Holder&rsquo;s tax basis in such Common Shares. Such gain or loss will be treated as long-term capital gain or loss
if the U.S. Holder&rsquo;s holding period in the Common Shares is greater than one year at the time of the sale, exchange or other disposition.
A U.S. Holder&rsquo;s ability to deduct capital losses is subject to certain limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Passive Foreign Investment Company Rules </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Special U.S. federal income tax
rules apply to a U.S. Holder that holds stock or is treated as holding stock by application of certain attribution rules (for instance,
treating warrants as 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">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 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">at least 50% of the average value of the assets held by us during such taxable year produce, or is held for the production of, passive income. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">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 companies in which we own at least 25% of the value of the subsidiary&rsquo;s stock or other ownership interest. Income earned,
or deemed earned, by us in connection with the performance of services should not constitute passive income. By contrast, rental income,
which includes bareboat hire, would generally constitute &ldquo;passive income&rdquo; unless we are treated under specific rules as deriving
rental income in the active conduct of a trade or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">We believe that the Rubico Predecessor
was not a PFIC for its 2024 taxable year and we do not expect to be treated as a PFIC in the current or subsequent taxable years. Although
there is no legal authority directly on point, our belief is based principally on the position that, for purposes of determining whether
we are a PFIC, 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, we believe that such income does 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 vessels, do not constitute passive assets for purposes of determining whether we are a PFIC. 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, there is also authority which characterizes
time charter income as rental income rather than services income for other tax purposes. It should be noted that in the absence of any
legal authority specifically relating to the statutory provisions governing PFICs, the IRS or a court could disagree with this position.
In addition, although we intend to conduct our affairs in a manner so as to avoid being classified as a PFIC&nbsp;with respect to any
taxable year, there can be no assurance that the nature of our operations will not change in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">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 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 an alternative to making a QEF&nbsp;election, a U.S. Holder should be able to make a &ldquo;mark-to-market&rdquo;
election with respect to the Common Shares, as discussed below. In addition, if we were to be treated as a PFIC, a U.S. Holder would be
required to file an IRS&nbsp;Form&nbsp;8621 with respect to such holder&rsquo;s Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Taxation of U.S. Holders Making a Timely QEF Election </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">If a U.S. Holder of our Common
Shares makes a timely QEF election, which U.S. Holder is referred to as an &ldquo;Electing Holder,&rdquo; the Electing Holder must report
each year for U.S. federal income tax purposes its pro rata share of our ordinary earnings and its 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 received from us
by 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 the Common Shares. A U.S. Holder would make a QEF election with respect
to any year that we are a PFIC by filing IRS Form&nbsp;8621 with its U.S. federal income tax return. After the end of each taxable year,
we will determine whether we were a PFIC for such taxable year. If we determine or otherwise become aware that we are a PFIC for any taxable
year, we will use commercially reasonable efforts to provide each U.S. Holder with all necessary information, including a PFIC Annual
Information Statement, in order to enable such holder to make a QEF election for such taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Taxation of U.S. Holders Making a &ldquo;Mark-to-Market&rdquo; Election
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Alternatively, if we were to be
treated as a PFIC for any taxable year and, as anticipated, our Common Shares are treated as &ldquo;marketable stock,&rdquo; a U.S. Holder
of our Common Shares would be allowed to make a &ldquo;mark-to-market&rdquo; election with respect to our Common Shares. If that 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. The U.S.&nbsp;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 the Common
Shares over its 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. A U.S. Holder&rsquo;s tax basis in its Common Shares would be adjusted to reflect any such
income or loss amount. Gain realized on the sale, exchange or other disposition of the Common Shares would be treated as ordinary income,
and any loss realized on the sale, exchange 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 by the U.S. Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Finally, if we were to be treated
as a PFIC for any taxable year, a U.S. Holder who does not make either a QEF&nbsp;election or a &ldquo;mark-to-market&rdquo; election
for that year, whom we refer to as a &ldquo;Non-Electing Holder,&rdquo; would be subject to special rules with respect to (1) any excess
distribution (i.e., the portion of any distributions received by the Non-Electing Holder on our Common Shares in a taxable year in excess
of 125 percent 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 our Common Shares), and (2) any gain realized on the sale, exchange or other disposition
of our Common Shares. Under these special rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">the excess distribution or gain would be allocated ratably over the Non-Electing Holder&rsquo;s aggregate holding period for our Common Shares; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">the amount allocated to the current taxable year and any taxable year before we became a passive foreign investment company would be taxed as ordinary income; and </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">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 deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.</FONT></TD></TR>
  </TABLE>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">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 our Common Shares. If a Non-Electing Holder who is an individual dies while owning our Common Shares, such Non-Electing
Holder&rsquo;s successor generally would not receive a step-up in tax basis with respect to such Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">A U.S. Holder that is an individual
or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, is subject to a 3.8% tax on the
lesser of (1) such U.S. Holder&rsquo;s &ldquo;net investment income&rdquo; (or&nbsp;undistributed &ldquo;net investment income&rdquo;
in the case of estates and trusts) for the relevant taxable year and (2) the excess of such U.S. Holder&rsquo;s modified adjusted gross
income for the taxable year over a certain threshold (which in the case of individuals will be between $125,000 and $250,000, depending
on the individual&rsquo;s circumstances). A U.S. Holder&rsquo;s net investment income will generally include its gross dividend income
and its net gains from the disposition of the Common Shares, unless such dividends or net gains are derived in the ordinary course of
the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). Net investment
income generally will not include a U.S. Holder&rsquo;s pro rata share of the Company&rsquo;s income and gain (if we are a PFIC and that
U.S. Holder makes a QEF election, as described above in &ldquo;&mdash;Taxation of U.S. Holders Making a Timely QEF Election&rdquo;). However,
a U.S. Holder may elect to treat inclusions of income and gain from a QEF election as net investment income. Failure to make this election
could result in a mismatch between a U.S. Holder&rsquo;s ordinary income and net investment income. If you are a U.S. Holder that is an
individual, estate or trust, you are urged to consult your tax advisor regarding the applicability of the net investment income tax to
your income and gains in respect of your investment in our Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>United States Federal Income Taxation of Non-U.S. Holders </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Dividends paid to a Non-U.S. Holder
with respect to our Common Shares generally should not be subject to U.S.&nbsp;federal income tax, unless the dividends are effectively
connected with the Non-U.S. Holder&rsquo;s conduct of a trade or business within the United States (and, if required by an applicable
income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains in the United States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">In addition, a Non-U.S. Holder
generally should not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition of our Common Shares
unless such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable
income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains in the United States) or the
Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of sale or other disposition
and certain other conditions are met (in which case such gain from United States sources may be subject to tax at a 30% rate or a lower
applicable tax treaty rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Dividends and gains that are effectively
connected with the Non-U.S. Holder&rsquo;s conduct of a trade or business in the United States (and, if required by an applicable income
tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally should be subject to tax in the
same manner as for a U.S. Holder and, if the Non-U.S. Holder is a corporation for U.S. federal income tax purposes, it also may be subject
to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">In general, information reporting
for U.S. federal income tax purposes should apply to distributions made on our Common Shares within the United States to a non-corporate
U.S. Holder and to the proceeds from sales and other dispositions of our Common Shares to or through a U.S. office of a broker by a non-corporate
U.S. Holder. Payments made (and sales and other dispositions effected at an office) outside the United States will be subject to information
reporting in limited circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">In addition, backup withholding
of U.S. federal income tax, currently at a rate of 24%, generally should apply to distributions paid on our Common Shares to a non-corporate
U.S. Holder and the proceeds from sales and other dispositions of our Common Shares by a non-corporate U.S. Holder, who:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">fails to provide an accurate taxpayer identification number; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">is notified by the IRS that backup withholding is required; or </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">fails in certain circumstances to comply with applicable certification requirements. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">A Non-U.S. Holder generally may
eliminate the requirement for information reporting and backup withholding by providing certification of its foreign status, under penalties
of perjury, on a duly executed applicable IRS&nbsp;Form&nbsp;W-8 or by otherwise establishing an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Backup withholding is not an additional
tax. Rather, the amount of any backup withholding generally should be allowed as a credit against a U.S. Holder&rsquo;s or a Non-U.S.
Holder&rsquo;s U.S. federal income tax liability and may entitle such holder to a refund, provided that certain required information is
timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">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&nbsp;defined in Section&nbsp;6038D of the Code) are required to file IRS
Form&nbsp;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 Common Shares
are held through an account maintained with a U.S. financial institution. Substantial penalties apply to any failure to timely file IRS
Form&nbsp;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&nbsp;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. 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">The following represents the opinion
of our Marshall Islands counsel, Watson Farley &amp; Williams LLP, and is a summary of the material Marshall Islands tax consequences
of the ownership and disposition of our Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">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, no Marshall Islands
withholding tax will be imposed upon payment of dividends by us to its shareholders, and holders of our Common Shares that are not residents
of or domiciled or carrying on any commercial activity in the Republic of the Marshall Islands will not be subject to Marshall Islands
tax on the sale or other disposition of our Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Common Shares offered
by this prospectus are being offered by the Selling Shareholder. The shares may be sold or distributed from time to time by the Selling
Shareholder directly to one or more purchasers or through brokers, dealers, or underwriters who may act solely as agents at market prices
prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices, or at fixed prices, which may
be changed. The sale of the Common Shares offered by this prospectus could be effected in one or more of the following methods:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">ordinary brokers&rsquo; transactions; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">transactions involving cross or block trades; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">through brokers, dealers, or underwriters who may act solely as agents;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">&ldquo;at the market&rdquo; into an existing market for our Common Shares;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">in other ways not involving market makers or established business markets,
including direct sales to purchasers or sales effected through agents; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">in privately negotiated transactions; or </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 32.85pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-size: 7pt">&bull;</FONT></TD><TD STYLE="padding-right: 7.15pt"><FONT STYLE="font-size: 10pt">any combination of the foregoing. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">In order to comply with
the securities laws of certain states, if applicable, the shares may be sold only through registered or licensed brokers or dealers. In
addition, in certain states, the shares may not be sold unless they have been registered or qualified for sale in the state or an exemption
from the state&rsquo;s registration or qualification requirement is available and complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">The Selling Shareholder
is an &ldquo;underwriter&rdquo; within the meaning of Section 2(a)(11) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">BRPC II has informed us
that it presently anticipates using, but is not required to use, BRS, a registered broker-dealer and FINRA member and an affiliate of
BRPC II, as a broker to effectuate resales, if any, of our Common Shares that it may acquire from us pursuant to the Purchase Agreement,
and that it may also engage one or more other registered broker-dealers to effectuate resales, if any, of such Common Shares that it may
acquire from us. Such resales will be made at prices and at terms then prevailing or at prices related to the then current market price.
Each such registered broker-dealer will be an underwriter within the meaning of Section 2(a)(11) of the Securities Act. BRPC II has informed
us that each such broker-dealer it engages to effectuate resales of our Common Shares on its behalf, excluding BRS, may receive commissions
from BRPC II for executing such resales for BRPC II and, if so, such commissions will not exceed customary brokerage commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0.5in">BRPC II is an affiliate
of BRS, a registered broker-dealer and FINRA member, which will act as an executing broker that will effectuate resales of our Common
Shares that may be acquired by BRPC II from us pursuant to the Purchase Agreement to the public in this offering. Because BRPC II will
receive all the net proceeds from such resales of our Common Shares made to the public through BRS, BRS is deemed to have a &ldquo;conflict
of interest&rdquo; within the meaning of FINRA Rule 5121. Consequently, this offering will be conducted in compliance with the provisions
of FINRA Rule 5121, which requires that a &ldquo;qualified independent underwriter,&rdquo; as defined in FINRA Rule 5121, participate
in the preparation of the registration statement that includes this prospectus and exercise the usual standards of &ldquo;due diligence&rdquo;
with respect thereto. Accordingly, we have engaged the QIU to be the qualified independent underwriter in this offering and, in such capacity,
participate in the preparation of the registration statement that includes this prospectus and exercise the usual standards of &ldquo;due
diligence&rdquo; with respect thereto. BRPC II shall pay the QIU a cash fee of upon the initial filing of the registration statement that
includes this prospectus with the SEC as consideration for its services and to reimburse certain expenses incurred in connection with
acting as the qualified independent underwriter in this offering. In accordance with FINRA Rule 5110, the cash fee and expense reimbursement
to be paid to the QIU for acting as the qualified independent underwriter in this offering are deemed to be underwriting compensation
in connection with sales of our Common Stock by BRPC II to the public. The QIU will receive no other compensation for acting as the qualified
independent underwriter in this offering. In accordance with FINRA Rule 5121, BRS is not permitted to sell shares of our Common Stock
in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account
holder.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Except as set forth above,
we know of no existing arrangements between the Selling Shareholder and any other shareholder, broker, dealer, underwriter or agent relating
to the sale or distribution of the Common Shares offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Brokers, dealers, underwriters
or agents participating in the distribution of the Common Shares offered by this prospectus may receive compensation in the form of commissions,
discounts, or concessions from the purchasers, for whom the broker-dealers may act as agent, of the shares sold by the Selling Shareholder
through this prospectus. The compensation paid to any such particular broker-dealer by any such purchasers of Common Shares sold by the
Selling Shareholder may be less than or in excess of customary commissions. Neither we nor the Selling Shareholder can presently estimate
the amount of compensation that any agent will receive from any purchasers of Common Shares sold by the Selling Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We may from time to time
file with the SEC one or more supplements to this prospectus or amendments to the registration statement of which this prospectus forms
a part to amend, supplement or update information contained in this prospectus, including, if and when required under the Securities Act,
to disclose certain information relating to a particular sale of shares offered by this prospectus by the Selling Shareholder, including
with respect to any compensation paid or payable by the Selling Shareholder to any brokers, dealers, underwriters or agents that participate
in the distribution of such shares by the Selling Shareholder, and any other related information required to be disclosed under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We will pay the expenses
incident to the registration under the Securities Act of the offer and sale of the Common Shares covered by this prospectus by the Selling
Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As consideration for
the Selling Shareholder&rsquo;s irrevocable commitment to purchase our Common Shares at our direction under the Purchase Agreement,
we agreed to pay a Commitment Fee to the Selling Shareholder of $300,000, equal to 1% of the full amount of the maximum gross
proceeds under the Purchase Agreement. The Commitment Fee shall be payable to the Selling Shareholder upon the earlier of (i) the
settlement of the first purchase, if any, that we direct the Selling Shareholder to make under the Purchase Agreement or (ii) 90
days after the Closing Date. Notwithstanding the foregoing, if we do not direct the Selling Shareholder to make any purchases under
the Purchase Agreement, or if the Commencement does not occur, then we have agreed to pay the Commitment Fee to the Selling
Shareholder within three trading days following the termination of the Purchase Agreement in accordance with its terms. In
accordance with FINRA Rule 5110, the $300,000 Commitment Fee is deemed to be underwriting compensation in connection with sales of
our shares of Common Shares by the Selling Shareholder to the public.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Furthermore, we have agreed
to reimburse the Selling Shareholder for the reasonable legal fees and disbursements of the Selling Shareholder&rsquo;s legal counsel
in an amount not to exceed $240,000 in connection with the transactions contemplated by the Purchase Agreement and the Registration Rights
Agreement, consisting of $150,000 paid prior to the filing of this registration statement and $7,500 per fiscal quarter, for a maximum
three-year term, in which we direct the Selling Shareholder to purchase our Common Shares, as contemplated by the Purchase Agreement and
the Registration Rights Agreement. In accordance with FINRA Rule 5110, these reimbursed fees and expenses are deemed to be underwriting
compensation in connection with sales of our Common Shares by the Selling Shareholder to the public. Moreover, in accordance with FINRA
Rule 5110, the 3% fixed discount to current market prices of our Common Shares reflected in the purchase prices payable by the Selling
Shareholder for our Common Shares that we may require it to purchase from us from time to time under the Purchase Agreement is deemed
to be underwriting compensation in connection with sales of our Common Shares by the Selling Shareholder to the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We also have agreed to indemnify
the Selling Shareholder and certain other persons against certain liabilities in connection with the offering of Common Shares offered
hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts required to
be paid in respect of such liabilities. The Selling Shareholder has agreed to indemnify us against liabilities under the Securities Act
that may arise from certain written information furnished to us by the Selling Shareholder specifically for use in this prospectus or,
if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons, we have been advised
that in the opinion of the SEC this indemnification is against public policy as expressed in the Securities Act and is therefore, unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We estimate that the total
expenses for the offering will be approximately $0.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder
has represented to us that at no time prior to the date of the Purchase Agreement has the Selling Shareholder, its sole member, any of
their respective officers, or any entity managed or controlled by the Selling Shareholder or its sole member, engaged in or effected,
in any manner whatsoever, directly or indirectly, for its own account or for the account of any of its affiliates, any short sale (as
such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of our Common Shares or any hedging transaction, which establishes
a net short position with respect to our Common&nbsp;Shares. The Selling Shareholder has agreed that during the term of the Purchase
Agreement, none of the Selling Shareholder, its sole member or any of their respective officers, or any entity managed or controlled
by the Selling Shareholder or its sole member, will enter into or effect, directly or indirectly, any of the foregoing transactions for
its own account or for the account of any other such person or entity.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We have advised the Selling
Shareholder that it is required to comply with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation M
precludes the Selling Shareholder, any affiliated purchasers, and any broker-dealer or other person who participates in the distribution
from bidding for or purchasing, or attempting to induce any person to bid for or purchase any security which is the subject of the distribution
until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order to stabilize the price of a
security in connection with the distribution of that security. All of the foregoing may affect the marketability of the securities offered
by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">This offering will terminate
on the date that all Common Shares offered by this prospectus have been sold by the Selling Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Our Common Shares are currently
listed on Nasdaq under the symbol &ldquo;RUBI&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The Selling Shareholder
and/or one or more of its affiliates has provided, currently provides and/or from time to time in the future may provide various investment
banking and other financial services for us and/or one or more of our affiliates that are unrelated to the transactions contemplated by
the Purchase Agreement and the offering of shares for resale by the Selling Shareholder to which this prospectus relates, for which investment
banking and other financial services they have received and may continue to receive customary fees, commissions and other compensation
from us, aside from any discounts, fees and other compensation that the Selling Shareholder has received and may receive in connection
with the transactions contemplated by the Purchase Agreement, including the $300,000 Commitment Fee we have agreed to pay to the Selling
Shareholder, (ii) the 3% fixed discount to current market prices of our Common Shares reflected in the purchase prices payable by the
Selling Shareholder for our Common Shares that we may require it to purchase from us from time to time under the Purchase Agreement, and
(iii) our reimbursement of up to an aggregate of $240,000 of the Selling Shareholder&rsquo;s legal fees ($150,000 paid prior to the filing
of this registration statement and $7,500 per fiscal quarter for the maximum three year term of the Purchase Agreement) in connection
with the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="serviceofprocess"></A>SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We are a Marshall Islands
corporation and our principal executive office is located outside of the United States in Athens, Greece.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Most of our directors and
officers and those of our subsidiaries are residents of countries other than the United States. Substantially all of our and our subsidiaries&rsquo;
assets and a substantial portion of the assets of our directors and officers are located outside the United States. As a result, it may
be difficult or impossible for United States investors to effect service of process within the United States upon us, our directors or
officers, our subsidiaries or to realize against us or them judgments obtained in United States courts, including judgments predicated
upon the civil liability provisions of the securities laws of the United States or any state in the United States. The Trust Company
of the Marshall Islands, Inc., Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands MH96960<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP></SUP></FONT>
as our registered agent, can accept service of process on our behalf in any such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">In addition, there is uncertainty
as to whether the courts of the Marshall Islands would (1) recognize or enforce against us, or our directors, or officers, judgments of
courts of the United States based on civil liability provisions of applicable U.S. federal and state securities laws; or (2) impose liabilities
against us or our directors and officers in original actions brought in the Marshall Islands, based on these laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="expensesrelating"></A>EXPENSES RELATING TO THIS OFFERING </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Set forth below is an itemization
of the total expenses, expected to be incurred in connection with the offer and sale of our Common Shares. Except for the SEC registration
fee, all amounts are estimates.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; width: 86%; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
    registration fee</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#8194;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; width: 12%; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,793</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINRA
    filing fee</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;&#8195;5,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
    fees and expenses</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;&#8195;&#8195;30,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    fees and expenses</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;&#8195;&#8195;&#8195;197,500</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing
    expenses</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;&#8195;&#8195;&#8195;5,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;&#8195;&#8195;&#8195;2,707</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total<SUP></SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">245,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">Certain legal matters with
respect to United States Federal and New York law and Marshall Islands law in connection with this offering will be passed upon for us
by Watson Farley &amp; Williams LLP, New York, New York. The Selling Shareholder is being represented by Duane Morris LLP, New York, New
York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The combined carve out financial
statements of Rubico Inc. Predecessor as of December 31, 2023 and 2024, and for each of the three years in the period ended December 31,
2024, 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 experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The office of Deloitte Certified
Public Accountants, S.A. is located at Fragoklissias 3a &amp; Granikou Street, Maroussi, Athens 151 25, Greece.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="additionalinfo"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a registration statement on Form&nbsp;F-1 under the Securities Act, including relevant exhibits and schedules, under the Securities Act
with respect to the securities offered by this prospectus. For the purposes of this section, the term registration statement on Form&nbsp;F-1
means the original registration statement on Form&nbsp;F-1 and any and all amendments including the schedules and exhibits to the original
registration statement or any amendment. This prospectus, which constitutes a part of the registration statement, does not contain all
of the information contained in the registration statement. Each statement made in this prospectus concerning a document filed as an exhibit
to the registration statement on Form&nbsp;F-1 is qualified by reference to that exhibit for a complete statement of its provisions. You
should read the registration statement on Form&nbsp;F-1 and its exhibits and schedules for further information with respect to us and
the securities offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">We are required to file
reports, including annual reports on Form&nbsp;20-F, and other information with the SEC. The SEC maintains a website that contains reports,
proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the
website is www.sec.gov. Additionally, we will make these filings available, free of charge, on our website at www.rubicoinc.com as soon
as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. The information on our website,
other than these filings, is not, and should not be, considered part of this prospectus and is not incorporated by reference into this
document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
we will be exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders, and our
executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained
in Section&nbsp;16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial
statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="Index"></A>RUBICO INC. PREDECESSOR</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INDEX TO COMBINED CARVE-OUT FINANCIAL STATEMENTS
</B></P>

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



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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%; text-align: center"><FONT STYLE="font-size: 10pt">Page</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_001"><FONT STYLE="font-size: 10pt">Report of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#f_001"><FONT STYLE="font-size: 10pt">F-2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_002"><FONT STYLE="font-size: 10pt">Combined carve-out balance sheets as of December 31, 2023 and 2024</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="#f_002">F-3</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_003"><FONT STYLE="font-size: 10pt">Combined carve-out statements of income for years ended December 31, 2022, 2023 and 2024</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="#f_003">F-4</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_004"><FONT STYLE="font-size: 10pt">Combined carve-out statements of changes in equity for the years ended December 31, 2022, 2023 and 2024</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="#f_004">F-5</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_005"><FONT STYLE="font-size: 10pt">Combined carve-out statements of cash flows for the
    years ended December 31, 2022, 2023 and 2024</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="#f_005">F-6</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_006"><FONT STYLE="font-size: 10pt">Notes to combined carve-out financial statements</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="#f_006">F-7</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; border-bottom: black 0.5pt solid"><FONT STYLE="background-color: white"><A NAME="f_001"></A>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">To the Board of Directors and Stockholders of
Rubico Inc.</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>Opinion on the Financial Statements</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">We have audited the accompanying combined carve-out
balance sheets of Rubico Inc. Predecessor (the &ldquo;Company&rdquo;) as of December 31, 2023 and 2024, the related combined carve-out
statements of income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2024 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, 2023 and 2024, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted
in the United States of America.</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>Basis for Opinion</B></P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">/s/&nbsp;Deloitte Certified Public Accountants
S.A.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">Athens, Greece</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">April 4, 2025</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">We have served as the Company&rsquo;s auditor
since 2022.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-align: justify"><FONT STYLE="font-size: 10pt"><B><A NAME="f_002"></A>RUBICO INC. PREDECESSOR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>COMBINED CARVE-OUT BALANCE SHEETS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>DECEMBER 31, 2023 AND 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of U.S. Dollars)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&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">December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="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">2023</TD><TD STYLE="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">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: justify">ASSETS</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: center">&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: center">&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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 10pt">CURRENT ASSETS:</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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 68%; font-size: 10pt; text-align: justify; padding-left: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">2,794</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">1,161</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Prepayments and other</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">181</TD><TD STYLE="font-size: 10pt; text-align: center">&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">127</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Trade accounts receivable</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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&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">229</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Due from related parties (Note 5)</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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&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">351</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Inventories</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">202</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">176</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total current assets</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">3,177</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</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">2,044</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">FIXED ASSETS:</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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Vessels, net (Note 4)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">114,550</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">110,369</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total fixed assets</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">114,550</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</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">110,369</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">OTHER NON CURRENT ASSETS:</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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Restricted cash (Note 7)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">1,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">1,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total non-current assets</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">1,000</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</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">1,000</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total assets</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">118,727</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</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">113,413</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: justify">LIABILITIES AND EQUITY</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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">CURRENT LIABILITIES:</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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Current portion of long-term debt (Note 7)</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">4,224</TD><TD STYLE="font-size: 10pt; text-align: center">&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">4,221</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Accounts payable</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">255</TD><TD STYLE="font-size: 10pt; text-align: center">&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">901</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Accrued liabilities</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">299</TD><TD STYLE="font-size: 10pt; text-align: center">&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">299</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Unearned revenue</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2,408</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2,195</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total current liabilities</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">7,186</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</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">7,616</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">NON-CURRENT LIABILITIES:</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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Non-current portion of long-term debt (Note 7)</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">75,808</TD><TD STYLE="font-size: 10pt; text-align: center">&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">71,580</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Unearned revenue</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">102</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 20pt">Total non-current liabilities</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">75,808</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">71,682</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">COMMITMENTS AND CONTINGENCIES (Note 8)</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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total liabilities</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">82,994</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</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">79,298</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">EQUITY:</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: center">&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: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Net parent investment (Note 1)</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">10,628</TD><TD STYLE="font-size: 10pt; text-align: center">&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">3,066</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Retained Earnings</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">25,105</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">31,049</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total equity</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">35,733</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</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">34,115</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total liabilities and equity</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">118,727</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</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">113,413</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>



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<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><A NAME="f_003"></A>RUBICO INC. PREDECESSOR</B></FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>COMBINED CARVE-OUT STATEMENTS OF INCOME</B></FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><B>YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of U.S. Dollars)</B></FONT> &nbsp; &nbsp; &nbsp;</P>



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<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" 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">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; font-weight: bold; text-align: justify">Revenues (Note 14)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">24,784</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">24,478</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">24,205</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 COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">EXPENSES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; width: 52%; font-size: 10pt; text-align: justify">Voyage expenses (including $310, $310 and $302 respectively, to related party) (Note 5)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">508</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 12%; font-size: 10pt; text-align: center">508</TD><TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 12%; font-size: 10pt; text-align: center">495</TD><TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Vessel operating expenses (including $3, $13 and $14 respectively, to related party) (Note 5 and 10)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">4,901</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">4,816</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">4,655</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Vessel depreciation (Note 4)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">4,480</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">4,480</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">4,181</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Management fees-related party (Note 5)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">528</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">550</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">567</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">General and administrative expenses (Note 5 and 9)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">394</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">1,688</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">1,887</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; font-weight: bold; text-align: justify">Operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">13,973</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">12,436</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">12,420</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&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="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">OTHER EXPENSES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Interest and finance costs (Note 11)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(3,312)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">(5,867)</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">(6,501)</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">62</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">25</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; font-weight: bold; text-align: justify">Total other expenses, net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(3,312)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">(5,805)</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">(6,476)</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">10,661</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">6,631</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">5,944</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><A NAME="f_004"></A>RUBICO INC. PREDECESSOR </B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>COMBINED CARVE-OUT STATEMENTS OF CHANGES IN EQUITY</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of U.S. Dollars)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" 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">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">Net Parent Investment</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">Retained Earnings</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; font-weight: bold; text-align: left">BALANCE, December 31, 2021</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; font-weight: bold; text-align: center">46,697</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; font-weight: bold; text-align: center">7,813</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; font-weight: bold; text-align: center">54,510</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">10,661</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">10,661</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net decrease in Net Parent Investment (Note 2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(10,472)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(10,472)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">BALANCE, December 31, 2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">36,225</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">18,474</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">54,699</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">6,631</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">6,631</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net decrease in Net Parent Investment (Note 2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(25,597)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(25,597)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">BALANCE, December 31, 2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">10,628</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">25,105</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">35,733</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">5,944</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">5,944</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net decrease in Net Parent Investment (Note 2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(7,562)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(7,562)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">BALANCE, December 31, 2024</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,066</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">31,049</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">34,115</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

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<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><A NAME="f_005"></A>RUBICO INC. PREDECESSOR</B></FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; 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" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash Flows from Operating Activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; width: 52%; font-size: 10pt; text-align: justify">Net Income</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">10,661</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">6,631</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">5,944</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Vessel depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">4,480</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">4,480</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">4,181</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Amortization of deferred financing costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">180</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">713</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">195</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">(Increase)/Decrease in:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Inventories</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">5</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(31)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">26</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Trade accounts receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(5)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">5</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(229)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Prepayments and other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(8)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(117)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">54</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Due from related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(351)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Increase/(Decrease) in:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Accounts payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">71</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(180)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">753</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Accrued liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">152</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">36</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Unearned revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">303</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(111)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Net Cash provided by Operating Activities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">15,536</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">11,804</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">10,498</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&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="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash Flows from Investing Activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Advances for vessels under construction</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(85)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Net Cash used in Investing Activities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(85)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&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="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash Flows from Financing Activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Proceeds from debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">82,000</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Net payments to Parent company</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(10,472)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(25,597)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(7,562)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Principal payments of debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(5,460)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(5,028)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(4,400)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Prepayment of debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(61,150)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Payment of financing costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(1,668)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(169)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Net Cash used in Financing Activities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(15,932)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(11,443)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(12,131)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></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="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Net (decrease)/increase in cash and cash equivalents and restricted cash</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(481)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">361</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(1,633)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></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="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash and cash equivalents and restricted cash at beginning of the year</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,914</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,433</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,794</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&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="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash and cash equivalents and restricted cash at end of the year</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,433</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,794</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2,161</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&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="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash breakdown</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">2,433</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">2,794</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">1,161</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Restricted cash, current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Restricted cash, non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">1,000</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">1,000</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">1,000</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">SUPPLEMENTAL CASH FLOW INFORMATION</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&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="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Finance fees included in Accounts payable/Accrued liabilities/Due to related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">143</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Interest paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">2,974</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">5,327</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">6,154</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left">The accompanying notes are an integral part of these combined carve-out&nbsp;financial
statements.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 443.25pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 443.25pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><A NAME="f_006"></A>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Basis of Presentation and General Information</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The accompanying combined carve-out financial statements include three
wholly owned subsidiaries of Top Ships Inc. (the &ldquo;Parent&rdquo;): Roman Empire Inc., Athenean Empire Inc. and Rubico Inc. (in aggregate
defined as the &ldquo;Company&rdquo; or &ldquo;Rubico Inc. Predecessor&rdquo;). Roman Empire Inc. and Athenean Empire Inc. own two 157,000
dwt suezmax tankers, the M/T Eco West Coast and the M/T Eco Malibu, built in March and May 2021 respectively. Both vessels are time chartered
to Clearlake Shipping Pte Ltd.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 219.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Parent will contribute Roman Empire Inc. and Athenean Empire Inc. to
Rubico Inc. in connection with the spin-off in exchange for common shares in Rubico Inc., which the Parent intends to distribute to holders
of its common stock on a pro rata basis. Rubico Inc was formed on August 11, 2022 under the laws of the Republic of the Marshall Islands
to serve as the holding company of Roman Empire Inc. and Athenean Empire Inc.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The accompanying combined carve-out financial statements of the Company
include the historical carrying costs of the assets and the liabilities of Roman Empire Inc., Athenean Empire Inc. and Rubico Inc. from
their date of incorporation and an allocation of the Parent&rsquo;s General and administrative expenses and Management fees related party
(see Note 9 and 5). Both Roman Empire Inc. and Athenean Empire Inc. were incorporated on February 18, 2020 under the laws of the Marshall
Islands.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 349.25pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s vessels are managed by Central Shipping Inc. (&ldquo;CSI&rdquo;),
a related party affiliated with the family of Evangelos J. Pistiolis, the Parent&rsquo;s Chief Executive Officer, Director and President,
Mr. Evangelos J. Pistiolis.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 205.25pt">&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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Significant Accounting Policies</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 437.75pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Basis of presentation:</I></B> The accompanying combined carve-out
financial statements include the accounts of the Subsidiaries comprising the Company as discussed in Note 1. These combined carve-out
financial statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting
records of the Parent. The combined 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;) and
in conjunction with the rules and regulations of the Securities and Exchange Commission, or the SEC.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Intercompany accounts and transactions between the Subsidiaries and
the Parent have been treated and presented as Net parent investment in the accompanying combined carve-out balance sheets. Increases
in Net Parent Investments represent contributions from the parent and decreases in Net Parent Investments represent distribution
from the Company to the Parent. For the years ended December 31, 2022, 2023 and 2024 the Company transferred amounts of $10,472,
$25,597 and $7,562 respectively to the Parent consisting of operating cashflow surplus and for the year ended December 31, 2023
operating cashflow surplus and the net proceeds from the 2023 refinancing (Note 7). None of the Parent&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 combined
carve-out financial statements.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The combined carve-out statements of income reflect expense allocations
made to the Company by the Parent for certain corporate functions and for shared services provided by the Parent. These allocations were
made by the Parent on a pro-rata basis based on the number of calendar days of the Company&rsquo;s vessels to total calendar days of the
Parent&rsquo;s fleet. See Notes 5 and 9 for further information on expenses allocated by the Parent. Both the Company and the Parent 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 combined 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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Use of Estimates:</I></B> The preparation of the accompanying combined
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 combined 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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<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="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Foreign Currency Translation:</I></B> The Company&rsquo;s functional
currency is the U.S. Dollar because its vessels operate 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 statements of income.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Trade Accounts Receivable, net:</I></B> The amount shown as trade
accounts receivable, net at each balance sheet date, includes estimated recoveries from charterers for hire billings, net of a provision
for doubtful accounts and also accrued revenue resulting from straight-line revenue recognition of charter agreements that provide for
varying charter rates, as well as receivable European Union Allowances (&ldquo;EUAs&rdquo;) from charterers (see below). At each balance
sheet date, all potentially uncollectible accounts are assessed individually, combined with the application of a historical recoverability
ratio, for purposes of determining the appropriate provision for doubtful accounts. The Company assessed that it had no potentially uncollectible
accounts and hence formed no provision for doubtful accounts at December 31, 2023 and 2024 respectively.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Inventories:</I></B> Inventories consist of lubricants and paints
on board the vessels. 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,
which consists of the purchase price, is determined by the first in, first out method.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><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 vessels and compares it to the vessels 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 evaluation the Company conducted as of December 31, 2023 and 2024 showed that there are no impairment
indications for its vessels.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Vessel Depreciation:</I></B> Depreciation is calculated using the
straight-line method over the estimated useful life of the Company&rsquo;s vessels, after deducting the estimated salvage value. The vessels
salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, of $0.3 per lightweight ton. Effective January
1, 2024, the Company revised its scrap rate estimate from $0.3 to $0.43 per lightweight ton, in order to align the scrap rate estimate
with the current historical average scrap prices and to better reflect current market conditions. The change in this accounting estimate,
pursuant to ASC 250 &ldquo;Accounting Changes and Error Corrections&rdquo;, was applied prospectively and did not require retrospective
application. The effect of the increase in the estimated scrap rate resulted in a reduction in depreciation expense for the year ended
December 31, 2024 by $299. Management estimates the useful life of the Company's vessels 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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<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="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Dry-Docking Costs:</I></B> All dry-docking and special survey costs
are expensed in the period incurred.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><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 does not meet the criteria for debt extinguishment, is amortized over the term of the refinanced debt.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 409pt">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">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 and balances
resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">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 in the accompanying Statements of income.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="background-color: white"><B><I>Segment Reporting:&nbsp;</I></B>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. The Board of Directors of the Company, the chief operating decision makers, (&ldquo;CODM&rdquo;) assess performance
for the vessel operations segment and decides how to allocate resources based on Combined net income thus the Company has determined
that it operates under&nbsp;one&nbsp;reportable segment. The CODM do not use discrete financial information to evaluate the operating
results for each type of charter or vessel but is instead regularly provided with only the combined expenses as noted on the face of
the combined carve-out statements of income. Furthermore, when the Company charters a 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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<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="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="background-color: white"><B><I>Liability for European Union
Allowances (&ldquo;EUAs&rdquo;):</I></B> The maritime emissions trading scheme (&ldquo;ETS&rdquo;), applicable from January 1, 2024,
applies to all the shipowning companies of the Company and refers to emissions generated by intra-EU maritime voyages and emissions from
voyages which start or end at EU ports (but the other destination is outside the EU). Since the liability derives from the choice of
voyages which are directed, controlled and the benefit of which is attributed to our time charterers, the latter are responsible and
liable for securing the EUAs to settle the environmental credit obligations derived from voyages they performed. However, should they
fail to do so, the ultimate liability lies with the shipowning companies. As such the liability to purchase EUAs for voyages subject
to ETS performed by our vessels is presented by the Company under Accounts payable and the EUAs that are receivable by the Company from
our time charterers are presented under Trade accounts receivable in the accompanying combined carve-out balance sheets. Any EUAs that
have been paid into the EUA trading account of Central Mare Inc, a related party affiliated with the family of Evangelos J. Pistiolis,
by our Charterers are presented under Due from/to related parties (Note 5). Since the EU has set the first settlement of EUAs for the
2024 voyages subject to ETS on September 30, 2025, such receivables and liabilities have been presented as current. The receivable and
payable EUAs as well as the EUAs paid by our time charterers to our Central Mare Inc are considered a Level 1 item in the fair value
hierarchy (since the EUAs are quoted in an active market) and all such receivable and payable balances are presented at their fair value
as at the reporting date.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.8pt 0pt 0"><B><I>Recent Accounting Pronouncements: </I></B><FONT STYLE="background-color: white">In
November 2023, the Financial Accounting Standards Board (&ldquo;FASB&rdquo;) issued Accounting Standard Update (&ldquo;ASU&rdquo;) 2023-07,
which requires the disclosure of significant segment expenses that are part of an entity&rsquo;s segment measure of profit or loss and
regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures,
such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an
entity may disclose multiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15,
2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be adopted retrospectively.
The Company adopted ASU 2023-07 as of January 1, 2024 and its adoption had limited impact on the Company&rsquo;s combined carve-out financial
statements or disclosures with no impact to the Company&rsquo;s financial position or results of operations.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.8pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.8pt 0pt 0"><FONT STYLE="background-color: white">In November 2024, the FASB
issued ASU No. 2024-03, &ldquo;Income Statement&mdash;Reporting Comprehensive Income&mdash;Expense Disaggregation Disclosures (Subtopic
220-40)&rdquo;. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about
certain costs and expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026,
and interim reporting periods within annual reporting periods December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03
should be applied prospectively to financial statements issued for reporting periods after the effective date of this update, with retrospective
application to any or all prior periods presented in the financial statements permitted. The Company evaluated the impact of this ASU
on its combined carve-out financial statements and determined that there is no effect on its results of operations.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.8pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">There are no other recent accounting pronouncements the adoption of which
is expected to have a material effect on the Company&rsquo;s combined carve-out financial statements in the current or any future periods.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Going Concern</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 27.75pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company for the year ended December 31, 2024 realized net income of
$5,944 and generated cash flow from operations of $10,498. At December 31, 2024, the Company had a working capital deficit of $5,572,
which includes an amount of $2,195 of unearned revenue. This amount represents current liabilities that do not require future cash settlement.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">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 combined carve-out financial statements. Consequently, the combined 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-size: 10pt; text-align: justify; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<!-- Field: Page; Sequence: 140; Value: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 27pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 27pt; font-size: 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2.25pt"></TD>
    <TD STYLE="width: 25.5pt"><B>4.</B></TD>
    <TD STYLE="text-align: justify"><B>Vessels, net&#9;</B></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 27pt; font-size: 10pt; text-align: justify"></P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amounts in the balance sheets are analyzed as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="vertical-align: middle; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel Cost</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Depreciation</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Book Value</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left; width: 23%"><FONT STYLE="font-size: 10pt"><B>Balance, December 31, 2022</B></FONT></TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 22%">126,646</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 21%">(7,616)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%"></TD><TD STYLE="font-size: 10pt; font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 21%">119,030</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&mdash;Depreciation</FONT></TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(4,480)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(4,480)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Balance, December 31, 2023</B></FONT></TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">126,646</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(12,096)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">114,550</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&mdash;Depreciation</FONT></TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(4,181)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(4,181)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Balance, December 31, 2024</B></FONT></TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">126,646</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(16,277)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">110,369</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 455.1pt">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of December 31, 2024 the titles of ownership of both our vessels are
held by the respecting vessel lenders to secure the relevant sale and lease back financing transactions (see Note 7).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Transactions with Related Parties</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 5.2in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in"><B><I>CSI Management Agreement:</I></B> On May 28, 2020, the
Company entered into two management agreements, one for each vessel, with CSI (the &ldquo;CSI Management Agreement&rdquo;). 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-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">Pursuant to the CSI Management Agreement, the Company pays a
management fee of $651 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) $592 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 will perform supervision services for any newbuilding
vessels while the vessels are under construction, for which the Company will pay CSI 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; margin: 0pt 0 0pt 0.25in; text-indent: 209.55pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">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 it 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-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in; text-indent: 396.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">As of December 31, 2023 and 2024, the Company did not owe any amounts to
CSI. The fees charged by and expenses relating to CSI for the years ended December 31, 2022, 2023 and 2024 are as follows</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 3.3pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font-size: 10pt; margin-left: 0.25in">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year ended December 31,</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 19%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 65%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Presented in:</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Management fees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">438</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">460</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">477</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Management fees &ndash; related parties &ndash;Statements of income</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Superintendent fees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Vessel operating expenses &ndash; Statements of income</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <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">90</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">90</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">90</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Management fees &ndash; related parties &ndash; Statements of income</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <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">164</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="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 STYLE="background-color: rgb(204,238,255)">
    <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">310</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">310</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">302</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Voyage expenses - Statements of income</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <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>841</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>1,037</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>883</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 21.3pt">*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 vessels to total calendar
days of the Parent&rsquo;s fleet.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 27pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in"><B><I>Central Mare:</I></B> The Parent has agreed with Central Mare Inc to manage and collect on its
behalf all of the EUAs due to the Parent from the Parent&rsquo;s (and hence the Company&rsquo;s) charterers. As of December 31, 2023 and
2024, the amounts due from Central Mare Inc were $- and $351 respectively, referring exclusively to EUA&rsquo;s collected on the Company&rsquo;s
behalf from the Company&rsquo;s charterers. Such amount is included in Due from related parties in the accompanying combined carve-out
balance sheets.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 27pt; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify; text-indent: 27pt">&nbsp;</P>

<!-- Field: Page; Sequence: 141; Value: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify; text-indent: 27pt">&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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Leases</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Lease arrangements, under which the Company acts as the lessor</B></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">During the years ended December 31, 2023 and 2024, the Company operated
two vessels (M/T&rsquo;s Eco West Coast and Eco Malibu) under time charters with Clearlake Shipping Pte Ltd (&ldquo;Clearlake&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 220pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Future minimum time-charter receipts of the Company&rsquo;s vessels in
operation as of December 31, 2024, based on commitments relating to its non-cancellable time charter contracts as of December 31, 2024,
are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 54%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year ending December 31,</B></FONT></TD>
    <TD STYLE="width: 46%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Time Charter receipts</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">23,980</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2026</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">14,027</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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>38,007</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">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-size: 10pt; text-align: justify; margin: 0pt 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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Debt</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amounts in the balance sheets are analyzed as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Bank / Vessel</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total long term debt:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 68%; font-size: 10pt; text-align: left">AVIC Facility (M/T Eco West Coast)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">40,817</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">38,617</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Huarong Facility (M/T Eco Malibu)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">41,000</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">38,800</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total long term debt</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">81,817</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">77,417</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Less: Deferred finance fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(1,785) </TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(1,616) </TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total long term debt net of deferred finance fees</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">80,032</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">75,801</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Presented:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current portion of long term debt</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">4,224</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">4,221</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Long term debt</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">75,808</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">71,580</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total Debt net of deferred finance fees</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">80,032</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">75,801</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">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. This facility was drawn down in full. The credit facility was 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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The facility contained various covenants, including (i) an asset cover
ratio of 125% applicable to the vessel owning company, (ii) a ratio of total net debt to the aggregate market value of the fleet applicable
to the Company and to the Parent, current or future, of no more than 75% and minimum free liquidity of $500 per delivered vessel owned/operated
applicable to the Company and to the Parent. Additionally, the facility contained restrictions on the vessel owning company from incurring
further indebtedness or guarantees and change of control provisions, whereby Mr. Evangelos J. Pistiolis together with entities affiliated
with him could not control less than 50.1% of the voting rights of the Parent. It also restricted the shipowning company and the Parent
from paying dividends if such a payment would 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;</P>

<!-- Field: Page; Sequence: 142; Value: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<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="font-size: 10pt; text-align: justify; margin: 0pt 0">The facility was secured as follows:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First priority mortgage
over M/T Eco Malibu;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment of insurance
and earnings of the mortgaged vessel;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific assignment of
any time charters with duration of more than 12 months;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate guarantee of
the Parent;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge of the shares of
the shipowning subsidiary;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge over the earnings
account of the vessel.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The facility bore interest at LIBOR plus a margin of 3.00%. On June 9,
2023 Alpha Bank switched the facility&rsquo;s variable rate from LIBOR to Term SOFR. On December 21, 2023 the facility was fully prepaid
using part of the proceeds from the Huarong facility (see below) and the Company accelerated the amortization of $225 of deferred finance
fees outstanding relating to the facility.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I><U>ABN Facility</U></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; margin: 0pt 0">On March 18, 2021, the Company entered into a credit facility with ABN
Amro for $36,800 for the financing of the vessel M/T Eco West Coast. This facility was drawn down in full. The credit facility was repayable
in 24 consecutive quarterly installments of $615 commencing in June 2021, plus a balloon installment of $22,040 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; margin: 0pt 0">The facility contained various covenants, including (i) an asset cover
ratio of 125% applicable to the vessel owning company, (ii) a ratio of total net debt to the aggregate market value of the fleet applicable
to the Company and to the Parent, current or future, of no more than 75% (iii) minimum free liquidity of $500 per delivered vessel owned/operated
by the Parent, applicable to the Company and to the Parent and (iv) market adjusted total assets of the Parent minus total liabilities
to be at least $60,000. Additionally, the facility contained restrictions on the shipowning company incurring further indebtedness or
guarantees and change of control provisions, whereby Mr. Evangelos J. Pistiolis could not control less than 50.1% of the voting rights
of the Parent. It also restricted the shipowning company and the Parent from paying dividends if such a payment would 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;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The facility was secured as follows:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First priority mortgage
over M/T Eco West Coast;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment of insurance
and earnings of the mortgaged vessel;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific assignment of
any time charters with duration of more than 12 months;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate guarantee of
the Parent;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge of the shares of
the shipowning subsidiary;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge over the earnings
account of the vessel.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The facility bore interest at LIBOR plus a margin of 2.50%. From June 23,
2023 ABN Amro bank switched the facility&rsquo;s variable rate from LIBOR to Compounded SOFR. On December 14, 2023 the facility was fully
prepaid using part of the proceeds from the AVIC facility (see below) and the Company accelerated the amortization of $264 of deferred
finance fees outstanding relating to the facility.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><U>FINANCINGS COMMITTED UNDER SALE AND LEASEBACK AGREEMENTS</U></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">All the below sale and leaseback agreements (&ldquo;SLB&rdquo;s) contain,
customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements
including (i) a ratio of total net debt to the aggregate market value of the fleet applicable to the Company and to the Parent, current
or future, of no more than 75% and (ii) minimum free liquidity of $500 per delivered vessel owned/operated applicable to the Company and
to the Parent.</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; text-indent: 431.15pt"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 431.15pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Additionally, all the SLBs contain restrictions on the relative shipowning
company incurring further indebtedness or guarantees and paying dividends when in default or if such dividend payment would result in
an event of default or a termination event under the SLB agreements. The same dividend restrictions apply to the Company and the Parent
as well. All the SLBs have change of control provisions whereby there may not be a change of control of the Company, save with the prior
written consent of the financier.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Finally both Huarong and AVIC SLBs have an asset cover ratio covenant of
120%.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">All the below SLBs are secured mainly by the following:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of the vessel
financed;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment of insurances
and earnings of the vessel financed;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific assignment of
any time charters of the vessel financed with duration of more than 12 months;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate guarantee of
the Parent;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge of the shares of
the relative shipowning subsidiary;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge over the earnings
account of the vessel financed.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company transferred $19,050 to the Parent out of the net proceeds from
the below SLBs (after their previous facilities prepayment).</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 210.4pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On December 14, 2023 the Company consummated an SLB with AVIC International
Leasing Co. Ltd (&ldquo;AVIC&rdquo; and the &ldquo;AVIC Facility&rdquo;), for $41,000 for the refinancing of the M/T Eco West Coast.
The Company has bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly
installments of $183.3 and a balloon payment of $19,000 payable on the last installment, plus interest based on Term SOFR plus 2.65%.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As part of this transaction, the Company has continuous options to buy
back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option will be exercised and at the end
of the ten-year period the Company has an obligation to buy back the vessel at a cost represented by the balloon payment.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The AVIC Facility is accounted for as a financing transaction, as control
remains with the Company and M/T Eco West Coast will continue to be recorded as an asset on the Company&rsquo;s balance sheet.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The applicable SOFR as of December 31, 2024 was approximately 4.47%.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On December 20, 2023 the Company consummated an SLB with China Huarong Shipping
Financial Leasing Co Ltd. (&ldquo;Huarong&rdquo; and the &ldquo;Huarong Facility&rdquo;), for $41,000 for the refinancing of the M/T Eco
Malibu. The Company has bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive
monthly installments of $183.3 and a balloon payment of $19,000 payable on the last installment, plus interest based on Term SOFR plus
2.50%.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As part of this transaction, the Company has continuous options to buy
back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option will be exercised and at the end
of the ten-year period the Company has an obligation to buy back the vessel at a cost represented by the balloon payment.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Huarong Facility is accounted for as a financing transaction, as control
remains with the Company and M/T Eco Malibu will continue to be recorded as an asset on the Company&rsquo;s balance sheet.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The applicable SOFR as of December 31, 2024 was approximately 4.52%.</P>

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

<!-- Field: Page; Sequence: 144; Value: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<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="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Scheduled Principal Repayments: </I></B>The Company&rsquo;s annual
principal payments required to be made after December 31, 2024 on its loan obligations, are as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 453.3pt; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 74%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Years</B></FONT></TD>
    <TD STYLE="width: 26%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <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">4,400</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <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">4,400</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2027 </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,400</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2028</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,400</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2029 and thereafter</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">59,817 </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>77,417 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 155.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As of December 31, 2024, both the Company and the Parent were in compliance
with all debt covenants with respect to the AVIC and Huarong Facilities. The fair value of debt outstanding on December 31, 2024, after
excluding unamortized financing fees, approximates its carrying amount due the fact that it has variable interest rates (SOFR).</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; margin: 0pt 0"><B><I>Financing Costs: </I></B>The net additions in deferred financing
costs amounted to $1,811 and $26 during the years ended December 31, 2023 and 2024.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 74.15pt">&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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Commitments and Contingencies</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 149.1pt">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; 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. 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 combined carve-out financial
statements.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">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 combined
carve-out financial statements.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B>General and administrative expenses</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 127.9pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">General and administrative expenses represent an allocation of the expenses
incurred by the Parent based on the number of calendar days of the Company&rsquo;s vessels to total calendar days of the Parent&rsquo;s
fleet. These expenses consisted mainly of executive compensation, bonuses, professional fees, utilities and directors' liability insurance.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Vessel Operating Expenses</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amounts in the statements of income are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Vessel Operating Expenses</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" 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; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: justify">Crew wages and related costs</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">2,897</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">3,006</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">2,932</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Insurance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">381</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">367</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">362</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Repairs and maintenance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">761</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">338</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">347</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Spares and consumable stores</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">755</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">1,034</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">944</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Registration, taxes and other (Note 12)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">107</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">71</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">70</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">4,901</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">4,816</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">4,655</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 145; Value: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<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>

<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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Interest and Finance Costs</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 338.7pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amounts in the statements of income are analyzed as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Interest and Finance Costs</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" 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; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: justify">Interest on debt</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">3,102</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">5,126</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">6,224</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Bank charges and other financial costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">29</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">28</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&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">82</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Amortization and write-off of financing fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">181</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">713</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&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">195</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,312</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">5,867</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</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">6,501</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Income Taxes</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 140.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Marshall Islands and Greece do 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 income.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 113.95pt">&nbsp;</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">(2) either</P>

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

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

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<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="font-size: 10pt; text-align: justify; margin: 0pt 0">For purposes of 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. The Parent&rsquo;s common shares, which is the Parent&rsquo;s sole class of issued and outstanding stock that is
traded, is &ldquo;primarily traded&rdquo; on the NYSE American and the Company anticipates that its common shares will be &ldquo;primarily
traded&rdquo; on the Nasdaq Capital Market.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Treasury Regulations also require for purposes of the Publicly-Traded
Test 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;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">For the 2022 and 2023 taxable years the Company was not subject to United
States federal tax on U.S. source shipping income. For the 2024 taxable year the Company intends to take the position that it was not
subject to United States federal tax on U.S. source shipping income.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 5.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The principal financial assets of the Company consist of cash on hand and
at banks, due from related parties, restricted cash and other receivables (including EUAs). The principal financial liabilities of the
Company consist of long-term loans, accounts payable (including EUAs) due to suppliers and accrued liabilities. The Company limits its
credit risk with accounts receivable by performing ongoing credit evaluations of its customers&rsquo; financial condition and generally
does not require collateral for its trade accounts receivable and does not have any agreements to mitigate credit risk. 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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company follows the accounting guidance for Fair Value Measurements.
This guidance enables the reader of the combined 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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Level 1: Quoted market prices in active markets for identical assets or
liabilities;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Level 2: Observable market based inputs or unobservable inputs that are
corroborated by market data;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Level 3: Unobservable inputs that are not corroborated by market data.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The carrying values of cash and cash equivalents, restricted cash, prepaid
expenses, trade accounts receivable and trade accounts payable 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 debt approximates its recorded value due to its variable interest rate, being the
SOFR. SOFR 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-size: 10pt; text-align: justify; margin: 0pt 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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Revenues</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0; color: #212529">Revenues are comprised of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" 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">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: justify">Time charter revenues</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">24,784</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">24,478</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">24,205</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">24,784</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">24,478</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">24,205</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company, for both of its vessels, had entered into time charters with
Clearlake for a period of three years that included a charterer&rsquo;s option to renew for a further two one-year periods at predetermined
daily rates. On July 12, 2023 the Company entered into an agreement with Clearlake to extend the duration of the fixed period of the time
charter parties of both vessels for a fixed term of minimum 30 months and maximum of 36 months. 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. 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. <FONT STYLE="color: #212529">As of December 31, 2024, the Company&rsquo;s vessels are employed under time charters. </FONT>&#9;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B></B></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: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Subsequent Events</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 173.55pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company evaluated subsequent events and transactions that occurred
after the balance sheet date up to the date that the combined carve-out financial statements were issued. Based upon this review, the
Company did not identify any subsequent events that would have required adjustment or disclosure in the combined carve-out financial
statements.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>Up to 15,000,000 Common Shares</B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;<IMG SRC="exh141logo.jpg" ALT="" STYLE="height: 115px; width: 442px"></B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&#8195;&#8195;, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8195;</P>















































<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 816px; width: 8.5in; color: black">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53px; padding-top: 0pt"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;6.</B></FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt"><B>Indemnification of Directors and Officers. </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">I.</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;12 of Article&nbsp;III of the Amended and Restated Bylaws of Rubico Inc. (the &ldquo;<I>Corporation</I>&rdquo;) provides as follows: </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of another partnership, joint venture, trust or other enterprise shall be entitled to be indemnified by the Corporation upon the same terms, under the same conditions, and to the same extent as authorized by Section 60 of the Business Corporation Act of the Republic of The Marshall Islands, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">II.</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;60 of the Business Corporations Act of the Republic of the Marshall Islands provides as follows: </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Actions not by or in right of the corporation. A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the bests interests of the corporation, and, with respect to any criminal action or proceedings, had reasonable cause to believe that his or her conduct was unlawful. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Actions by or in right of the corporation. A corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him or in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claims, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his or her duty to the corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; width: 27px"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">When director or officer successful. To the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (1) or (2) of this section, or in the defense of a claim, issue or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in connection therewith. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Payment of expenses in advance. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding as authorized by the Board in the specific case upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized in this section. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Indemnification pursuant to other rights. The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Continuation of indemnification. The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; width: 27px"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Insurance. A corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director or officer against any liability asserted against him and incurred by him in such capacity whether or not the corporation would have the power to indemnify him against such liability under the provisions of this section.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; width: 53px"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;7.</B></FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt"><B>Recent Sales of Unregistered Securities. </B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.65pt; text-align: justify; text-indent: 0.35in">On June
23, 2025, we entered into a share purchase agreement to sell 75,000 Common Shares at a purchase price of $20.00 per Common Share, for
aggregate gross proceeds of $1.5 million, in a private placement pursuant to exemptions from registration under the Securities Act (the
&ldquo;Private Placement&rdquo;). Pursuant to the share purchase agreement, the purchasers in the Private Placement received customary
registration rights and will be subject to lock-up restrictions on resale of the Common Shares sold in the Private Placement for a period
of 45 days following the commencement of trading of the Common Shares on an exchange. The closing of the Private Placement will be conditioned
on and is expected to occur concurrently with the Spin-Off distribution.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.65pt; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53px; padding-top: 0pt"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;8.</B></FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt"><B>Exhibits and Financial Statement Schedules. </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">The following exhibits are included in this registration statement on Form&nbsp;F-1: </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 1.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 1.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
    </B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="exh_31.htm">3.1</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="exh_31.htm">Amended and Restated Articles of Incorporation</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><A HREF="exh_32.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><A HREF="exh_32.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
and Restated Bylaws</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_22.htm" STYLE="-sec-extract: exhibit">3.3</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_22.htm" STYLE="-sec-extract: exhibit">Form of Statement of Designation of the Series A Participating Preferred Stock of the Company (incorporated by reference to Exhibit 2.2 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 21, 2023)</A> </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_23.htm" STYLE="-sec-extract: exhibit">3.4</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_23.htm" STYLE="-sec-extract: exhibit">Form of Statement of Designation of the Series D Preferred Shares of the Company (incorporated by reference to Exhibit 2.3 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_21.htm" STYLE="-sec-extract: exhibit">4.1</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_21.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Common Share Certificate (incorporated by reference to Exhibit 2.1 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 21, 2023)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="exh_51.htm">5.1</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="exh_51.htm">Opinion of Watson Farley &amp; Williams LLP, as to the legality of the securities being registered</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="exh_81.htm">8.1</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="exh_81.htm">Opinion of Watson Farley &amp; Williams LLP, as to certain tax matters</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_41.htm" STYLE="-sec-extract: exhibit">10.1</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_41.htm" STYLE="-sec-extract: exhibit">Form of Shareholders&rsquo; Rights Agreement by and between the Company and Broadridge Financial Services Inc. as Rights Agent (incorporated by reference to Exhibit 4.1 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_42.htm" STYLE="-sec-extract: exhibit">10.2</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_42.htm" STYLE="-sec-extract: exhibit">Form of Contribution and Conveyance Agreement by and between the Company and Top Ships Inc. (incorporated by reference to Exhibit 4.2 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_45.htm" STYLE="-sec-extract: exhibit">10.3</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_45.htm" STYLE="-sec-extract: exhibit">Management Agreement by and between Athenean Empire Inc. and Central Shipping Inc. (incorporated by reference to Exhibit 4.5 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 21, 2023)</A></FONT></TD></TR>
  </TABLE>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 10%; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_44.htm" STYLE="-sec-extract: exhibit">10.4</A></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 88%; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_44.htm" STYLE="-sec-extract: exhibit">Management Agreement by and between Roman Empire Inc. and Central Shipping Inc. (incorporated by reference to Exhibit 4.4 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_46.htm" STYLE="-sec-extract: exhibit">10.6</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_46.htm" STYLE="-sec-extract: exhibit">Letter Agreement from Central Shipping Inc. to the Company, in respect of provision of management services (incorporated by reference to Exhibit 4.6 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 21, 2023)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000117184322002612/ex_353588.htm" STYLE="-sec-extract: exhibit">10.7</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000117184322002612/ex_353588.htm" STYLE="-sec-extract: exhibit">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 (incorporated by reference to Exhibit 4.23 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on April 15, 2022)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_47.htm" STYLE="-sec-extract: exhibit">10.8</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_47.htm" STYLE="-sec-extract: exhibit">Deed of Amendment and Restatement dated June 22, 2023, among Roman Empire Inc. as borrower and hedge guarantor, Top Ships Inc. as parent guarantor and ABN AMRO Bank N.V. as arranger, lender, hedge counterparty, facility agent and security agent, relating to a facility agreement dated March 18, 2021 in respect of the financing of M/T Eco West Coast. (incorporated by reference to Exhibit 4.7 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-18.htm" STYLE="-sec-extract: exhibit">10.9</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-18.htm" STYLE="-sec-extract: exhibit">Bareboat Charter in respect of M/T Eco West Coast, dated December 8, 2023 (incorporated by reference to Exhibit 4.18 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on March 29, 2024)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-19.htm" STYLE="-sec-extract: exhibit">10.10</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-19.htm" STYLE="-sec-extract: exhibit">Guarantee and Indemnity dated December 8, 2023, between Top Ships Inc. and Great Equinox Limited, relating to the bareboat charter of M/T Eco West Coast (incorporated by reference to Exhibit 4.19 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on March 29, 2024)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-20.htm" STYLE="-sec-extract: exhibit">10.11</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-20.htm" STYLE="-sec-extract: exhibit">Bareboat Charter in respect of M/T Eco Malibu, dated December 8, 2023 (incorporated by reference to Exhibit 4.20 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on March 29, 2024)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-21.htm" STYLE="-sec-extract: exhibit">10.12</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-21.htm" STYLE="-sec-extract: exhibit">Guarantee and Indemnity dated December 8, 2023, between Top Ships Inc. and Giant 9 Holding Limited, relating to the bareboat charter of M/T Eco Malibu (incorporated by reference to Exhibit 4.21 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on March 29, 2024)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_412.htm"><FONT STYLE="font-size: 10pt">10.13</FONT></A></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_412.htm"><FONT STYLE="font-size: 10pt">Form of Share Purchase Agreement
    (incorporated by reference to Exhibit 4.12 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc.
    on June 4, 2025)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_413.htm" STYLE="-sec-extract: exhibit">10.14</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_413.htm" STYLE="-sec-extract: exhibit">Equity Incentive Plan (incorporated by reference to Exhibit 4.13 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="exh_1015.htm">10.15</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="exh_1015.htm">Common Share Purchase Agreement by and between the Company and the Selling Shareholder, dated July 21, 2025</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="exh_1016.htm">10.16</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="exh_1016.htm">Registration Rights Agreement by and between the Company and the Selling Shareholder, dated July 21, 2025</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><A HREF="exh_141.htm"><FONT STYLE="font-size: 10pt">14.1</FONT></A></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><A HREF="exh_141.htm"><FONT STYLE="font-size: 10pt">Code of Business Ethics and Conduct</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_81.htm" STYLE="-sec-extract: exhibit">21.1</A></FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_81.htm" STYLE="-sec-extract: exhibit">List of Subsidiaries (incorporated by reference to incorporated by reference to Exhibit 8.1 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><A HREF="exh_231.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><A HREF="exh_231.htm"><FONT STYLE="font-size: 10pt">Consent of Independent Registered Public Accounting Firm</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt">Consent of Watson Farley &amp; Williams LLP (included in <A HREF="exh_51.htm">Exhibits 5.1</A> and <A HREF="exh_81.htm">8.1</A> hereto)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><A HREF="#poa"><FONT STYLE="font-size: 10pt">24.1</FONT></A></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><A HREF="#poa"><FONT STYLE="font-size: 10pt">Powers of Attorney (included in the signature page hereto)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="exh_107.htm">107</A></FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-bottom: 0.9pt"><FONT STYLE="font-size: 10pt"><A HREF="exh_107.htm">Filing Fee Table</A></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0.5pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD STYLE="padding-top: 0.5pt"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53px; padding-top: 0pt"><FONT STYLE="font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt"><B>Undertakings </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="padding-top: 0pt"><FONT STYLE="font-size: 10pt">To include any prospectus required by section 10(a)(3) of the Securities Act of 1933; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. </FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; width: 27px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">That, for the purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">To file a post-effective amendment to the registration statement to include any financial statements required by Item&nbsp;8.A. of Form&nbsp;20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section&nbsp;10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">That, for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule&nbsp;430A and contained in a form of prospectus filed by the registrant pursuant to Rule&nbsp;424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective. For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; padding-top: 0pt"><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="padding-top: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</FONT></TD></TR>
  </TABLE>

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

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Pursuant to the requirements of
the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form&nbsp;F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Athens, Greece on the 21st day of July, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RUBICO
    INC.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Nikolaos Papastratis</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.75pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nikolaos
    Papastratis</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">KNOW ALL MEN BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints Will Vogel, with full power to act alone, his or her true lawful
attorney-in-fact and agent, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead,
in any and all capacities, to sign any or all amendments or supplements to this registration statement, whether pre-effective or post-effective,
including any subsequent registration statement for the same offering which may be filed under Rule&nbsp;462(b) under the Securities Act
of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities
and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and
thing necessary to be done, as fully for all intents and purposes as he or she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his or her substitute, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Pursuant to the requirements of
the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated
on July 21, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-bottom: 2.15pt"><FONT STYLE="font-size: 10pt">/s/ Kalliopi
    Ornithopoulou</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD ROWSPAN="2"><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(Principal Executive Officer), President
    and Chairwoman of the Board</FONT></P></TD>
    <TD ROWSPAN="2"><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.75pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">Kalliopi Ornithopoulou</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 30%; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 36%; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 2.15pt"><FONT STYLE="font-size: 10pt">/s/
    Nikolaos Papastratis</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD ROWSPAN="2"><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(Principal Financial Officer and Principal
    Accounting Officer) and Director</FONT></P></TD>
    <TD ROWSPAN="2"><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.75pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">Nikolaos Papastratis</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 2.15pt"><FONT STYLE="font-size: 10pt">/s/
    Aristovoulos Christinis</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 2.15pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.75pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">Aristovoulos Christinis</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD ROWSPAN="2"><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; padding-top: 1.75pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD ROWSPAN="2"><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 2.15pt"><FONT STYLE="font-size: 10pt">/s/
    George Xiradakis</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 2.15pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.75pt"><FONT STYLE="font-size: 10pt">George Xiradakis</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 1.75pt"><FONT STYLE="font-size: 10pt">/s/ George M.
    Daskalakis</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.75pt"><FONT STYLE="font-size: 10pt">George M. Daskalakis</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8194;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Director</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>



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

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

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">Pursuant to the requirements of
the Securities Act of 1933, as amended, the undersigned, the duly authorized representative of the Registrant in the United States, has
signed this registration statement in the City of Newark, State of Delaware, on July 21, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 1pt">&#8194;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PUGLISI
    &amp; ASSOCIATES </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%; padding-top: 1pt; padding-bottom: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Donald J. Puglisi</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.75pt; padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Donald
J. Puglisi</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 1.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Representative in the United States</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>exh_31.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0in"><B>Exhibit 3.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>STATEMENT TO
AMEND AND RESTATE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>THE ARTICLES OF INCORPORATION
OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>RUBICO INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>UNDER SECTION 93 OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>MARSHALL ISLANDS BUSINESS
CORPORATIONS ACT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">The undersigned, Nikos Papastratis,
as the Chief Financial Officer of Rubico Inc. (the &#8220;Corporation&#8221;), a corporation incorporated under the laws of the Republic
of the Marshall Islands, for the purpose of amending and restating the Articles of Incorporation of said Corporation pursuant to Section
93 of the Marshall Islands Business Corporations Act, hereby certifies that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The name of the Corporation is: Rubico Inc.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Articles of Incorporation were filed with the Registrar of Corporations
on August 11, 2022.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Articles of Incorporation are amended and restated in their entirety
and are replaced by the Amended and Restated Articles of Incorporation attached hereto.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Amended and Restated Articles of Incorporation were authorized by actions
of the Board of Directors and Shareholders of the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">IN WITNESS WHEREOF,
the undersigned has executed this Statement to Amend and Restate the Articles of Incorporation on this 25<SUP>th</SUP> day of June, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><U>/s/ Nikos Papastratis</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name: Nikos Papastratis</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title: Chief Financial Officer of Rubico
Inc.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt; text-indent: 0in">&nbsp;</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="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">AMENDED AND RESTATED ARTICLES
OF INCORPORATION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">RUBICO INC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">PURSUANT TO THE MARSHALL ISLANDS
BUSINESS CORPORATION ACT</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">A.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The name of the Corporation (the &#8220;<U>Corporation</U>&#8221;) is:</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">RUBICO INC.</P>

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">B.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The purposes for which the Corporation is formed are to engage in any lawful act or activity for which corporations may be organized under the Marshall Islands Business Corporations Act (the &#8220;<U>BCA</U>&#8221;). The Corporation shall have every power which a corporation now or hereafter organized under the Marshall Islands Business Corporation Act may have.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">C.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The registered address of the Corporation in the Marshall Islands is Trust Company Complex, Ajeltake Island, P.O. Box 1405, Majuro, Marshall Islands MH96960. The name of the Corporation's registered agent at such address is The Trust&nbsp;`Company of the Marshall Islands, Inc.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">D.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The aggregate number of shares of stock that the Corporation is authorized to issue is one billion twenty million (1,020,000,000) registered shares, of which one billion (1,000,000,000) shall be designated shares of common stock with a par value of one United States cent ($0.01) per share, and twenty million (20,000,000) shall be designated shares of preferred stock with a par value of one United States cent ($0.01) per share.&nbsp;&nbsp;The Board of Directors of the Corporation (the &#8220;<U>Board of Directors</U>&#8221;) shall have the authority to authorize the issuance from time to time of one or more classes of preferred shares with one or more series within any class thereof, with such voting powers, full or limited, or without&nbsp;voting powers and with such designations, preferences and relative, participating, optional or special rights and qualifications, limitations or restrictions thereon as shall be set forth in the resolution or resolutions adopted by the Board of Directors&nbsp;&nbsp;providing for the issuance of such preferred shares and without further vote or action by the shareholders.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
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    <TD STYLE="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">E.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Except as otherwise provided in a statement of designation establishing the terms of a series of preferred stock, no security of the Corporation whether now or hereafter authorized, solely by reason thereof, shall entitle its holder to any preferential or preemptive right to acquire additional shares of capital stock or any other security of the Corporation.&nbsp;&nbsp;Nothing herein shall prevent the Corporation from granting preferential or preemptive rights by contract.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

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    <TD STYLE="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">F.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The bylaws of the Corporation may be amended, repealed or adopted by action of the Board, pursuant to the provisions of the Corporation&#8217;s bylaws as in effect at such time, or by the affirmative vote of two-thirds or more of the votes cast by the holders of shares entitled to vote thereon (considered for this purpose as one class). Notwithstanding any other provisions of these Articles of Incorporation or the bylaws of the Corporation (and notwithstanding the fact that some lesser percentage may be specified by law, these Articles of Incorporation or the bylaws of the Corporation), the affirmative vote of the holders of two-thirds or more of the total number of votes eligible to be cast by the holders of issued and outstanding shares of stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one class) shall be required to amend, alter, change or repeal this Article F.&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">G. &#8239;&#8239;&#8239;(a)
&#8239;&#8239;&#8239;&#8239; The number of directors constituting the entire Board of Directors shall be not less than one nor more than
twelve, as fixed from time to time by the vote of not less than two-thirds of the entire Board of Directors or the affirmative vote of
two-thirds or more of the total number of votes eligible to be cast by the holders of issued and outstanding shares of stock of the Corporation
entitled to vote generally in the election of directors (considered for this purpose as one class); provided, however, that the number
of directors shall not be reduced so as to shorten the term of any director at the time in office, and provided further, that the number
of directors constituting the entire Board of Directors shall
be one unless and until otherwise fixed by the vote of not less than two-thirds of the entire Board of Directors. The phrase &quot;two-thirds
of the entire Board of Directors&quot; as used in these Articles of Incorporation shall be deemed to refer to two-thirds of the number
of directors constituting the Board of Directors as provided in or pursuant to this Section (a) of this Article G, without regard to any
vacancies then existing.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(b)
&#8239;&#8239;&#8239;&#8239;&#8239;The Board of Directors shall be divided into three classes, as nearly equal in number as the then total
number of directors constituting the entire Board of Directors permits, with the term of office of one or another of the three classes
expiring each year. The Board of Directors shall have the right to designate the class of each director, with the term of office of the
first class to expire at the first Annual Meeting of Shareholders of the Corporation, the term of office of the second class to expire
at the second Annual Meeting of Shareholders of the Corporation and the term of office of the third class to expire at the third Annual
Meeting of Shareholders of the Corporation. Commencing with the first Annual Meeting of Shareholders of the Corporation, the directors
elected at an annual meeting of shareholders to succeed those whose terms then expire shall be identified as being directors of the same
class as the directors whom they succeed, and each of them shall hold office until the third succeeding annual meeting of shareholders
and until such director's successor is elected and has qualified. Any vacancies in the Board of Directors for any reason, and any created
directorships resulting from any increase in the number of directors, may be filled by the vote of not less than two-thirds of the members
of the Board of Directors then in office, although less than a quorum, and any directors so chosen shall hold office until the next election
of the class for which such directors shall have been chosen and until their successors shall be elected and qualified. No decrease in
the number of directors shall shorten the term of any incumbent director. Notwithstanding the foregoing, and except as otherwise required
by law, whenever the holders of any one or more series of preferred stock shall have the right, voting separately as a class, to elect
one or more directors of the Corporation, the then authorized number of directors shall be increased by the number of directors so to
be elected, and the terms of the director or directors elected by such holders shall expire at the next succeeding annual meeting of shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions of these Articles of Incorporation or the bylaws of the Corporation (and notwithstanding the fact that some lesser
percentage may be specified by law, these Articles of Incorporation or the bylaws of the Corporation), any director or the entire Board
of Directors of the Corporation may be removed at any time, but only for cause and only by the affirmative vote of two-thirds of the total
number of votes eligible to be cast by the holders of issued and outstanding shares of stock of the Corporation entitled to vote generally
in the election of directors (considered for this purpose as one class) cast at a meeting of the shareholders called for that purpose.
Notwithstanding the foregoing, and except as otherwise required by law, whenever the holders of any one or more series of preferred stock
shall have the right, voting separately as a class, to elect one or more directors of the Corporation, the provisions of this Section
(c) of this Article G shall not apply with respect to the director or directors elected by such holders of preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(d)
&nbsp;&nbsp;&nbsp;&nbsp;&#8239;Directors shall be elected by a plurality of the votes cast at a meeting of shareholders by the holders
of shares entitled to vote in the election.&nbsp;&nbsp;Cumulative voting, as defined in Division 7, Section 71(2) of the BCA, shall not
be used to elect directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(e)
&nbsp;&nbsp;&nbsp;&nbsp;&#8239;Notwithstanding any other provisions of these Articles of Incorporation or the bylaws of the Corporation
(and notwithstanding the fact that some lesser percentage may be specified by law, these Articles of Incorporation or the bylaws of the
Corporation), the affirmative vote of two-thirds of the total number of votes eligible to be cast by the holders of issued and outstanding
shares of stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one class)
shall be required to amend, alter, change or repeal this Article G.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">H.&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation will comply with all applicable provisions of the Republic of the Marshall Islands Business Corporations Act, including retention,
maintenance, and production of accounting, shareholder, beneficial owner, and director and officer records in accordance with Division
8 of the Republic of the Marshall Islands Business Corporations Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
director shall be personally liable to the Corporation or any of its shareholders for monetary damages for breach of fiduciary duty as
a director, except to the extent such exemption from liability or any limitation thereof is not permitted under the BCA. If the BCA is
amended hereafter to authorize the further elimination or limitation of the liability of directors, then the liability of a director of
the Corporation shall be eliminated or limited to the fullest extent authorized by the BCA, as so amended. Any repeal or modification
of this Article I shall not adversely affect any right or protection of a director
of the Corporation existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal
or modification.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation may transfer its corporate domicile from the Marshall Islands to any other place in the world.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">K.&nbsp;&nbsp;&nbsp;&nbsp;At
all meetings of shareholders of the Corporation, except as otherwise expressly provided by law, there must be present either in person
or by proxy shareholders of record holding at least one-third of the voting power of shares issued and outstanding and entitled to vote
at such meetings in order to constitute a quorum, but if less than a quorum is present, a majority of the voting power of those shares
present either in person or by proxy shall have the power to adjourn any meeting until a quorum shall be present.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">L. &#8239;&#8239;&#8239;&#8239;(a)
&#8239;&#8239;&#8239;&#8239;The Corporation may not engage in any Business Combination with any Interested Shareholder for a period of
three years following the time of the transaction in which the person became an Interested Shareholder, unless:&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">&#8239;(1)&#8239;&#8239;&#8239;&#8239;&#8239;prior
to such time, the Board of Directors of the Corporation approved either the Business Combination or the transaction which resulted in
the shareholder becoming an Interested Shareholder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">&#8239;(2)&#8239;&#8239;&#8239;&#8239;&#8239;upon
consummation of the transaction which resulted in the shareholder becoming an Interested Shareholder, the Interested Shareholder owned
at least 85% of the voting stock of the Corporation outstanding at the time the transaction commenced, excluding for purposes of determining
the number of shares outstanding those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in
which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered
in a tender or exchange offer; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">&#8239;(3)&nbsp;&#8239;&#8239;&#8239;&#8239;at
or subsequent to such time, the Business Combination is approved by the Board of Directors and authorized at an annual or special meeting
of shareholders, and not by written consent, by the affirmative vote of at least two-thirds of the votes cast by the outstanding voting
stock that is not owned by the Interested Shareholder; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">&#8239;(4)&nbsp;&#8239;&#8239;&#8239;&#8239;the
shareholder became an Interested Shareholder prior to the consummation of the initial public offering of the Corporation's common stock
under the Securities Act of 1933.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
restrictions contained in this section shall not apply if:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(1)&#8239;&#8239;&#8239;&#8239;&#8239;A
shareholder becomes an Interested Shareholder inadvertently and (i) as soon as practicable divests itself of ownership of sufficient shares
so that the shareholder ceases to be an Interested Shareholder; and (ii) would not, at any time within the three-year period immediately
prior to a Business Combination between the Corporation and such shareholder, have been an Interested Shareholder but for the inadvertent
acquisition of ownership; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(2)&#8239;&#8239;&#8239;&#8239;&#8239;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 hereunder of a proposed transaction which (i) constitutes one of the transactions described in the following sentence;
(ii) 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) is approved or not opposed by a majority of the members of the Board 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:&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(i) &#8239;&#8239;&#8239;&#8239;&#8239;a
merger or consolidation of the Corporation (except for a merger in respect of which, pursuant to the BCA, no vote of the shareholders
of the Corporation is required);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;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 the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation
(other than to any direct or indirect wholly-owned subsidiary or to the Corporation) having an aggregate market value equal to 50% or
more of either that aggregate market value of all of the assets of the Corporation determined on a consolidated basis or the aggregate
market value of all the outstanding shares; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(iii)
&#8239;&#8239;&#8239;&#8239;a proposed tender or exchange offer for 50% or more of the outstanding voting shares of the Corporation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">The Corporation
shall give not less than 20 days notice to all Interested Shareholders prior to the consummation of any of the transactions described
in clause (i) or (ii) of the second sentence of this paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of this Article L only, the term:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&quot;Affiliate&quot;
means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, another person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&quot;Associate,&quot;
when used to indicate a relationship with any person, means: (i) Any corporation, partnership, unincorporated association or other entity
of which such person is a director, officer or partner or is, directly or indirectly, the owner of 20% or more of any class of voting
shares; (ii) any trust or other estate in which such person has at least a 20% beneficial interest or as to which such person serves as
trustee or in a similar fiduciary capacity; and (iii) any relative or spouse of such person, or any relative of such spouse, who has the
same residence as such person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&quot;Business
Combination,&quot; when used in reference to the Corporation and any Interested Shareholder of the Corporation, means:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
merger or consolidation of the Corporation or any direct or indirect majority-owned subsidiary of the Corporation with (A) the Interested
Shareholder or any of its affiliates, or (B) with any other corporation, partnership, unincorporated association or other entity if the
merger or consolidation is caused by the Interested Shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt; background-color: white">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), except proportionately
as a shareholder of the Corporation, to or with the Interested Shareholder, whether as part of a dissolution or otherwise, of assets of
the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation which assets have an aggregate market value
equal to 10% or more of either the aggregate market value of all the assets of the Corporation determined on a consolidated basis or the
aggregate market value of all the outstanding shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt; background-color: white">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
transaction which results in the issuance or transfer by the Corporation or by any direct or indirect majority-owned subsidiary of the
Corporation of any shares, or any share of such subsidiary, to the Interested Shareholder, except: (A) pursuant to the exercise, exchange
or conversion of securities exercisable for, exchangeable for or convertible into shares, or shares of any such subsidiary, which securities
were outstanding prior to the time that the Interested Shareholder became such; (B) pursuant to a merger with a direct or indirect wholly-owned
subsidiary of the Corporation solely for purposes of forming a holding company; (C) pursuant to a dividend or distribution paid or made,
or the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into shares, or shares of any such
subsidiary, which security is distributed, pro rata to all holders of a class or series of shares subsequent to the time the Interested
Shareholder became such; (D) pursuant to an exchange offer by the Corporation to purchase shares made on the same terms to all holders
of said shares; or (E) any issuance or transfer of shares by the Corporation; provided however, that in no case under items (C)-(E) of
this subparagraph shall there be an increase in the Interested Shareholder's proportionate share of the any class or series of shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt; background-color: white">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
transaction involving the Corporation or any direct or indirect majority-owned subsidiary of the Corporation which has the effect, directly
or indirectly, of increasing the proportionate share of any class or series of shares, or securities convertible into any class or series
of shares, or shares of any such subsidiary, or securities convertible into such shares, which is owned by the Interested Shareholder,
except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares
not caused, directly or indirectly, by the Interested Shareholder; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt; background-color: white">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
receipt by the Interested Shareholder of the benefit, directly or indirectly (except proportionately as a shareholder of the Corporation),
of any loans, advances, guarantees, pledges or other financial benefits (other than those
expressly permitted in subparagraphs (i)-(iv) of this paragraph) provided by or through the Corporation or any direct or indirect majority-owned
subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt; background-color: white">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&quot;Control,&quot;
including the terms &quot;controlling,&quot; &quot;controlled by&quot; and &quot;under common control with,&quot; means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the
ownership of voting shares, by contract or otherwise. A person who is the owner of 20 percent or more of the outstanding voting shares
of any corporation, partnership, unincorporated association or other entity shall be presumed to have control of such entity, in the absence
of proof by a preponderance of the evidence to the contrary. Notwithstanding the foregoing, a presumption of control shall not apply where
such person holds voting shares, in good faith and not for the purpose of circumventing this provision, as an agent, bank, broker, nominee,
custodian or trustee for one or more owners who do not individually or as a group have control of such entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&quot;Interested
Shareholder&quot; means any person (other than the Corporation and any direct or indirect majority-owned subsidiary of the Corporation)
that (i) is the owner of 15% or more of the outstanding shares of common stock of the Corporation, or (ii) is an affiliate or associate
of the Corporation and was the owner of 15% or more of the outstanding shares of common stock of the Corporation at any time within the
three-year period immediately prior to the date on which it is sought to be determined whether such person is an Interested Shareholder;
and the affiliates and associates of such person; provided, however, that the term &quot;Interested Shareholder&quot; shall not include
any person whose ownership of shares in excess of the 15% limitation set forth herein is the result of action taken solely by the Corporation;
provided that such person shall be an Interested Shareholder if thereafter such person acquires additional shares of common stock of the
Corporation, except as a result of further Company action not caused, directly or indirectly, by such person. For the purpose of determining
whether a person is an Interested Shareholder, the shares of common stock of the Corporation deemed to be outstanding shall include shares
of common stock deemed to be owned by the person through application of paragraph (8) below, but shall not include any other unissued
shares which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants
or options, or otherwise. Notwithstanding the foregoing, none of the Lax Trust, Three Sororibus Trust of Cyprus, Evangelos Pistiolis,
or any of their affiliates or associates shall be considered an Interested Shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt; background-color: white">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&quot;Person&quot;
means any individual, corporation, partnership, unincorporated association or other entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&quot;Voting
stock&quot; means, with respect to any corporation, shares of any class or series entitled to vote generally in the election of directors
and, with respect to any entity that is not a corporation, any equity interest entitled to vote generally in the election of the governing
body of such entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt; background-color: white">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&quot;Owner,&quot;
including the terms &quot;own&quot; and &quot;owned,&quot; when used with respect to any shares, means a person that individually or with
or through any of its affiliates or associates:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-indent: 40pt; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficially
owns such shares, directly or indirectly; or&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt; background-color: white">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Has
(A) the right to acquire such shares (whether such right is exercisable immediately or only after the passage of time) pursuant to any
agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise;
provided, however, that a person shall not be deemed the owner of shares tendered pursuant to a tender or exchange offer made by such
person or any of such person's affiliates or associates until such tendered shares is accepted for purchase or exchange; or (B) the right
to vote such shares pursuant to any agreement, arrangement or understanding; provided, however, that a person shall not be deemed the
owner of any shares because of such person's right to vote such shares if the agreement, arrangement or understanding to vote such shares
arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to 10 or more persons; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt; background-color: white">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Has
any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy
or consent as described in item (B) of subparagraph (ii) of this paragraph), or disposing of such shares with any other person that beneficially
owns, or whose affiliates or associates beneficially own, directly or indirectly, such shares.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(d)&nbsp;&nbsp;&nbsp;&nbsp;&#8239;Any
amendment of this Article L shall not be effective until 12 months after the approval of such amendment at a meeting of the shareholders
of the Corporation and shall not apply to any Business Combination between the Corporation and any person who became an Interested Shareholder
of the Corporation at or prior to the time of such approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions of these Articles of Incorporation or the bylaws of the Corporation (and notwithstanding the fact that some lesser
percentage may be specified by law, these Articles of Incorporation or the bylaws of the Corporation), the affirmative vote of two-thirds
of the total number of votes eligible to be cast by the holders of issued and outstanding shares of stock of the Corporation entitled
to vote generally in the election of directors (considered for this purpose as one class) shall be required to amend, alter, change or
repeal this Article L.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">M. (a) &#9;Unless the Corporation consents in writing
to the selection of an alternative forum, to the fullest extent permitted by law, the sole and exclusive forum for any Specified Claim
related to the Corporation shall be the High Court of the Republic of the Marshall Islands. As used herein, &#8220;Specified Claim&#8221;
means any internal corporate claim, intra-corporate claim, or claim governed by the internal affairs doctrine including, but not limited
to: (i) any 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, employee or shareholder of the Corporation to the Corporation or the Corporation&#8217;s shareholders;
and (iii) any action asserting a claim arising pursuant to any provision of the Marshall Islands Business Corporations Act or these Articles
of Incorporation (as may be further amended from time to time) or the bylaws of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.25in">(b)
Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for all claims arising
under the U.S. Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) or the U.S. Securities Exchange Act of 1934, as amended
(the &#8220;Exchange Act&#8221;), and any rule or regulation promulgated thereunder, to the extent such claims would be subject to the
jurisdiction provisions of Section 22 of the Securities Act and Section 27 of the Exchange Act, as applicable, and after giving effect
to paragraph (a) of this Article M, shall be the United States District Court for the Southern District of New York (or if such court
does not have jurisdiction over such claim, any other federal district court of the United States).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.25in">(c)
To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital
stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article M. If any provision in this
Article M is held to be illegal, invalid or unenforceable under applicable law, the legality, validity or enforceability of the rest of
these Articles shall not be affected and this Article M shall be interpreted and construed to the maximum extent possible to apply in
the relevant jurisdiction with whatever modification or deletion may be necessary so as best to give effect to the intention of the Corporation.</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 3.2</B></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The principal place of business
of the Corporation shall be at such place or places as the Directors shall from time to time determine. The Corporation may also have
an office or offices at such other places within or without the Marshall Islands as the Board of Directors may from time to time appoint
or the business of the Corporation may require.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 1. Annual Meeting: The
annual meeting of shareholders of the Corporation shall be held on such day and at such time and place within or without the Marshall
Islands as the Board of Directors may determine for the purpose of electing Directors and of transacting such other business as may properly
be brought before the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 2. Nature of Business
at Annual Meetings of Shareholders: No business may be transacted at an annual meeting of shareholders, other than business that is either
(a) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board (or any duly authorized committee
thereof); (b) otherwise properly brought before the annual meeting by or at the direction of the Board (or any duly authorized committee
thereof); or (c) otherwise properly brought before the annual meeting by any shareholder of the Corporation (i) who is a shareholder of
record on the date of the giving of the notice provided for in Section 2 of this Article II and has remained a shareholder of record through
the record date for the determination of shareholders entitled to vote at such annual meeting and (ii) who complies with the notice procedures
set forth in Section 2 of this Article II.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In addition to any other applicable
requirements, for business to be properly brought before an annual meeting by a shareholder, such shareholder must have given timely notice
thereof in proper written form to the Secretary of the Corporation (the &quot;Secretary&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">To be timely a shareholder's
notice to the Secretary must be delivered to or mailed and received at the principal executive offices of the Corporation not less than
one-hundred twenty (120) days nor more than one-hundred eighty (180) days prior to the one year anniversary of the immediately preceding
annual meeting of shareholders. In no event shall the public disclosure of any adjournment of an annual meeting of the shareholders commence
a new time period for the giving of the shareholder's notice described herein. To the extent, however, these Amended and Restated Bylaws
are adopted less than one-hundred twenty (120) days prior to the anniversary date of the annual meeting of shareholders or the first annual
meeting of shareholders, then for the first annual meeting of shareholders following adoption of these Amended and Restated Bylaws, such
notice may be delivered not more than twenty (20) days subsequent to adoption hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">To be in proper written form,
a shareholder's notice to the Secretary must set forth as to each matter such shareholder proposes to bring before the annual meeting
(i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at
the annual meeting, (ii) the name and record address of such shareholder along with such shareholder's tax identification number, (iii)
the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by such shareholder,
(iv) a description of all arrangements or understandings between such shareholder and any other person or persons (including their names)
in connection with the proposal of such business by such shareholder and any material interest of such shareholder in such business and
(v) a representation that such shareholder intends to appear in person or by proxy at the annual meeting to bring such business before
the meeting. In addition, notwithstanding anything in Section 2 of this Article II to the contrary, a shareholder intending
to nominate one or more persons for election as a Director at an annual meeting must comply with Article III Section 3 of these Amended
and Restated Bylaws for such nomination or nominations to be properly brought before such meeting.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">No business shall be conducted
at the annual meeting of shareholders except business brought before the annual meeting in accordance with the procedures set forth in
Section 2 of this Article II; provided, however, that, once business has been properly brought before the annual meeting in accordance
with such procedures, nothing in Section 2 of this Article II shall be deemed to preclude discussion by any shareholder of any such business.
If the Chairman of an annual meeting determines that business was not properly brought before the annual meeting in accordance with the
foregoing procedures, the Chairman of the meeting shall declare to the meeting that the business was not properly brought before the meeting
and such business shall not be transacted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 3. Special Meeting: Special
meetings of shareholders, unless otherwise prescribed by law, may be called for any purpose or purposes at any time by the order of the
Board of Directors. No other person or persons are permitted to call a special meeting. No business may be conducted at the special meeting
other than business brought before the meeting by the Board. Such meetings shall be held at such place and on a date and at such time
as may be designated in the notice thereof by the officer of the Corporation designated by the Board of Directors to deliver the notice
of such meeting. The business transacted at any special meeting shall be limited to the purposes stated in the notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 4. Notice of Meetings:
Notice of every annual and special meeting of shareholders, other than any meeting the giving of notice of which is otherwise prescribed
by law, stating the date, time, place and purpose thereof, and in the case of special meetings, the name of the person or persons at whose
direction the notice is being issued, shall be given personally or sent by mail or by electronic transmission at least fifteen but not
more than sixty days before such meeting, to each shareholder of record entitled to vote thereat and to each shareholder of record who,
by reason of any action proposed at such meeting would be entitled to have his shares appraised if such action were taken, and the notice
shall include a statement of that purpose and to that effect. If mailed, notice shall be deemed to have been given when deposited in the
mail, directed to the shareholder at his address as the same appears on the record of shareholders of the Corporation or at such address
as to which the shareholder has given notice to the Secretary. Notice of a meeting need not be given to any shareholder who submits a
signed waiver of notice, whether before or after the meeting, or who attends the meeting without protesting prior to the conclusion thereof
the lack of notice to him. If the Corporation shall issue any class of bearer shares, notice for all meetings shall be given in the manner
proved in the Articles of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 5. Quorum: Quorum for
meetings of shareholders shall be as set forth in the Articles of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 6. Voting: If a quorum
is present, and except as otherwise expressly provided by law, the affirmative vote of a majority of the shares of stock represented at
the meeting shall be the act of the shareholders. At any meeting of shareholders each shareholder entitled to vote any shares on any matter
to be voted upon as such meeting shall be entitled to one vote on such matter for each such share, and may exercise such voting right
either in person or by proxy. Any action required to be permitted to be taken at a meeting, may be taken without a meeting if a consent
in writing, setting forth the action so taken, is signed by all of the shareholders entitled to vote with respect to the subject matter
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 7. Fixing of Record Date:
The Board of Directors may fix a time not more than sixty nor less than fifteen days prior to the date of any meeting of shareholders,
or more than sixty days prior to the last day on which the consent or dissent of shareholders may be expressed for any purpose without
a meeting, as the time as of which shareholders entitled to notice of and to vote at such a meeting or whose consent or dissent is required
or maybe expressed for any purpose, as the case may be, shall be determined, and all persons who were holders of record of voting shares
at such time and no others shall be entitled to notice of and to vote at such meeting or to express their consent or dissent, as the case
may be. The Board of Directors may fix a time not exceeding sixty days preceding the date fixed for the payment of any dividend, the making
of any distribution, the allotment of any rights or the taking of any other action, as a record time for the determination of the shareholders
entitled to receive any such dividend, distribution, or allotment or for the purpose of such other action.</P>

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

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 1. Number: The number
of directors constituting the entire Board of Directors shall be determined as set forth in the Articles of Incorporation. The Directors
need not be residents of the Marshall Islands nor shareholders of the Corporation. Corporations may, to the extent permitted by law, be
elected Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 2. How Elected: The Board
of Directors shall be divided into three classes, as nearly equal in number as the then total number of directors constituting the entire
Board of Directors permits, with the term of office of one or another of the three classes expiring each year. The directors elected at
an annual meeting of shareholders to succeed those whose terms then expire shall be identified as being directors of the same class as
the directors whom they succeed, and each of them shall hold office until the third succeeding annual meeting of shareholders and until
such director's successor is elected and has qualified. Directors shall be elected by a plurality of the votes cast at a meeting of shareholders
by the holders of shares entitled to vote in the election. Cumulative voting, as defined in Division 7, Section 71(2) of the BCA, shall
not be used to elect directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 3. Nomination of Directors:
Only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation.
Nominations of persons for election to the Board may be made at any annual meeting of shareholders (a) by or at the direction of the Board
(or any duly authorized committee thereof) or (b) by any shareholders of the Corporation (i) who is a shareholder of record on the date
of the giving of the notice provided for in Section 3 of this Article III and on the record date for the determination of shareholder
entitled to vote at such meeting and (ii) who complies with the notice procedures set forth in Section 3 of this Article III.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In addition to any other applicable
requirements, for a nomination to be made by a shareholder, such shareholder must have given timely notice thereof in proper written form
to the Secretary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">To be timely, a shareholder's
notice to the Secretary must be delivered to or mailed and received at the principal executive offices of the Corporation not less than
one-hundred twenty (120) days nor more than one-hundred eighty (180) days prior to the anniversary date of the immediately preceding annual
meeting of shareholders. To the extent, however, these Amended and Restated Bylaws are adopted less than one-hundred twenty (120) days
prior to the anniversary date of the annual meeting of shareholders or the first annual meeting of shareholders, then for the first annual
meeting of shareholders following adoption of these Amended and Restated Bylaws, such notice may be delivered not more than twenty (20)
days subsequent to adoption hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">To be in proper written form,
a shareholder's notice to the Secretary must set forth; (a) as to each person whom the shareholder proposes to nominate for election as
a director (i) the name, age, business address and residence address of the person, (ii) the principal occupation or employment of the
person, (iii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by
the person and (iv) any other information relating to the person that would be required to be disclosed in a proxy statement or other
filings required to be made in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Securities
Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), and the rules and regulations promulgated thereunder applicable to issuers
that are not foreign private issuers and (b) as to the shareholder giving the notice (i) the name and record address of such shareholder
along with such shareholder's tax identification number, (ii) the class or series and number of shares of capital stock of the Corporation
which are owned beneficially and of record by such shareholder, (iii) a description of all arrangements or understandings between such
shareholder and each proposed nominee and any other person and persons (including their names) pursuant to which the nomination(s) are
to be made by such shareholder, (iv) a representation that such shareholder intends to appear in person or by proxy at the meeting to
nominate the person or persons named in its notice and (v) any other information relating to such shareholder that would be required to
be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors
pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder. Such notice must be accompanied by a
written consent of each proposed nominee to being named as a nominee and to serve as a director if elected.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">No person shall be eligible for
election as a director of the Corporation unless nominated in accordance with the procedures set forth in Section 3 of this Article III.
If the Chairman of the meeting determines that a nomination was not made in accordance with the foregoing procedures, the Chairman shall
declare to the meeting that the nomination was defective and such defective nomination shall be disregarded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 4. Removal:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No proposal by a shareholder to remove a director
shall be voted upon at a meeting of the shareholders unless such shareholder has given timely notice thereof in proper written form to
the Secretary. To be timely, a shareholder's notice to the Secretary must be delivered to or mailed and received at the principal executive
offices of the Corporation not less than one hundred and twenty (120) days nor more than one hundred eighty (180) days prior to the anniversary
date of the immediately preceding annual meeting of the shareholders. To the extent, however, these Amended and Restated Bylaws are adopted
less than one-hundred twenty (120) days prior to the anniversary date of the annual meeting of shareholders or the first annual meeting
of shareholders, then for the first annual meeting of shareholders following adoption of these Amended and Restated Bylaws, such notice
may be delivered not more than twenty (20) days subsequent to adoption hereof. To be in proper written form, a shareholder's notice must
set forth: (a) a statement of the grounds, if any, on which such director is proposed to be removed, (b) evidence reasonably satisfactory
to the Secretary, of such shareholder's status as such and of the number of shares of each class of capital stock of the Corporation beneficially
owned by such shareholder, and (c) a list of the names and addresses of other shareholders of the Corporation, if any, with whom such
shareholder is acting in concert, and the number of shares of each class of capital stock of the Corporation beneficially owned by each
such shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">No shareholder proposal to remove
a director shall be voted upon at an annual meeting of the shareholders unless proposed in accordance with the procedures set forth in
Section 4 of this Article III. If the Chairman of the meeting determines, based on the facts, that a shareholder proposal to remove a
director was not made in accordance with the foregoing procedures, the Chairman shall declare to the meeting that a proposal to remove
a director of the Corporation was not made in accordance with the procedures prescribed by these Amended and Restated Bylaws, and such
defective proposal shall be disregarded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 5. Vacancies: Any vacancies in the Board of
Directors for any reason, and any created directorships resulting from any increase in the number of directors, shall be filled as set
forth in the Articles of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 6. Regular Meetings:
Regular meetings of the Board of Directors may be held at such time and place as may be determined by resolution of the Board of Directors
and no notice shall be required for any regular meeting. Except as otherwise provided by law, any business may be transacted at any regular
meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 7. Special Meetings:
Special meetings of the Board of Directors may, unless otherwise prescribed by law, be called from time to time by the President, or any
officer of the Corporation who is also a Director. The President or the Secretary shall call a special meeting of the Board upon written
request directed to either of them by any two Directors stating the time, place, and purpose of such special meetings of the Board shall
be held on a date and at such time and at such place as may be designated in the notice thereof by the officer calling the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 8. Notice of Special
Meetings: Notice of the date, time and place of each special meeting of the Board of Directors shall be given to each Director at least
forty-eight hours prior to such meeting, unless the notice is given orally or delivered in person, in which case it shall be given at
least twenty-four hours prior to such meeting. For the purpose of this section, notice shall be deemed to
be duly given to a Director if given to him personally (including by telephone) or if such notice be delivered to such Director by mail
or email to his last known address. Notice of a meeting need not be given to any Director who submits a signed waiver of notice, whether
before or after the meeting or who attends the meeting without protesting, prior to the conclusion thereof, the lack of notice to him.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 9. Quorum: The greater
of (i) one third of the entire Board and (ii) a majority of the Directors at the time of office, present in person or by proxy or by communication
equipment, shall constitute a quorum for the transaction of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 10. Voting: The vote
of the majority of the Directors, present in Person, by proxy, or in communication by conference telephone, at a meeting at which a quorum
is present shall be the act of the Directors. Any action required or permitted to be taken at a meeting may be taken without a meeting
if all members of the Board consent thereto in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 11. Compensation of Directors
and Members of Committees: The Board may from time to time, in its discretion, fix the amounts which shall be payable to members of the
Board of Directors and to members of any committee, for attendance at the meetings of the Board or of such committee and for services
rendered to the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 12. Indemnification.
Any person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director
or officer of another partnership, joint venture, trust or other enterprise shall be entitled to be indemnified by the Corporation upon
the same terms, under the same conditions, and to the same extent as authorized by Section 60 of the Business Corporation Act of the Republic
of The Marshall Islands, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
The Corporation shall pay in advance expenses a director or officer incurred while defending a civil or criminal proceeding, provided
that the director or officer will repay the amount if it shall ultimately be determined by final judicial decision from which there is
no further right to appeal that he or she is not entitled to indemnification under this section.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 1. Executive Committee
and Other Committees: The Board of Directors may, by resolution or resolutions passed by a majority of the entire Board, designate from
among its members an executive committee to consist of one or more of the Directors of the Corporation, which, to the extent provided
in said resolution or resolutions, or in these Bylaws, shall have and may exercise, to the extent permitted by law, the powers of the
Board of Directors in the management of the business and affairs of the Corporation, and may have power to authorize the seal of the Corporation
to be affixed to all papers which may require it. In addition, the Board of Directors may, by resolution or resolutions passed by a majority
of the entire Board designate from among its members other committees to consist of one or more of the Directors of the Corporation, each
of which shall perform such function and have such authority and powers as shall be delegated to it by said resolutions or as provided
for in these Bylaws, except that only the executive committee may have and exercise the powers of the Board of Directors. Members of the
executive committee and any other committee shall hold office for such period as may be prescribed by the vote of a majority of the entire
Board of Directors. Vacancies in membership of such committees shall be filled by vote of the board of Directors. Committees may adopt
their own rules of procedure and may meet at stated times or on such notice as they may determine. Each committee shall keep a record
of its proceedings and report the same to the Board when requested.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 1. Number of Designation:
The Board of Directors shall appoint a President, Secretary and Treasurer or such other officers with such duties as it may deem necessary.
Officers may be of any nationality, need not be residents of the Marshall Islands and may be, but are not required
to be, Directors. Officers of the corporation shall be natural persons except the secretary may be a corporate entity. Any two or more
offices may be held by the same natural person.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The officers shall be appointed
annually by the Board of Directors at its first meeting following the annual election of Directors, but in the event of the failure of
the Board to so appoint any officer, such officer may be appointed at any subsequent meeting of the Board of Directors. The salaries of
the officers and any other compensation paid to them shall be fixed from time to time by the Board of Directors. The Board of Directors
may at any meeting appoint additional officers. Each officer shall hold office until the first meeting of the Board of Directors following
the next annual election of Directors and until his successor shall have been duly appointed and qualified, except in the event of the
earlier termination of his term of office, through death, resignation, removal or otherwise. Any officer may be removed by the Board at
any time with or without cause. Any vacancy in an office may be filled for the unexpired portion of the term of such office by the Board
of Directors at any regular or special meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 2. President: The President
shall be the chief executive officer of the Corporation and shall have general management of the affairs of the Corporation together with
the powers and duties usually incident to the office of President, except as specifically limited by appropriate written resolution of
the Board of Directors and shall have such other powers and perform such other duties as may be assigned to him by the Board of Directors.
The President shall preside at all meetings of shareholders at which he is present and, if he is a Director, at all meetings of the Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 3. Treasurer: The Treasurer shall have general
supervision over the case and custody of the fund, securities, and other valuable effects of the Corporation and shall deposit the same
or cause the same to be deposited in the name of the Corporation in such depositories as the Board of Directors may designate, shall disburse
the funds of the Corporation as may be ordered by the Board of Directors, shall have supervision over the accounts of all receipts and
disbursements of the Corporation, shall, whenever required by the Board, render or cause to be rendered financial statements of the Corporation,
shall have the power and perform the duties usually incident to the office of Treasurer, and shall have such powers and perform such other
duties as may be assigned to him by the Board of Directors or President.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 4. Secretary: The Secretary
shall act as Secretary of all meetings of the shareholders and of the Board of Directors at which he is present, shall have supervision
over the giving and serving of notices of the Corporation, shall be the custodian of the corporate records and of the corporate seal of
the Corporation, shall be empowered to affix the corporate seal to those documents, the execution of which, on behalf of the Corporation
under its seal, is duly authorised and when so affixed may attest the same, and shall exercise the powers and perform such other duties
as may be assigned to him by the Board of Directors or the President. If the Secretary is a corporation, the duties of the Secretary may
be carried out by any authorised representative of such corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 5. Other Officers: Officers
other than those treated in Section 2 through 4 of this Article shall exercise such powers and perform such duties as may be assigned
to them by the Board of Directors or the President.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 6. Bond: The Board of
Directors shall have power to the extent permitted by law, to require any officer, agent or employee of the Corporation to give bond for
the faithful discharge of his duties in such form and with such surety or sureties as the Board of Directors may deem advisable.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 1. Form and Issuance:
The shares of the Corporation shall be represented by certificates in a form meeting the requirements of law and approved by the Board
of Directors. Certificates shall be signed by the President or a Vice President, and by the Secretary or an Assistant Secretary or the
Treasurer or an Assistant Treasure. These signatures may be facsimiles if the certificate is countersigned by a transfer agent or registered
by a registrar other than the Corporation itself or its employee. Shares may also be represented in uncertified form, and, specifically,
the Corporation may issue shares to be represented in any manner permitted or required by the rules of the stock exchange on which the
Corporation may be listed.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 2. Transfer: The Board
of Directors shall have power and authority to make such rules and regulations as they may deem expedient concerning the issuance, registration
and transfer of shares of the Corporation's stock, and may appoint transfer agents and registrars thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 3. Loss of Stock Certificates:
The Board of Directors may direct a new certificate or certificates of stock to be issued in place of any certificate of certificates
theretofore issued by the Corporation alleged to have been lost or destroyed, upon the making of an affidavit of that fact by the person
claiming the certificate of stock to be lost or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate
of stock to be lost or destroyed. When authorising such issue of a new certificate of certificates, the Board of Directors may, in its
discretion and as a condition precedent to the issuance thereof, require the owner of such lost or destroyed certificate or certificates,
or his legal representative, to advertise the same in such manner as it shall require and/or give the Corporation a bond in such sum as
it may direct as indemnity against any claim that may be against the Corporation with respect to the certificate alleged to have been
lost or destroyed.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 1. Declaration and Form:
Dividends may be declared in conformity with law by, and at the discretion of, the Board of Directors at any regular or special meeting.
Dividends may be declared and paid in cash, stock, or other property of the Corporation.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 1. The seal of the Corporation,
if any, shall be circular in form, with the name of the Corporation in the circumference and such other appropriate legend as the Board
of Directors may from time to time determine.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Section 1. The fiscal year of
the Corporation shall be such period of twelve consecutive months as the Board of Directors may be resolution designate.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Directors of the
Corporation is expressly authorized to make, alter or repeal Bylaws of the Corporation by a vote of not less than a majority of the entire
Board of Directors; provided however, that the Board of Directors of the Corporation is expressly authorized to make, alter or repeal
Article II, Sections 2 and 3 and Article III, Sections 1 2, 3, 4 and 5 of these Bylaws only by a vote of not less than two-thirds of the
entire Board of Directors.</P>

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

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

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

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

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

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

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

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


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<SEQUENCE>4
<FILENAME>exh_51.htm
<DESCRIPTION>EXHIBIT 5.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><IMG SRC="header.jpg" ALT="" STYLE="height: 176px; width: 818px">&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">20 Iouliou Kaisara Str,<BR>
19002 Paiania, Athens, Greece</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">July 21, 2025</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have acted as counsel to Rubico Inc., a corporation
organized under the laws of the Republic of the Marshall Islands (the &ldquo;<B>Company</B>&rdquo;), in connection with the Company&rsquo;s
Registration Statement on Form F-1, as publicly filed with the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
on the date hereof (the &ldquo;<B>Registration Statement</B>&rdquo;), with respect to the Company&rsquo;s registration of the distribution
of its common shares, par value $0.01 per share, having an aggregate offering price of up to $30,000,000 (the &ldquo;<B>Common Shares</B>&rdquo;),
which Common Shares include preferred stock purchase rights (the &ldquo;<B>Preferred Stock Purchase Rights</B>&rdquo; and, collectively
with the Common Shares, the &ldquo;<B>Securities</B>&rdquo;). The Registration Statement relates to the sale by B. Riley Principal Capital
II, LLC (&ldquo;<B>BRPC II</B>&rdquo;) of Common Shares it will acquire from the Company from time-to-time pursuant to a common shares
purchase agreement (the &ldquo;<B>Purchase Agreement</B>&rdquo;), dated July 18, 2025, between BRPC II and the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As such counsel, we have examined originals or copies
(certified or otherwise identified to our satisfaction) of the following documents:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Registration Statement
    and the prospectus included therein (the &ldquo;<B>Prospectus</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Shareholders&rsquo;
    Rights Agreement (the &ldquo;<B>Rights Agreement</B>&rdquo;) between the Company and Broadridge Corporate Issuer Solutions, LLC,
    as rights agent relating to the Preferred Stock Purchase Rights;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company&rsquo;s amended
    and restated articles of incorporation and the amended and restated bylaws;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Purchase Agreement;
    and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such other papers, documents,
    agreements, certificates of public officials and certificates of representatives of the Company, as we have deemed relevant and necessary
    as the basis for the opinions hereafter expressed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In such examination, we have assumed (a) the legal
competence or capacity of persons or entities (other than the Company) to complete the execution of documents, (b) the genuineness of
all signatures and the authenticity of all documents submitted to us as originals, (c) the conformity to original documents of all documents
submitted to us as conformed or photostatic copies, (d) that the documents reviewed by us in connection with the rendering of the opinions
set forth herein are true, correct and complete, and (e) the truthfulness of each statement as to all factual matters contained in any
document or certificate encompassed within the due diligence review undertaken by us. As to matters of fact material to this opinion that
have not been independently established, we have relied upon the representations and certificates of officers or representatives of the
Company and of public officials, in each case as we have deemed relevant and appropriate. We have not independently verified the facts
so relied on.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have further assumed for the purposes of this opinion,
without investigation, that all documents contemplated by the Prospectus to be executed in connection with the distribution of the Securities
have been duly authorized, executed and delivered by each of the parties thereto other than
the Company, and the terms of the distribution comply in all respects with the terms, conditions and restrictions set forth in the Prospectus
and all of the instruments, agreements and other documents relating thereto or executed in connection therewith.</P>

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

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

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


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This opinion letter is limited to Marshall Islands
and New York law and is as of the date hereof. We expressly disclaim any responsibility to advise of any development or circumstance of
any kind, including any change of law or fact that may occur after the date of this opinion letter that might affect the opinion expressed
herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the foregoing and having regard to legal
considerations which we deem relevant, we are of the opinion that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Securities have been duly authorized, and the Common Shares, when issued, sold and paid for as contemplated in the Prospectus or any supplement thereto and the Purchase Agreement, will be validly issued, fully paid and non-assessable; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">when the Common Shares are issued, sold and paid for as contemplated in the Prospectus or any supplement thereto and the Purchase Agreement, the related Preferred Share Purchase Rights will constitute binding obligations of the Company in accordance with the terms of the Rights Agreement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the filing of this opinion as an exhibit
to the Registration Statement, the discussion of this opinion in the Registration Statement, and the references to our firm in the Prospectus.
In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the
Securities Act, nor do we admit that we are experts with respect to any part of the Registration Statement within the meaning of the term
&ldquo;expert&rdquo; as used in the Securities Act.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>/s/ Watson Farley &amp; Williams LLP</I></P>

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

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

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

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

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


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<SEQUENCE>5
<FILENAME>exh_81.htm
<DESCRIPTION>EXHIBIT 8.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 8.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><IMG SRC="header.jpg" ALT="" STYLE="height: 176px; width: 818px"></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">20 Iouliou Kaisara Str,<BR>
19002 Paiania, Athens, Greece</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">July 21, 2025</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have acted as counsel to Rubico Inc., a corporation
organized under the laws of the Republic of the Marshall Islands (the &ldquo;<B>Company</B>&rdquo;), in connection with the Company&rsquo;s
Registration Statement on Form F-1, as publicly filed with the U.S. Securities and Exchange Commission on the date hereof (the &ldquo;<B>Registration
Statement</B>&rdquo;), with respect to the Company&rsquo;s registration of the distribution of its common shares, par value $0.01 per
share (the &ldquo;<B>Common Shares</B>&rdquo;) and preferred stock purchase rights. The Registration Statement relates to the sale by
B. Riley Principal Capital II, LLC (&ldquo;<B>BRPC II</B>&rdquo;) of Common Shares it will acquire from the Company from time-to-time
pursuant to a common shares purchase agreement, dated July 18, 2025, between BRPC II and the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">In rendering this opinion, we have examined originals
or copies (certified or otherwise identified to our satisfaction) of the following documents:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Registration Statement and the prospectus included therein (as amended and supplemented, the &ldquo;<B>Prospectus</B>&rdquo;); and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such other papers, documents, agreements, certificates of public officials and certificates of representatives of the Company, as we have deemed relevant and necessary as the basis for the opinions hereafter expressed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">In such examination, we have assumed (a) the legal capacity
of each natural person, (b) the genuineness of all signatures and the authenticity of all documents submitted to us as originals, (c)
the conformity to original documents of all documents submitted to us as conformed or photostatic copies, (d) that the documents reviewed
by us in connection with the rendering of the opinion set forth herein are true, correct and complete and (e) the truthfulness of each
statement as to all factual matters contained in any document or certificate encompassed within the due diligence review undertaken by
us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">As to matters of fact material to this opinion that have
not been independently established, we have relied upon the representations and certificates of public officials, directors and officers
of the Company and others, in each case as we have deemed relevant and appropriate. We have not independently verified the facts so relied
on.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">We have reviewed the discussion set forth in the Prospectus
under the heading &ldquo;Tax Considerations&mdash;United States Federal Income Tax Consequences&mdash;United States Federal Income Taxation
of U.S. Holders&rdquo;. Based on the representations, covenants, assumptions, conditions and qualifications described in such section,
and taking into account the fact that the discussions set forth in such section do not purport to discuss all possible U.S. federal income
tax consequences of the ownership and disposition of the Company&rsquo;s Common Shares, and subject to the qualifications, limitations
and assumptions set forth herein, we confirm that the discussions set forth in such section, to the extent they constitute summaries of
law or legal conclusions, unless otherwise noted, constitute our opinion with respect to the material U.S. federal income tax consequences
of the ownership and disposition of the Company&rsquo;s Common Shares as of the date of the Prospectus, and accurately state our views
as to the tax matters discussed therein (except for the representations and statements of fact of the Company included under such caption,
as to which we express no opinion). We express no opinion as to any U.S. federal income tax consequences other than the opinion set forth
above. Except as set forth in the paragraph below concerning Marshall Islands tax considerations, we express no opinion
with respect to tax consequences under any state, local, or non-U.S. tax law.</P>

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

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

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


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<IMG SRC="headerlogo.jpg" ALT="" STYLE="height: 55px; width: 188px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">We have reviewed the discussion set forth in the Prospectus
under the heading &ldquo;Tax Considerations&mdash;Marshall Islands Tax Consequences&rdquo;. Based on the facts as set forth in the Registration
Statement and the Prospectus, and having regard to legal considerations which we deem relevant, and subject to the qualifications, limitations
and assumptions set forth herein, we confirm that the statements in such discussion, to the extent they constitute legal conclusions,
unless otherwise noted, constitute our opinion with respect to Marshall Islands tax consequences as of the
date of the Prospectus (except for the representations and statements of fact of the Company included under such caption, as to which we express no opinion).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Our opinions and the tax discussion as set forth in the
Registration Statement are based on the current provisions of the Internal Revenue Code of 1986, as amended, the Treasury Regulations
promulgated thereunder, published pronouncements of the Internal Revenue Service which may be cited or used as precedents and case law,
and the law of the Republic of the Marshall Islands as in effect on the date hereof, any of which may be changed at any time with retroactive
effect. This opinion is expressed as of the date hereof, and we are under no obligation to supplement or revise our opinion to reflect
any legal developments or factual matters arising subsequent to the date hereof or the impact of any information, document, certificate,
record, statement, representation, covenant, or assumption relied upon herein that becomes incorrect or untrue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">We consent to the filing of this opinion as an exhibit
to the Registration Statement, the discussion of this opinion in the Registration Statement and to the references to our firm in the Registration
Statement and the Prospectus. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required
under Section 7 of the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;) or the rules and regulations promulgated
thereunder, nor do we admit that we are experts with respect to any part of the Registration Statement within the meaning of the term
&ldquo;expert&rdquo; as used in the Securities Act.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>/s/ Watson Farley &amp; Williams LLP</I></P>

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

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

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

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

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

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

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<SEQUENCE>6
<FILENAME>exh_1015.htm
<DESCRIPTION>EXHIBIT 10.15
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.15</B></P>

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

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

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

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

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">COMMON STOCK PURCHASE AGREEMENT</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">Dated as of July 21, 2025</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">by and between</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">RUBICO INC.</P>

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

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

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">B. RILEY PRINCIPAL CAPITAL II, LLC</P>

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Table of Contents</U></B></FONT></P>

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

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -96.9pt; padding-top: 12pt; padding-bottom: 0in; padding-left: 96.9pt">Article I DEFINITIONS</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 12pt; padding-bottom: 0in">1</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -96.9pt; padding-top: 12pt; padding-bottom: 0in; padding-left: 96.9pt">Article II PURCHASE AND SALE OF COMMON STOCK</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 2.1.&nbsp;&nbsp;&nbsp;Purchase and Sale of Stock</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 2.2.&nbsp;&nbsp;&nbsp;Closing Date; Settlement Dates</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 2.3.&nbsp;&nbsp;&nbsp;Initial Public Announcements and Required Filings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -96.9pt; padding-top: 12pt; padding-bottom: 0in; padding-left: 96.9pt">Article III PURCHASE TERMS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0in">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 3.1.&nbsp;&nbsp;&nbsp;VWAP Purchases</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 3.2.&nbsp;&nbsp;&nbsp;Intraday VWAP Purchases</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 3.3.&nbsp;&nbsp;&nbsp;Settlement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 3.4.&nbsp;&nbsp;&nbsp;Beneficial Ownership Limitation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -96.9pt; padding-top: 12pt; padding-bottom: 0in; padding-left: 96.9pt">Article IV REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0in">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.1.&nbsp;&nbsp;&nbsp;Organization and Standing of the Investor</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.2.&nbsp;&nbsp;&nbsp;Authorization and Power</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.3.&nbsp;&nbsp;&nbsp;No Conflicts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.4.&nbsp;&nbsp;&nbsp;Investment Purpose</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.5.&nbsp;&nbsp;&nbsp;Accredited Investor Status</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.6.&nbsp;&nbsp;&nbsp;Reliance on Exemptions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.7.&nbsp;&nbsp;&nbsp;Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.8.&nbsp;&nbsp;&nbsp;No Governmental Review</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.9.&nbsp;&nbsp;&nbsp;No General Solicitation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.10.&nbsp;&nbsp;&nbsp;Not an Affiliate</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.11.&nbsp;&nbsp;&nbsp;No Prior Short Sales</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.12.&nbsp;&nbsp;&nbsp;Statutory Underwriter Status</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 4.13.&nbsp;&nbsp;&nbsp;Resales of Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -96.9pt; padding-top: 12pt; padding-bottom: 0in; padding-left: 96.9pt">Article V REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0in">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.1.&nbsp;&nbsp;&nbsp;Organization, Good Standing and Power</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.2.&nbsp;&nbsp;&nbsp;Authorization, Enforcement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.3.&nbsp;&nbsp;&nbsp;Capitalization</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.4.&nbsp;&nbsp;&nbsp;Issuance of Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.5.&nbsp;&nbsp;&nbsp;No Conflicts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.6.&nbsp;&nbsp;&nbsp;Commission Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls Over
Financial Reporting; Accountants</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.7.&nbsp;&nbsp;&nbsp;Subsidiaries</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.8.&nbsp;&nbsp;&nbsp;No Material Adverse Effect or Material Adverse Change</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.9.&nbsp;&nbsp;&nbsp;No Undisclosed Liabilities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.10.&nbsp;&nbsp;&nbsp;No Material Defaults on Indebtedness</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.11.&nbsp;&nbsp;&nbsp;Solvency</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.12.&nbsp;&nbsp;&nbsp;Title to Real and Personal Property</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.13.&nbsp;&nbsp;&nbsp;Litigation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">16</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt; width: 90%">Section 5.14.&nbsp;&nbsp;&nbsp;Compliance With Laws</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in; width: 10%">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.15.&nbsp;&nbsp;&nbsp;Certain Fees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.16.&nbsp;&nbsp;&nbsp;Disclosure</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.17.&nbsp;&nbsp;&nbsp;Material Permits</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.18.&nbsp;&nbsp;&nbsp;Environmental Matters</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.19.&nbsp;&nbsp;&nbsp;Intellectual Property Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.20.&nbsp;&nbsp;&nbsp;Material Contracts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.21.&nbsp;&nbsp;&nbsp;Transactions With Affiliates</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.22.&nbsp;&nbsp;&nbsp;Labor Relations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.23.&nbsp;&nbsp;&nbsp;Use of Proceeds</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.24.&nbsp;&nbsp;&nbsp;Investment Company Act Status</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.25.&nbsp;&nbsp;&nbsp;Tax Matters</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.26.&nbsp;&nbsp;&nbsp;Insurance</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.27.&nbsp;&nbsp;&nbsp;Exemption from Registration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.28.&nbsp;&nbsp;&nbsp;No General Solicitation or Advertising</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.29.&nbsp;&nbsp;&nbsp;No Integrated Offering</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.30.&nbsp;&nbsp;&nbsp;Dilutive Effect</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.31.&nbsp;&nbsp;&nbsp;Manipulation of Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.32.&nbsp;&nbsp;&nbsp;Securities Act</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.33.&nbsp;&nbsp;&nbsp;Listing and Maintenance Requirements; DTC Eligibility</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.34.&nbsp;&nbsp;&nbsp;Application of Takeover Protections</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.35.&nbsp;&nbsp;&nbsp;Foreign Corrupt Practices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.36.&nbsp;&nbsp;&nbsp;Office of Foreign Assets Control</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.37.&nbsp;&nbsp;&nbsp;Money Laundering</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.38.&nbsp;&nbsp;&nbsp;ERISA</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.39.&nbsp;&nbsp;&nbsp;IT Systems</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.40.&nbsp;&nbsp;&nbsp;Privacy Laws</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.41.&nbsp;&nbsp;&nbsp;U.S. Real Property Holding Corporation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.42.&nbsp;&nbsp;&nbsp;Margin Rules</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.43.&nbsp;&nbsp;&nbsp;Emerging Growth Company Status</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.44.&nbsp;&nbsp;&nbsp;Bad Actor Disqualification</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.45.&nbsp;&nbsp;&nbsp;Market Capitalization</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">25</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.46.&nbsp;&nbsp;&nbsp;Broker/Dealer Relationships; FINRA Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">25</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.47.&nbsp;&nbsp;&nbsp;Acknowledgement Regarding Relationship with Investor and BRS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">25</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.48.&nbsp;&nbsp;&nbsp;Acknowledgement Regarding Investor&rsquo;s Affiliate Relationships</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">26</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.49.&nbsp;&nbsp;&nbsp;Distributions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">26</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.50.&nbsp;&nbsp;&nbsp;No Immunity</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.51.&nbsp;&nbsp;&nbsp;Foreign Private Issuer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.52.&nbsp;&nbsp;&nbsp;Passive Foreign Investment Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.53.&nbsp;&nbsp;&nbsp;Federal Income Tax</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.54.&nbsp;&nbsp;&nbsp;Vessels</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 5.55.&nbsp;&nbsp;&nbsp;No Tax</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -96.9pt; padding-top: 12pt; padding-bottom: 0in; padding-left: 96.9pt">Article VI ADDITIONAL COVENANTS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0in">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.1.&nbsp;&nbsp;&nbsp;Securities Compliance</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.2.&nbsp;&nbsp;&nbsp;Reservation of Common Stock</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.3.&nbsp;&nbsp;&nbsp;Registration and Listing</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">28</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt; width: 90%">Section 6.4.&nbsp;&nbsp;&nbsp;Compliance with Laws.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in; width: 10%">29</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.5.&nbsp;&nbsp;&nbsp;Keeping of Records and Books of Account; Due Diligence.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">29</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.6.&nbsp;&nbsp;&nbsp;No Frustration; No Dilutive Issuances; No Other Similar Transactions.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">30</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.7.&nbsp;&nbsp;&nbsp;Corporate Existence</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">30</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.8.&nbsp;&nbsp;&nbsp;Fundamental Transaction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">30</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.9.&nbsp;&nbsp;&nbsp;Selling Restrictions.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.10.&nbsp;&nbsp;&nbsp;Effective Registration Statement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">32</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.11.&nbsp;&nbsp;&nbsp;Blue Sky</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">32</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.12.&nbsp;&nbsp;&nbsp;Non-Public Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">32</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.13.&nbsp;&nbsp;&nbsp;Broker-Dealer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">32</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.14.&nbsp;&nbsp;&nbsp;FINRA Filing</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">33</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.15.&nbsp;&nbsp;&nbsp;QIU</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">33</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 6.16.&nbsp;&nbsp;&nbsp;Disclosure Schedule.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: -59pt; padding-left: 70pt; text-align: left; padding-top: 0in; padding-bottom: 0in">Section 6.17.&nbsp;&nbsp;&nbsp;Delivery of Compliance Certificates, Bring-Down Negative Assurance Letters, Bring-Down CFO Certificates
and Bring-Down Comfort Letters Upon Occurrence of Certain Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -96.9pt; padding-top: 12pt; padding-bottom: 0in; padding-left: 96.9pt">Article VII CONDITIONS TO CLOSING, COMMENCEMENT AND PURCHASES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0in">36</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 7.1.&nbsp;&nbsp;&nbsp;Conditions Precedent to Closing</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">36</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 7.2.&nbsp;&nbsp;&nbsp;Conditions Precedent to Commencement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">37</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 7.3.&nbsp;&nbsp;&nbsp;Conditions Precedent to Purchases after Commencement Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">40</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -96.9pt; padding-top: 12pt; padding-bottom: 0in; padding-left: 96.9pt">Article VIII TERMINATION</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0in">45</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 8.1.&nbsp;&nbsp;&nbsp;Automatic Termination</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">45</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 8.2.&nbsp;&nbsp;&nbsp;Other Termination</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">45</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 8.3.&nbsp;&nbsp;&nbsp;Effect of Termination</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">46</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -96.9pt; padding-top: 12pt; padding-bottom: 0in; padding-left: 96.9pt">Article IX INDEMNIFICATION</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0in">47</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 9.1.&nbsp;&nbsp;&nbsp;Indemnification of Investor</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">47</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 9.2.&nbsp;&nbsp;&nbsp;Indemnification Procedures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">48</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -96.9pt; padding-top: 12pt; padding-bottom: 0in; padding-left: 96.9pt">Article X MISCELLANEOUS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0in">49</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.1.&nbsp;&nbsp;&nbsp;Certain Fees and Expenses; Commitment Fee; Commencement Irrevocable Transfer Agent Instructions.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">49</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.2.&nbsp;&nbsp;&nbsp;Specific Enforcement, Consent to Jurisdiction, Waiver of Jury Trial.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">51</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.3.&nbsp;&nbsp;&nbsp;Entire Agreement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">52</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.4.&nbsp;&nbsp;&nbsp;Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">52</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.5.&nbsp;&nbsp;&nbsp;Waivers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">53</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.6.&nbsp;&nbsp;&nbsp;Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">54</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.7.&nbsp;&nbsp;&nbsp;Headings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">54</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.8.&nbsp;&nbsp;&nbsp;Construction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">54</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.9.&nbsp;&nbsp;&nbsp;Binding Effect</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">54</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.10.&nbsp;&nbsp;&nbsp;No Third Party Beneficiaries</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">54</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.11.&nbsp;&nbsp;&nbsp;Governing Law</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">54</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.12.&nbsp;&nbsp;&nbsp;Survival</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">55</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.13.&nbsp;&nbsp;&nbsp;Counterparts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">55</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.14.&nbsp;&nbsp;&nbsp;Publicity</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">55</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt; width: 90%">Section 10.15.&nbsp;&nbsp;&nbsp;Severability</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in; width: 10%">55</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -84.9pt; padding-top: 0in; padding-bottom: 0in; padding-left: 96.9pt">Section 10.16.&nbsp;&nbsp;&nbsp;Further Assurances</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">55</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center">COMMON STOCK PURCHASE AGREEMENT</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This <B>COMMON STOCK PURCHASE AGREEMENT</B> is made
and entered into as of July 21, 2025 (this &ldquo;<B><I>Agreement</I></B>&rdquo;), by and between B. Riley Principal Capital II,
LLC, a Delaware limited liability company (the &ldquo;<B><I>Investor</I></B>&rdquo;), and Rubico Inc., a Republic of the Marshall Islands
corporation (the &ldquo;<B><I>Company</I></B>&rdquo;).</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">RECiTALS</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>WHEREAS</B>, the parties desire that, upon the terms
and subject to the conditions and limitations set forth herein, the Company may issue and sell to the Investor, from time to time as provided
herein, and the Investor shall purchase from the Company, up to $30,000,000 in aggregate gross purchase price of newly issued shares of
the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<B><I>Common Stock</I></B>&rdquo;);</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"><B>WHEREAS</B>, such sales of Common Stock by the Company
to the Investor will be made in reliance upon the provisions of Section 4(a)(2) of the Securities Act of 1933, as amended (&ldquo;<B><I>Section
4(a)(2)</I></B>&rdquo;), and upon such other exemption from the registration requirements of the Securities Act of 1933, as amended, and
the rules and regulations of the Commission thereunder (together, the &ldquo;<B><I>Securities Act</I></B>&rdquo;) as may be available
with respect to any or all of the sales of Common Stock to the Investor to be made hereunder;</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"><B>WHEREAS,</B> the parties hereto are concurrently
entering into a Registration Rights Agreement in the form attached as <U>Exhibit&nbsp;A</U> hereto (the &ldquo;<B><I>Registration Rights
Agreement</I></B>&rdquo;), pursuant to which the Company shall register under the Securities Act the resale of the Registrable Securities
(as defined in the Registration Rights Agreement) by the Investor, upon the terms and subject to the conditions set forth therein;</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"><B>WHEREAS</B>, in consideration for the Investor&rsquo;s
execution and delivery of this Agreement, the Company shall pay the Commitment Fee to the Investor in such manner, at such time(s) and
otherwise pursuant to and in accordance with Section 10.1(ii); and</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"><B>WHEREAS</B>, the Company acknowledges that the Investor
is an Affiliate of the B. Riley group of entities, and its Affiliate, B. Riley Securities, Inc. (&ldquo;<B><I>BRS</I></B>&rdquo;), is
acting as the Investor&rsquo;s representative in connection with the transactions contemplated by the Transaction Documents.</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"><B>NOW, THEREFORE, </B>the parties hereto, intending
to be legally bound, hereby agree as follows:</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Article
I</FONT><BR>
DEFINITIONS</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Capitalized terms used in this Agreement shall have
the meanings ascribed to such terms in <U>Annex I</U> hereto, and hereby made a part hereof, or as otherwise set forth in this Agreement.</P>

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
II</FONT><BR>
PURCHASE AND SALE OF COMMON STOCK</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purchase and Sale of Stock</U></B>. Upon the terms and subject to the conditions of this Agreement, during the Investment Period,
the Company, in its sole discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and the Investor
shall purchase from the Company, up to $30,000,000 (the &ldquo;<B><I>Total Commitment</I></B>&rdquo;) in aggregate gross purchase price
of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock by the delivery to the Investor of VWAP Purchase
Notices and Intraday VWAP Purchase Notices as provided in Article III.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing Date; Settlement Dates</U></B>. This Agreement shall become effective and binding (the &ldquo;<B><I>Closing</I></B>&rdquo;)
upon (a)&nbsp;the delivery of counterpart signature pages of this Agreement and the Registration Rights Agreement executed by each of
the parties hereto and thereto, and (b)&nbsp;the delivery of all other documents, instruments and writings required to be delivered at
the Closing, in each case as provided in Section 7.1(iv), to the offices of Duane Morris LLP, at 22 Vanderbilt, 335 Madison Avenue New
York, NY 10017, at 10:00 a.m., New York City time, on the Closing Date. In consideration of and in express reliance upon the
representations, warranties and covenants contained in, and upon the terms and subject to the conditions of, this Agreement, during the
Investment Period, the Company, at its sole option and discretion, may issue and sell to the Investor, and, if the Company elects to so
issue and sell, the Investor shall purchase from the Company, the Shares in respect of each VWAP Purchase and each Intraday VWAP Purchase
(as applicable). The delivery of Shares in respect of each VWAP Purchase and each Intraday VWAP Purchase, and the payment for such Shares,
shall occur in accordance with Section 3.3.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Initial Public Announcements and Required Filings</U></B>. The Company shall, not later than 9:00 a.m., New York City time,
on the Trading Day immediately after the date of this Agreement, file with the Commission a report on Form 6-K disclosing the execution
of this Agreement and the Registration Rights Agreement by the Company and the Investor and describing the material terms thereof, including,
without limitation, the Commitment Fee payable by the Company to the Investor pursuant to Section 10.1(ii) of this Agreement, and attaching
as exhibits thereto copies of each of this Agreement and the Registration Rights Agreement and, if applicable, any press release issued
by the Company disclosing the execution of this Agreement and the Registration Rights Agreement by the Company (including all exhibits
thereto, the &ldquo;<B><I>Current Report</I></B>&rdquo;). The Company shall provide the Investor a reasonable opportunity to comment on
a draft of the Current Report prior to filing the Current Report with the Commission and shall give due consideration to all such comments.
From and after the filing of the Current Report with the Commission, the Company shall have publicly disclosed all material, nonpublic
information delivered to the Investor (or the Investor&rsquo;s representatives or agents) by the Company, or any of their respective officers,
directors, employees, agents or representatives (if any) in connection with the transactions contemplated by the Transaction Documents.
The Investor covenants that until such time as the transactions contemplated by this Agreement and the Registration Rights Agreement are
publicly disclosed by the Company as described in this Section 2.3, the Investor shall maintain the confidentiality of all disclosures
made to it in connection with the transactions contemplated by the Transaction Documents (including the existence and terms of the transactions
contemplated thereby), except that the Investor may disclose the terms of such transactions to its financial, accounting, legal and other
advisors (provided that the Investor directs such Persons to maintain the confidentiality of such information). The Company shall use
its commercially reasonable efforts to prepare and, as soon as practicable, but in no event later than the applicable Filing Deadline,
file with the Commission the Initial Registration Statement and any New Registration Statement covering only the resale by the Investor
of the Registrable Securities in accordance with the Securities Act and the Registration Rights Agreement. On or before the second Trading
Day immediately following the Effective Date of the Initial Registration Statement and any New Registration Statement (or any post-effective
amendment thereto), the Company shall file with the Commission in accordance with Rule 424(b) under the Securities Act the final Prospectus
to be used in connection with resales of the Registrable Securities by the Investor pursuant to such Registration Statement (or post-effective
amendment thereto).</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
III</FONT><BR>
PURCHASE TERMS</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Subject to the satisfaction of the conditions set forth
in Article VII, the parties agree as follows:</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>VWAP Purchases</U></B>. Upon the initial satisfaction of all of the conditions set forth in Section 7.2 (the &ldquo;<B><I>Commencement</I></B>&rdquo;
and the date of initial satisfaction of all of such conditions, the &ldquo;<B><I>Commencement Date</I></B>&rdquo;) and from time to time
thereafter, subject to the satisfaction of all of the conditions set forth in Section 7.3, the Company shall have the right, but not the
obligation, to direct the Investor, by its timely delivery to the Investor of a VWAP Purchase Notice for a VWAP Purchase (each, a &ldquo;<B><I>VWAP
Purchase</I></B>&rdquo;), specifying in such VWAP Purchase Notice (a)&nbsp;the VWAP Purchase Percentage for such VWAP Purchase and (b)&nbsp;whether
a Limit Order Continue Election or a Limit Order Discontinue Election shall apply to such VWAP Purchase, on the applicable Purchase Date
therefor, to purchase a specified VWAP Purchase Share Amount, which shall not exceed the applicable VWAP Purchase Maximum Amount, at the
applicable VWAP Purchase Price therefor on such Purchase Date in accordance with this Agreement. The Company may timely deliver to the
Investor a VWAP Purchase Notice for a VWAP Purchase on any Trading Day selected by the Company as the Purchase Date for such VWAP Purchase,
so long as (i)&nbsp;the Closing Sale Price of the Common Stock on the Trading Day immediately preceding such Purchase Date is not less
than the Threshold Price, and (ii)&nbsp;all Shares subject to all prior VWAP Purchases and Intraday VWAP Purchases (as applicable) pursuant
to this Agreement have been received by the Investor as DWAC Shares prior to the Company&rsquo;s delivery to the Investor of such VWAP
Purchase Notice for such VWAP Purchase on such Purchase Date. The Investor is obligated to accept each VWAP Purchase Notice prepared and
delivered by the Company in accordance with the terms of and subject to the satisfaction of the conditions contained in this Agreement.
If the Company delivers any VWAP Purchase Notice directing the Investor to purchase a VWAP Purchase Share Amount in excess of the applicable
VWAP Purchase Maximum Amount that the Company is then permitted to include in such VWAP Purchase Notice (taking into account the VWAP
Purchase Percentage specified by the Company in the applicable VWAP Purchase Notice for such VWAP Purchase), such VWAP Purchase Notice
shall be void <I>ab initio</I> to the extent of the amount by which the VWAP Purchase Share Amount set forth in such VWAP Purchase Notice
exceeds such applicable VWAP Purchase Maximum Amount, and the Investor shall have no obligation to purchase, and shall not purchase, such
excess Shares pursuant to such VWAP Purchase Notice; <U>provided</U>, <U>however</U>, that the Investor shall remain obligated to purchase
the applicable VWAP Purchase Maximum Amount pursuant to such VWAP Purchase. At or prior to 5:30 p.m., New York City time, on the Purchase
Date for each VWAP Purchase, the Investor shall provide to the Company, by email correspondence to each of the individual notice recipients
of the Company set forth in the applicable VWAP Purchase Notice, a written confirmation for such VWAP Purchase, setting forth the applicable
VWAP Purchase Price per Share to be paid by the Investor for the Shares purchased by the Investor in such VWAP Purchase, and the total
aggregate VWAP Purchase Price to be paid by the Investor for the total VWAP Purchase Share Amount purchased by the Investor in such VWAP
Purchase. Notwithstanding the foregoing, the Company shall not deliver any VWAP Purchase Notices to the Investor during the PEA Period,
any Allowable Grace Period or any MPA Period.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 3.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intraday VWAP Purchases</U></B>. Upon the initial satisfaction of all of the conditions set forth in Section 7.2 on the Commencement
Date and from time to time thereafter, subject to the satisfaction of all of the conditions set forth in Section 7.3, in addition to VWAP
Purchases as described in Section 3.1, the Company shall also have the right, but not the obligation, to direct the Investor, by its timely
delivery to the Investor of an Intraday VWAP Purchase Notice for an Intraday VWAP Purchase (each, an &ldquo;<B><I>Intraday VWAP Purchase</I></B>&rdquo;),
specifying in such Intraday VWAP Purchase Notice (a)&nbsp;the Intraday VWAP Purchase Percentage for such Intraday VWAP Purchase and (b)&nbsp;whether
a Limit Order Continue Election or a Limit Order Discontinue Election shall apply to such Intraday VWAP Purchase, on the applicable Purchase
Date therefor, to purchase a specified Intraday VWAP Purchase Share Amount, which shall not exceed the applicable Intraday VWAP Purchase
Maximum Amount, at the applicable Intraday VWAP Purchase Price therefor on such Purchase Date in accordance with this Agreement. The Company
may timely deliver to the Investor an Intraday VWAP Purchase Notice for an Intraday VWAP Purchase on any Trading Day selected by the Company
as the Purchase Date for such Intraday VWAP Purchase, so long as (i)&nbsp;the Sale Price of the Common Stock at the time of delivery of
the Intraday VWAP Purchase Notice is not less than the Threshold Price, and (ii)&nbsp;all Shares subject to all prior VWAP Purchases and
Intraday VWAP Purchases (as applicable) have been received by the Investor as DWAC Shares prior to the Company&rsquo;s delivery to the
Investor of such Intraday VWAP Purchase Notice for such Intraday VWAP Purchase on such Purchase Date. The Investor is obligated to accept
each Intraday VWAP Purchase Notice prepared and delivered by the Company in accordance with the terms of and subject to the satisfaction
of the conditions contained in this Agreement. If the Company delivers any Intraday VWAP Purchase Notice directing the Investor to purchase
an Intraday VWAP Purchase Share Amount in excess of the applicable Intraday VWAP Purchase Maximum Amount that the Company is then permitted
to include in such Intraday VWAP Purchase Notice (taking into account the Intraday VWAP Purchase Percentage specified by the Company in
the applicable Intraday VWAP Purchase Notice for such Intraday VWAP Purchase), such Intraday VWAP Purchase Notice shall be void <I>ab
initio</I> to the extent of the amount by which the Intraday VWAP Purchase Share Amount set forth in such Intraday VWAP Purchase Notice
exceeds such applicable Intraday VWAP Purchase Maximum Amount, and the Investor shall have no obligation to purchase, and shall not purchase,
such excess Shares pursuant to such Intraday VWAP Purchase Notice; <U>provided</U>, <U>however</U>, that the Investor shall remain obligated
to purchase the applicable Intraday VWAP Purchase Maximum Amount pursuant to such Intraday VWAP Purchase. At or prior to 5:30 p.m., New
York City time, on the Purchase Date on which one or more Intraday VWAP Purchases shall have occurred, the Investor shall provide to the
Company, by email correspondence to each of the individual notice recipients of the Company set forth in the applicable Intraday VWAP
Purchase Notice, a written confirmation for each such Intraday VWAP Purchase, setting forth the applicable Intraday VWAP Purchase Price
per Share to be paid by the Investor for the Shares purchased by the Investor in such Intraday VWAP Purchase, and the total aggregate
Intraday VWAP Purchase Price to be paid by the Investor for the total Intraday VWAP Purchase Share Amount purchased by the Investor in
such Intraday VWAP Purchase. Notwithstanding the foregoing, the Company shall not deliver any Intraday VWAP Purchase Notices to the Investor
during the PEA Period, any Allowable Grace Period or any MPA Period.</P>

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>Section 3.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Settlement</U></B>. The Shares constituting the applicable VWAP Purchase Share Amount purchased by the Investor in each VWAP
Purchase, and the Shares constituting the applicable Intraday VWAP Purchase Share Amount purchased by the Investor in each Intraday VWAP
Purchase (as applicable), in each case shall be delivered to the Investor as DWAC Shares not later than 1:00 p.m., New York City time,
on the Trading Day immediately following the Purchase Date for such VWAP Purchase and for each such Intraday VWAP Purchase (as applicable)
(the &ldquo;<B><I>Purchase Share Delivery Date</I></B>&rdquo;). For (a)&nbsp;each VWAP Purchase, the Investor shall pay to the Company
an amount in cash equal to the product of (1)&nbsp;the total number of Shares purchased by the Investor in such VWAP Purchase and (2)&nbsp;the
applicable VWAP Purchase Price for such Shares, as full payment for such Shares purchased by the Investor in such VWAP Purchase, and (b)&nbsp;each
Intraday VWAP Purchase, the Investor shall pay to the Company an amount in cash equal to the product of (1)&nbsp;the total number of Shares
purchased by the Investor in such Intraday VWAP Purchase and (2)&nbsp;the applicable Intraday VWAP Purchase Price for such Shares, as
full payment for such Shares purchased by the Investor in such Intraday VWAP Purchase, in each case via wire transfer of immediately available
funds, not later than 5:00 p.m., New York City time, on the Trading Day immediately following the applicable Purchase Share Delivery Date
for such VWAP Purchase and for each such Intraday VWAP Purchase (as applicable), provided the Investor shall have timely received, as
DWAC Shares, all of such Shares purchased by the Investor in such VWAP Purchase or such Intraday VWAP Purchase(s) (as applicable) on such
Purchase Share Delivery Date in accordance with the first sentence of this Section 3.3, or, if any of such Shares are received by the
Investor after 1:00 p.m., New York City time, then the Company&rsquo;s receipt of such funds in its designated account may occur on the
Trading Day next following the Trading Day on which the Investor shall have received all of such Shares as DWAC Shares, but not later
than 5:00 p.m., New York City time, on such next Trading Day. The Company and the Investor acknowledge and agree that the Investor shall
withhold an amount in cash equal the Commitment Fee from the total aggregate VWAP Purchase Price payable by the Investor to the Company
in connection with the first VWAP Purchase effected by the Company pursuant to this Agreement, or, if the Company effects an Intraday
VWAP Purchase prior to the first VWAP Purchase effected pursuant to this Agreement, then the Investor shall withhold and an amount in
cash equal to the Commitment Fee from the total aggregate Intraday VWAP Purchase Price payable by the Investor to the Company in connection
with the first Intraday VWAP Purchase effected by the Company pursuant to this Agreement, as payment by the Company to the Investor of
the Commitment Fee pursuant to and in accordance with Section 10.1(ii), and upon such withholding by the Investor of the cash amount equal
to the Commitment Fee from such total aggregate VWAP Purchase Price or from such total aggregate Intraday VWAP Purchase Price, as applicable,
payable by the Investor to the Company pursuant to this Agreement, the Investor shall not withhold any additional cash amounts from the
total aggregate purchase prices payable by the Investor to the Company in connection with any VWAP Purchase or Intraday VWAP Purchase
effected pursuant to this Agreement. For the avoidance of doubt, (x) the Commitment Fee shall be fully earned by the Investor as of the
Closing Date and shall be non-refundable when withheld by the Investor (or when paid by the Company to the Investor, as applicable) in
accordance with this Section 3.3 and Section 10.1(ii), regardless of whether any additional VWAP Purchases or Intraday VWAP Purchases
are effected by the Company or settled hereunder or any subsequent termination of this Agreement, and (y) in the event that the Commencement
shall not occur under this Agreement or, if the Commencement shall occur, in the event that no VWAP Purchase or Intraday VWAP Purchase
is effected pursuant to this Agreement prior to the termination of this Agreement pursuant to Article VIII, then, in either case, upon
the termination of this Agreement pursuant to Article VIII, the Company shall pay the Commitment Fee to the Investor, by wire transfer
of immediately available funds to an account designated by the Investor, not later than 5:00 p.m., New York City time, on the third (3<SUP>rd</SUP>)
Trading Day immediately following the date of termination of this Agreement pursuant to Article VIII. If the Company or its transfer agent
shall fail for any reason to deliver to the Investor, as DWAC Shares, any Shares purchased by the Investor in a VWAP Purchase or an Intraday
VWAP Purchase prior to 1:00 p.m., New York City time, on the Trading Day immediately following the applicable Purchase Share Delivery
Date for such VWAP Purchase and for each such Intraday VWAP Purchase (as applicable), and if on or after such Trading Day the Investor
purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Investor of
such Shares that the Investor anticipated receiving from the Company on such Purchase Share Delivery Date in respect of such VWAP Purchase
or such Intraday VWAP Purchase (as applicable), then the Company shall, within one Trading Day after the Investor&rsquo;s request, either
(i)&nbsp;pay cash to the Investor in an amount equal to the Investor&rsquo;s total purchase price (including brokerage commissions, if
any) for the shares of Common Stock so purchased (the &ldquo;<B><I>Cover Price</I></B>&rdquo;), at which point the Company&rsquo;s obligation
to deliver such Shares as DWAC Shares shall terminate, or (ii)&nbsp;promptly honor its obligation to deliver to the Investor such Shares
as DWAC Shares and pay cash to the Investor in an amount equal to the excess (if any) of the Cover Price over the total purchase price
paid by the Investor pursuant to this Agreement for all of the Shares purchased by the Investor in such VWAP Purchase or such Intraday
VWAP Purchase (as applicable). The Company shall not issue any fraction of a share of Common Stock to the Investor in connection with
any VWAP Purchase or Intraday VWAP Purchase effected pursuant to this Agreement. If any issuance would result in the issuance of a fraction
of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up or down to the nearest whole share. All
payments to be made by the Investor pursuant to this Agreement shall be made by wire transfer of immediately available funds to such account
as the Company may from time to time designate by written notice to the Investor in accordance with the provisions of this Agreement.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 3.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Beneficial Ownership Limitation</U></B>. Notwithstanding anything to the contrary contained in this Agreement, the Company shall
not issue or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which, when aggregated
with all other shares of Common Stock then beneficially owned by the Investor and its Affiliates (as calculated pursuant to Section 13(d)
of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor of more than 4.99%
of the outstanding shares of Common Stock (the &ldquo;<B><I>Beneficial Ownership Limitation</I></B>&rdquo;). Upon the written request
of the Investor, the Company shall promptly (but not later than the next business day on which the Company&rsquo;s transfer agent is open
for business) confirm orally or in writing to the Investor the number of shares of Common Stock then outstanding. The Investor and the
Company shall each cooperate in good faith in the determinations required under this Section 3.4 and the application of this Section 3.4.
The Investor&rsquo;s determination of the applicability of the Beneficial Ownership Limitation, and the resulting effect thereof hereunder
at any time, shall be conclusive with respect to the applicability thereof and such result, and the Company shall have no obligation to
verify or confirm the accuracy of such determination. The provisions of this Section 3.4 shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 3.4 to the extent necessary to properly give effect to the limitations
contained in this Section 3.4.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
IV</FONT><BR>
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Investor hereby makes the following representations,
warranties and covenants to the Company:</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization and Standing of the Investor</U></B>. The Investor is a limited liability company duly organized, validly existing
and in good standing under the laws of the State of Delaware.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization and Power</U></B>. The Investor has the requisite limited liability company power and authority to enter into
and perform its obligations under this Agreement and the Registration Rights Agreement and to purchase or acquire the Securities in accordance
with the terms hereof. The execution, delivery and performance by the Investor of this Agreement and the Registration Rights Agreement
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary limited liability
company action, and no further consent or authorization of the Investor, its officers or its sole member is required. Each of this Agreement
and the Registration Rights Agreement has been duly executed and delivered by the Investor and constitutes a valid and binding obligation
of the Investor enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation, conservatorship, receivership, or similar laws relating to, or affecting generally
the enforcement of, creditor&rsquo;s rights and remedies or by other equitable principles of general application (including any limitation
of equitable remedies).</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Conflicts</U></B>. The execution, delivery and performance by the Investor of this Agreement and the Registration Rights
Agreement and the consummation by the Investor of the transactions contemplated hereby and thereby do not and shall not (i)&nbsp;result
in a violation of such Investor&rsquo;s certificate of formation, limited liability company agreement or other applicable organizational
instruments, (ii)&nbsp;conflict with, constitute a default (or an event which, with notice or lapse of time or both, would become a default)
under, or give rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of
trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Investor is a party or is bound, (iii)&nbsp;create
or impose any lien, charge or encumbrance on any property of the Investor under any agreement or any commitment to which the Investor
is party or under which the Investor is bound or under which any of its properties or assets are bound, or (iv)&nbsp;result in a violation
of any federal, state, local or foreign statute, rule, or regulation, or any Order of any Governmental Entity applicable to the Investor
or by which any of its properties or assets are bound or affected, except, in the case of clauses (ii), (iii) and (iv), for such conflicts,
defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or in the aggregate, prohibit
or otherwise interfere with, in any material respect, the ability of the Investor to enter into and perform its obligations under this
Agreement and the Registration Rights Agreement. The Investor is not required under any applicable federal, state or local law, rule or
regulation to obtain any consent, authorization or Order of, or make any filing or registration with, any Governmental Entity in order
for it to execute, deliver or perform any of its obligations under this Agreement and the Registration Rights Agreement or to purchase
or acquire the Securities in accordance with the terms hereof, other than as may be required by FINRA; <U>provided</U>, <U>however</U>,
that for purposes of the representation made in this sentence, the Investor is assuming and relying upon the accuracy of the relevant
representations and warranties and the compliance with the relevant covenants and agreements of the Company in the Transaction Documents
to which it is a party.</P>

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>Section 4.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Purpose</U></B>. The Investor is acquiring the Securities for its own account, for investment purposes and not with
a view towards, or for resale in connection with, the public sale or distribution thereof, in violation of the Securities Act or any applicable
state securities laws; <U>provided</U>, <U>however</U>, that by making the representations herein, the Investor does not agree, or make
any representation or warranty, to hold any of the Securities for any minimum or other specific term and reserves the right to dispose
of the Securities at any time in accordance with, or pursuant to, a Registration Statement filed pursuant to the Registration Rights Agreement
or an applicable exemption under the Securities Act. The Investor does not presently have any agreement or understanding, directly or
indirectly, with any Person to sell or distribute any of the Securities. The Investor is acquiring the Securities hereunder in the ordinary
course of its business.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accredited Investor Status</U></B>. The Investor is an &ldquo;accredited investor&rdquo; as that term is defined in Rule 501(a)
of Regulation D.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reliance on Exemptions</U></B>. The Investor understands that the Securities are being offered and sold to it in reliance on
the exemption from the registration requirements of the Securities Act set forth in Section 4(a)(2) of the Securities Act and upon specific
exemptions set forth in state securities laws and that the Company is relying in part upon the truth and accuracy of, and the Investor&rsquo;s
compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order
to determine the availability of such exemptions and the eligibility of the Investor to acquire the Securities.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Information</U></B><U>.</U> All materials relating to the business, financial condition, management and operations of the Company
and materials relating to the offer and sale of the Securities which have been requested by the Investor have been furnished or otherwise
made available to the Investor or its advisors, including, without limitation, the Commission Documents. The Investor understands that
its investment in the Securities involves a high degree of risk. The Investor is able to bear the economic risk of an investment in the
Securities and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks
of a proposed investment in the Securities. The Investor and its advisors have been afforded the opportunity to ask questions of and receive
answers from representatives of the Company concerning the financial condition and business of the Company and other matters relating
to an investment in the Securities. Neither such inquiries nor any other due diligence investigations conducted by the Investor or its
advisors, if any, or its representatives shall modify, amend or affect the Investor&rsquo;s right to rely on the Company&rsquo;s representations
and warranties contained in this Agreement or in any other Transaction Document to which the Company is a party or the Investor&rsquo;s
right to rely on any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the
transaction contemplated hereby (including, without limitation, the opinions of the Company&rsquo;s counsel delivered pursuant to Sections
7.1(iv), 7.2(xvi) and 7.3(x)). The Investor has sought such accounting, legal and tax advice as it has considered necessary to make an
informed investment decision with respect to its acquisition of the Securities. The Investor understands that it (and not the Company)
shall be responsible for its own tax liabilities that may arise as a result of this investment or the transactions contemplated by this
Agreement.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 4.8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Governmental Review</U></B>. The Investor understands that no United States federal or state agency or any other government
or Governmental Entity has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of an
investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No General Solicitation</U></B>. The Investor is not purchasing or acquiring the Securities as a result of any form of general
solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Securities.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.10.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Not an Affiliate</U></B>. The Investor is not an officer, director or an Affiliate of the Company. As of the date of this Agreement,
the Investor does not beneficially own any shares of Common Stock or securities exercisable for or convertible into shares of Common Stock.
During the Investment Period, the Investor will not acquire for its own account any shares of Common Stock or securities exercisable for
or convertible into shares of Common Stock, other than pursuant to this Agreement; <U>provided</U>, <U>however</U>, that nothing in this
Agreement shall prohibit or be deemed to prohibit the Investor from purchasing, in an open market transaction or otherwise, shares of
Common Stock necessary to make delivery by the Investor in satisfaction of a sale by the Investor of Shares that the Investor anticipated
receiving from the Company in connection with the settlement of a VWAP Purchase or an Intraday VWAP Purchase (as applicable) if the Company
or its transfer agent shall have failed for any reason (other than a failure of the Investor or its Broker-Dealer to set up a DWAC and
required instructions) to electronically transfer all of the Shares subject to such VWAP Purchase or such Intraday VWAP Purchase (as applicable)
to the Investor on the applicable Purchase Share Delivery Date by crediting the Investor&rsquo;s or its designated Broker-Dealer&rsquo;s
account at DTC through its DWAC delivery system in compliance with Section 3.3 of this Agreement. For the avoidance of doubt, the foregoing
restriction does not apply to any Affiliate of the Investor, provided that any such purchases do not cause the Investor to violate any
applicable Exchange Act requirement, including Regulation M.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.11.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Prior Short Sales</U></B>. At no time prior to the date of this Agreement has the Investor, its sole member, any of their
respective officers, or any entity managed or controlled by the Investor or its sole member, engaged in or effected, in any manner whatsoever,
directly or indirectly, for its own account or for the account of any of its Affiliates, any (i)&nbsp;&ldquo;short sale&rdquo; (as such
term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii)&nbsp;hedging transaction, which establishes
a net short position with respect to the Common Stock.</P>

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>Section 4.12.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Statutory Underwriter Status</U></B>. The Investor acknowledges that it will be disclosed as an &ldquo;underwriter&rdquo; and
a &ldquo;selling stockholder&rdquo; in each Registration Statement and in any Prospectus contained therein to the extent required by applicable
law and to the extent the Prospectus is related to the resale of Registrable Securities.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4.13.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resales of Securities</U></B>. The Investor represents, warrants and covenants that it will resell Securities purchased or acquired
by the Investor from the Company pursuant to this Agreement only pursuant to the Registration Statement in which the resale of such Securities
is registered under the Securities Act and the Prospectus contained therein, in a manner described under the caption &ldquo;Plan of Distribution&rdquo;
in such Registration Statement and Prospectus, and in a manner in compliance with all applicable U.S. federal and applicable state securities
laws, rules and regulations.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Article
V</FONT><BR>
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Except as set forth in the disclosure schedule delivered
by the Company to the Investor, if any (which is hereby incorporated by reference in, and constitutes an integral part of, this Agreement)
(the &ldquo;<B><I>Disclosure Schedule</I></B>&rdquo;), the Company hereby makes the following representations, warranties, acknowledgments,
and covenants to the Investor:</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization, Good Standing and Power</U></B>. The Company and each of the Subsidiaries (as defined below) has been duly organized
and is validly existing as a corporation under the laws of its jurisdiction of incorporation. The Company and each of the Subsidiaries
has full corporate power and authority to own its respective properties and conduct its business as currently being carried on and as
described in the Registration Statement and Prospectus, and is duly qualified to do business as a foreign corporation in good standing
in each jurisdiction in which it owns or leases real property or in which the conduct of its business makes such qualification necessary
and in which the failure to so qualify would reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization, Enforcement</U></B>. The Company has the requisite corporate power and authority to enter into and perform its
obligations under each of the Transaction Documents to which it is a party and to issue the Securities in accordance with the terms hereof
and thereof. Except for approvals of the Company&rsquo;s Board of Directors or a committee thereof as may be required in connection with
any issuance and sale of Shares to the Investor hereunder (which approvals shall be obtained prior to the delivery of any VWAP Purchase
Notice and any Intraday VWAP Purchase Notice), the execution, delivery and performance by the Company of each of the Transaction Documents
to which it is a party and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized
by all necessary corporate action, and no further consent or authorization of the Company, its Board of Directors or its stockholders
is required. Each of the Transaction Documents to which the Company is a party has been duly executed and delivered by the Company and
constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership
or similar laws relating to, or affecting generally the enforcement of, creditor&rsquo;s rights and remedies or by other equitable principles
of general application (including any limitation of equitable remedies).</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 5.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U></B><U>.</U> The authorized capital stock of the Company and the shares thereof issued and outstanding were
as set forth in the Registration Statement and the Prospectus as of the dates reflected therein. All of the outstanding shares of Common
Stock have been duly authorized and validly issued and are fully paid and non-assessable. Except as set forth in the Registration Statement
and the Prospectus, this Agreement and the Registration Rights Agreement, there are no agreements or arrangements under which the Company
is obligated to register the sale of any securities under the Securities Act. Except as set forth in the Registration Statement and the
Prospectus, no shares of Common Stock are entitled to preemptive rights and there are no outstanding debt securities and no contracts,
commitments, understandings, or arrangements by which the Company is or may become bound to issue additional shares of capital stock of
the Company or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities
or rights convertible into or exchangeable for, any shares of capital stock of the Company other than those issued or granted in the ordinary
course of business pursuant to the Company&rsquo;s equity incentive and/or compensatory plans or arrangements. Except for customary transfer
restrictions contained in agreements entered into by the Company to sell restricted securities or as set forth in the Registration Statement
and the Prospectus, the Company is not a party to, and it has no Knowledge of, any agreement restricting the voting or transfer of any
shares of capital stock of the Company. Except as set forth in the Registration Statement and the Prospectus, there are no securities
or instruments containing anti-dilution or similar provisions that will be triggered by this Agreement, the Registration Rights Agreement
or any of the other Transaction Documents, or the consummation of the transactions described herein or therein. The Company has filed
with the Commission true and correct copies of the Company&rsquo;s Amended and Restated Articles of Incorporation as in effect on the
Closing Date (the &ldquo;<B><I>Charter</I></B>&rdquo;), and the Company&rsquo;s Amended and Restated Bylaws as in effect on the Closing
Date (the &ldquo;<B><I>Bylaws</I></B>&rdquo;).</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of Securities</U></B>. Payment of the Commitment Fee by the Company to the Investor in such manner, at such time(s)
and otherwise pursuant to and in accordance with Section 10.1(ii) of this Agreement and the Total Commitment worth of Shares available
for issuance by the Company to the Investor under this Agreement have been, or with respect to the amount of Shares to be purchased by
the Investor pursuant to a particular VWAP Purchase Notice or pursuant to a particular Intraday VWAP Purchase Notice (as applicable) will
be, prior to the delivery to the Investor hereunder of such VWAP Purchase Notice and prior to the delivery to the Investor hereunder of
such Intraday VWAP Purchase Notice (as applicable), in each case duly authorized by all necessary corporate action on the part of the
Company. An aggregate of 15,000,000 shares of Common Stock have been duly authorized and reserved by the Company for issuance and sale
to the Investor as Shares pursuant to VWAP Purchases and Intraday VWAP Purchases under this Agreement.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Conflicts</U></B>. The execution, delivery and performance by the Company of each of the Transaction Documents to which it
is a party and the consummation by the Company of the transactions contemplated hereby and thereby do not and shall not (i)&nbsp;result
in a violation of any provision of the Company&rsquo;s Charter or Bylaws, (ii)&nbsp;result in a breach or violation of any of the terms
or provisions of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or
give rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture,
note, bond, license, lease agreement, instrument or obligation to which the Company is a party or is bound, (iii)&nbsp;create or impose
a lien, charge or encumbrance on any property or assets of the Company under any agreement or any commitment to which the Company is a
party or by which the Company is bound or to which any of its properties or assets is subject, or (iv)&nbsp;result in a violation of any
federal, state, local or foreign statute, rule, regulation or Order applicable to the Company or by which any property or asset of the
Company is bound or affected (including federal and state securities laws and regulations and the rules and regulations of the Trading
Market or applicable Eligible Market), except, in the case of clauses (ii), (iii) and (iv), for such conflicts, defaults, terminations,
amendments, acceleration, cancellations, liens, charges, encumbrances and violations as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. Except as specifically contemplated by this Agreement or the Registration Rights Agreement
and as required under the Securities Act and any applicable state securities laws, the Company is not required under any federal, state,
local or foreign law, rule or regulation to obtain any consent, authorization or Order of, or make any filing or registration with, any
Governmental Entity (including, without limitation, the Trading Market) in order for it to execute, deliver or perform any of its obligations
under the Transaction Documents to which it is a party (except as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect), or to issue the Securities to the Investor in accordance with the terms hereof and thereof (other
than such consents, authorizations, Orders, filings or registrations as have been obtained or made prior to the Closing Date); <U>provided</U>,
<U>however</U>, that, for purposes of the representation made in this sentence, the Company is assuming and relying upon the accuracy
of the representations and warranties of the Investor in this Agreement and the compliance by it with its covenants and agreements contained
in this Agreement and the Registration Rights Agreement.</P>

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

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

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>Section 5.6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Commission Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls Over Financial Reporting;
Accountants</U></B>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Since June 23, 2025 (the &ldquo;<B><I>Spin Off Date</I></B>&rdquo;), the Company has timely filed (giving effect to permissible
extensions in accordance with Rule 12b-25 under the Exchange Act) all Commission Documents required to be filed with or furnished to the
Commission by the Company under the Securities Act or the Exchange Act, including those required to be filed with or furnished to the
Commission under Section 13(a) or Section 15(d) of the Exchange Act. As of its filing date (or, if amended or superseded by a filing prior
to the Closing Date, as of the date of such amended or superseded filing), each Commission Document filed with or furnished to the Commission
since the Spin Off Date and prior to the Closing Date complied in all material respects with the requirements of the Securities Act or
the Exchange Act, as applicable. Each Registration Statement, on the date it is filed with the Commission, on the date it is declared
effective by the Commission and on each Purchase Date, shall comply in all material respects with the requirements of the Securities Act
(including, without limitation, Rule 415 under the Securities Act) and shall not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, except that
this representation and warranty shall not apply to statements in or omissions from such Registration Statement made in reliance upon
and in conformity with information relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly
for use therein. The Prospectus and each Prospectus Supplement required to be filed pursuant to this Agreement or the Registration Rights
Agreement after the Closing Date, when taken together, on its date and on each Purchase Date, shall comply in all material respects with
the requirements of the Securities Act (including, without limitation, Rule 424(b) under the Securities Act) and shall not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading, except that this representation and warranty shall
not apply to statements in or omissions from the Prospectus or any Prospectus Supplement made in reliance upon and in conformity with
information relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly for use therein. Each
Commission Document (other than the Initial Registration Statement or any New Registration Statement, or the Prospectus included therein
or any Prospectus Supplement thereto) to be filed with or furnished to the Commission after the Closing Date and filed as part of or incorporated
by reference in the Initial Registration Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus
Supplement thereto required to be filed pursuant to this Agreement or the Registration Rights Agreement (including, without limitation,
the Current Report), when such document is filed with or furnished to the Commission and, if applicable, when such document becomes effective,
as the case may be, shall comply in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable.
Except as disclosed in the Commission Documents, there are no outstanding or unresolved comments or undertakings in the comment letters
and substantive correspondence received by the Company from the Commission relating to the Commission Documents filed with or furnished
to the Commission as of the Closing Date. The Commission has not issued any stop order or other Order suspending the effectiveness of
any registration statement filed by the Company under the Securities Act or the Exchange Act.</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The financial statements of the Company included or incorporated by reference in the Registration Statement and the Prospectus
filed with the Commission since the Spin Off Date, together with the related notes and schedules, comply in all material respects with
the requirements of the Securities Act and the Exchange Act and fairly present in all material respects the financial condition of the
Company and the Subsidiaries, as a whole, as of the dates indicated and the results of operations and changes in cash flows for the periods
therein specified in conformity with U.S. generally accepted accounting principles consistently applied throughout the periods involved.
The selected financial data and the summary financial information included in the documents in the Registration Statement and in the Prospectus
constitute a fair summary of the information purported to be summarized and have been compiled on a basis consistent with that of the
audited financial statements included in the Registration Statement. The other financial and statistical data with respect to the Company
contained or incorporated by reference in the Registration Statement and the Prospectus, if any, are accurately and fairly presented in
all material respects and prepared on a basis consistent with the financial statements and books and records of the Company. No other
financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement or
the Prospectus under the Securities Act except as so included or incorporated by reference. All disclosures contained in the Registration
Statement or the Prospectus or incorporated by reference therein regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is
defined by the applicable rules and regulations of the Commission) comply, in all material respects, with Regulation G of the Exchange
Act and Item 10 of Regulation S-K of the Securities Act to the extent applicable. Deloitte Certified Public Accountants S.A. (the &ldquo;<B><I>Accountant</I></B>&rdquo;),
which has expressed its opinion with respect to the financial statements and schedules, if any, filed as a part of the Registration Statement
and included in the Registration Statement and the Prospectus, is and, during the periods covered by its report, was an independent public
accountant within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States), and to the Company&rsquo;s
knowledge, is a registered public accounting firm within the meaning of the Securities Act, and in the performance of its work for the
Company has not been in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the &ldquo;<B><I>Sarbanes-Oxley
Act</I></B>&rdquo;).</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Since the Spin Off Date, the Company and each of its Subsidiaries have established and maintain systems of internal accounting
controls sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management&rsquo;s general
or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with
generally accepted accounting principles and to maintain accountability for assets; (C) access to assets is permitted only in accordance
with management&rsquo;s general or specific authorization; and (D) amounts reflected on the Company&rsquo;s consolidated balance sheet
for assets are compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
Except as described in the Registration Statement and the Prospectus, since the Spin Off Date, there has been (i) no new material weakness
identified to the Company&rsquo;s board of directors (or committee thereof) in the Company&rsquo;s internal control over financial reporting
(whether or not remediated) and (ii) no change in the Company&rsquo;s internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting. Except as set forth in the
Registration Statement and the Prospectus, the Company has established disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15 and 15d-15) that comply with the requirements of the Exchange Act. The Company shall present in its Annual Reports on Form
20-F, beginning with the Company&rsquo;s fiscal year ending December 31, 2025, the conclusions of its principal executive and principal
financial officers about the effectiveness of the disclosure controls and procedures based on their evaluations, with respect to Annual
Reports on Form 20-F as of the end of the period covered by the Annual Report on Form 20-F and, except as set forth in such Form 20-F
or any Commission Document filed with the Commission for a period subsequent to the period covered by such Form 20-F, that, the Company&rsquo;s
&ldquo;disclosure controls and procedures&rdquo; are effective. Since December 31, 2024, there have been no internal investigations regarding
accounting or revenue recognition discussed with, reviewed by or initiated at the direction of the chief executive officer, chief financial
officer, the Company&rsquo;s board of directors or any committee thereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Since the Spin Off Date, the Company has timely filed all certifications and statements the Company is required to file under (i)&nbsp;Rule
13a-14 or Rule 15d-14 under the Exchange Act or (ii)&nbsp;18 U.S.C. Section&nbsp;1350 (Section 906 of the Sarbanes-Oxley Act) with respect
to all Commission Documents with respect to which the Company is required to file such certifications and statements thereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries</U></B>. The Company has no material subsidiaries other than those listed in Exhibit 8.1 (collectively, the &ldquo;<B><I>Subsidiaries</I></B>&rdquo;)
to the Form 20-F. Except as listed in Exhibit 8.1, the Company does not own, directly or indirectly, any shares of stock or any other
equity or long-term debt securities of any other corporation or have any equity interest in any other corporation, partnership, joint
venture, association, trust or other entity.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 5.8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Effect or Material Adverse Change</U></B>. Except as otherwise disclosed in any Commission Documents and
filed with the Commission since the Spin Off Date: (i) the Company has not experienced or suffered any Material Adverse Effect, and there
exists no current state of facts, condition or event which would reasonably be expected to have a Material Adverse Effect; (ii) the Company
has conducted its business consistent with past practice in all material respects.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Undisclosed Liabilities</U></B>. There is no transaction, arrangement or other relationship between the Company or any of
its Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in the Registration
Statement or the Prospectus that is not so disclosed.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.10.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Defaults on Indebtedness</U></B>. Except as set forth in the Commission Documents, the Company is not (i)&nbsp;in
violation of its Charter or Bylaws or similar organizational documents or (ii)&nbsp;in default, and no event has occurred that, with notice
or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained
in any indenture, mortgage, deed of trust, promissory note, or loan agreement or other instrument relating to Indebtedness to which the
Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject, except, in the
case of clause (ii) above, for any such default that would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.11.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Solvency</U></B>. The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant
to any Bankruptcy Law, nor does the Company have any Knowledge that its creditors intend to initiate involuntary bankruptcy, insolvency,
reorganization or liquidation proceedings or other proceedings for relief under any Bankruptcy Law. Except as set forth in the Commission
Documents, the Company is financially solvent and is generally able to pay its debts as they become due.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.12.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to Real and Personal Property</U></B>. The Company and each of its Subsidiaries has good and marketable title to all property
(whether real or personal) described in the Registration Statement and the Prospectus as being owned by it, in each case free and clear
of all liens, claims, security interests, other encumbrances or defects except such as are described in the Registration Statement and
the Prospectus, or as would not reasonably be expected to result in a Material Adverse Effect. The property held under lease by the Company
and each of its Subsidiaries is held by it under valid, subsisting and enforceable leases with only such exceptions as would not reasonably
be expected to result in a Material Adverse Effect.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.13.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Litigation; Compliance with Laws</U></B>. Except as described in the Registration Statement or the Prospectus, the Company and
each of the Subsidiaries: (A) is and at all times since the Spin Off Date has been in material compliance with all United States (federal,
state and local) and foreign statutes, rules, regulations, treaties, or guidances applicable to the Company or the Subsidiaries (&ldquo;<B><I>Applicable
Laws</I></B>&rdquo;); (B) since the Spin Off Date has not received any notice of adverse finding, warning letter, untitled letter or other
correspondence or notice from any Governmental Authority (as defined below) alleging or asserting noncompliance with any Applicable Laws
or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such
Applicable Laws (&ldquo;<B><I>Authorizations</I></B>&rdquo;); (C) since the Spin Off Date has not received notice of any claim, action,
suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Authority or third party alleging
that any product operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that any such Governmental
Authority or third party intends to assert any such claim, litigation, arbitration, action, suit, investigation or proceeding; (D) since
the Spin Off Date has not received notice that any Governmental Authority has taken, is taking or intends to take action to limit, suspend,
modify or revoke any Authorizations and the Company has no knowledge that any such Governmental Authority is considering such action;
or (E) since the Spin Off Date, is not, and has not been, in violation of any Order applicable to the Company, except in all cases for
any such violations which could not, individually or in the aggregate, have a Material Adverse Effect, except in the case of (A) through
(D) above, as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. &ldquo;<B><I>Governmental
Authority</I></B>&rdquo; means any federal, provincial, state, local, foreign or other governmental or quasi-governmental agency or body
or any other type of regulatory authority or body, including, without limitation, the Trading Market. The aggregate of all pending legal
or governmental proceedings to which the Company or any Subsidiary is a party or of which any of their respective property or assets is
the subject which are not described in the Registration Statement and the Prospectus, including ordinary routine litigation incidental
to the business, would not result in a Material Adverse Effect. Except as disclosed in the Registration Statement or the Prospectus, neither
the Company, nor any director or officer of the Company, is or has been the subject of any Proceeding involving a claim of violation of
or liability under federal or state securities laws or a claim of breach of fiduciary duty, which would reasonably be expected to result
in a judgment, decree or order having a Material Adverse Effect. Except as disclosed in the Registration Statement or the Prospectus,
there has not been, and to the Knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving
the Company or any current or former director or officer of the Company, which would reasonably be expected to result in a judgment, decree
or order having a Material Adverse Effect.</P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 5.14.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Fees</U></B>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Other than as contemplated by this Agreement, the Company
has not incurred any liability for any finder&rsquo;s or broker&rsquo;s fee or agent&rsquo;s commission in connection with the execution
and delivery of this Agreement or the consummation of the transactions contemplated hereby. The Company has not entered into any other
sales agency agreements or other similar arrangements with any agent or any other representative in respect of &ldquo;at the market&rdquo;
or &ldquo;equity line of credit&rdquo; offerings of the Shares in accordance with Rule 415 under the Securities Act.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.15.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reserved</U></B>.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.16.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disclosure</U></B>. The Company confirms that neither it nor any other Person acting on its behalf has provided the Investor
or any of its agents, advisors or counsel with any information that constitutes or could reasonably be expected to constitute material,
nonpublic information concerning the Company that has not been publicly disclosed by the Company in a Commission Document filed by the
Company with the Commission, other than the existence of the transactions contemplated by the Transaction Documents. The Company understands
and confirms that the Investor will rely on the foregoing representations in effecting resales of Securities under the Registration Statement.</P>

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

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

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

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

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

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

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

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

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

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

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

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>Section 5.17.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Material Permits</U></B>. The Company and each of its Subsidiaries holds, and is operating in compliance with all grants, authorizations,
licenses, permits, consents, certificates and orders of any governmental or self-regulatory body required for the conduct of its respective
businesses and all such grants, authorizations, licenses, permits, consents, certifications and orders are valid and in full force and
effect, except for such noncompliance or failures to be in full force and effect that would not reasonably be expected to result in a
Material Adverse Effect; and neither the Company nor any of its Subsidiaries has received notice of any revocation or modification of
any such grant, authorization, license, permit, consent, certification or order or has reason to believe that any such grant, authorization,
license, permit, consent, certification or order will not be renewed in the ordinary course, except for such notices and such possibility
of non-renewal that would not reasonably be expected to result in a Material Adverse Effect; and the Company and each of its Subsidiaries
is in compliance with all applicable federal, state, local and foreign laws, regulations, orders and decrees, except for such noncompliance
that would not reasonably be expected to result in a Material Adverse Effect. No approval, authorization, consent or order of or filing
with any foreign, federal, state or local governmental or regulatory commission, board, body, authority or agency is required in connection
with the issuance and sale of the Shares or the consummation by the Company of the transactions contemplated hereby, other than (i) as
have been obtained or may be required under the Securities Act, (ii) as have been obtained or may be required under the blue sky laws
of the various jurisdictions in which the Shares are being offered by the Investor, (iii) the filing of any reports under the Exchange
Act, (iv) such approvals as may be required by FINRA, (v) approval of the listing of the Shares by the Trading Market, or (vi) such approvals
as have been obtained or made as of the Purchase Date. This Section 5.17 does not relate to environmental matters, such items being the
subject of Section 5.18.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.18.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Matters</U></B>. Since the Spin Off Date, (a) neither the Company nor any of its Subsidiaries is in violation
of any applicable international, national, state or local convention, law, regulation, order, governmental license, convention, treaty
(including those promulgated by the International Maritime Organization) or other requirement relating to pollution or protection of human
health or safety (as they relate to exposure to Materials of Environmental Concern (as defined below)) or protection of the environment
(including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or protection of natural resources,
including without limitation, conventions, laws or regulations relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum, petroleum products or other hydrocarbons (collectively,
&ldquo;<B><I>Materials of Environmental Concern&rdquo;</I></B>), or otherwise relating to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of Materials of Environmental Concern, or any authorizations, codes, decrees, demands,
or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered,
promulgated or approved thereunder (collectively, &ldquo;<B><I>Environmental Laws&rdquo;</I></B>), nor has the Company or any Subsidiary
received any written communication, whether from a Governmental Authority, citizens group, employee or otherwise, that alleges that the
Company or any such Subsidiary is in violation of any Environmental Law or governmental license required pursuant to Environmental Law;
except, in each case, as would not, individually or in the aggregate, have a Material Adverse Effect; (b) there is no claim, action or
cause of action filed with a court or Governmental Authority and no investigation, or other action with respect to which the Company or
any Subsidiary has received written notice alleging potential liability for investigatory costs, cleanup costs, governmental response
costs, natural resources damages, property damages, personal injuries, attorneys' fees or penalties arising out of, based on or resulting
from the presence, or release into the environment, of any Material of Environmental Concern at any location owned, leased or operated
by the Company or any Subsidiary, now or in the past, or from any vessel owned, leased or operated by the Company or any Subsidiary, now
or in the past (collectively, &ldquo;<B><I>Environmental Claim&rdquo;</I></B>), pending or, to the knowledge of the Company, threatened
against the Company or any Subsidiary or any person or entity whose liability for any Environmental Claim the Company or any Subsidiary
has retained or assumed either contractually or by operation of law, except as would not, individually or in the aggregate, have a Material
Adverse Effect; (c) to the knowledge of the Company, there are no past or present actions, activities, circumstances, conditions, events
or incidents, including, without limitation, the release, emission, discharge, presence or disposal of any Material of Environmental Concern,
that reasonably would be expected to result in a violation of any Environmental Law, require expenditures to be incurred pursuant to Environmental
Law, or form the basis of an Environmental Claim against the Company, any Subsidiary or against any person or entity whose liability for
any Environmental Claim the Company or any Subsidiary has retained or assumed either contractually or by operation of law, except as would
not, individually or in the aggregate, have a Material Adverse Effect (for the avoidance of doubt, the operation of vessels in the ordinary
course of business shall not be deemed, by itself, an action, activity, circumstance or condition set forth in this clause (c)); (d) none
of the Company or any Subsidiary is subject to any pending proceeding under Environmental Law to which a Governmental Authority is a party
and which the Company reasonably believes is likely to result in monetary sanctions of US$100,000 or more; and (e) the Company and its
Subsidiaries have received all permits, licenses or other approvals required of it under applicable Environmental Laws to conduct its
business and are in compliance with all terms and conditions of any such permit, license or approval the failure to so comply could be
reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The Company has reasonably concluded that any
existing compliance and remediation costs and liabilities arising under Environmental Laws and resulting from the business, operations
or properties of the Company or any Subsidiary would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus. In the ordinary course of its
business, the Company conducts a periodic review of the effect of Environmental Laws on the business, operations and properties of the
Company and the Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without
limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or
any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). No facts
or circumstances have come to the Company's attention that could result in costs or liabilities that could be expected, individually or
in the aggregate, to have a Material Adverse Effect.</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>Section 5.19.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intellectual Property Rights</U></B>. The Company and each of its Subsidiaries owns, possesses, or can acquire on reasonable
terms, all Intellectual Property (as defined below) necessary for the conduct of their respective businesses as now conducted or as described
in the Registration Statement and the Prospectus to be conducted. Except as would not result in a Material Adverse Effect, (A) there are
no rights of third parties to any such Intellectual Property owned by the Company, except as otherwise disclosed to the Agent in writing
by the Company prior to the date hereof; (B) to the knowledge of the Company, there is no infringement, misappropriation or violation
by third parties of any such Intellectual Property; (C) there is no pending or, to the knowledge of the Company, threatened, action, suit,
proceeding or claim by others challenging the Company&rsquo;s or any Subsidiary&rsquo;s rights in or to any such Intellectual Property,
and the Company is unaware of any facts which would form a reasonable basis for any such claim; (D) the Intellectual Property owned by
the Company and each of the Subsidiaries, and to the knowledge of the Company, the Intellectual Property licensed to the Company, each
of the Subsidiaries, has not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or, to the knowledge
of the Company, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property,
and the Company is unaware of any facts which would form a reasonable basis for any such claim; (E) there is no pending or, to the knowledge
of the Company, threatened action, suit, proceeding or claim by others that the Company or any of its Subsidiaries infringes, misappropriates
or otherwise violates any Intellectual Property or other proprietary rights of others, and neither the Company nor any of the Subsidiaries
has received any written notice of such claim; and (F) to the Company&rsquo;s knowledge, no employee of the Company or any of its Subsidiaries
is in or has ever been in violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement,
non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer
where the basis of such violation relates to such employee&rsquo;s employment with the Company or any of its Subsidiaries or actions undertaken
by the employee while employed with the Company or any of its Subsidiaries. &ldquo;<B><I>Intellectual Property</I></B>&rdquo; shall mean
all patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions,
trade secrets, domain names, technology, know-how and other intellectual property.</P>

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

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

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

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

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

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

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in"><B>Section 5.20.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
<U></U></FONT><U>Material Contracts</U></B><FONT STYLE="font-weight: normal">. Except as set forth in the Commission Documents filed
with the Commission since the Spin Off Date, the descriptions in such Commission Documents of the material Contracts therein described
present fairly in all material respects the information required to be shown, and there are no material Contracts of a character required
to be described in such Commission Documents or to be filed as exhibits thereto which are not described or filed as required; all material
Contracts between the Company and third parties expressly referenced in such Commission Documents are legal, valid and binding obligations
of the Company and, to the Knowledge of the Company, each other contracting party thereto, enforceable in accordance with their respective
terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors&rsquo; rights generally and by general equitable principles, and except where the failure of any such Contract to be enforceable
in accordance with its terms would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</FONT></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.21.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transactions With Affiliates</U></B>. No transaction has occurred or agreement or understanding entered into between or among
the Company or any of its Subsidiaries on the one hand, and any officer, director or 5% or greater stockholder of the Company or any Subsidiary
of the Company or any affiliate or affiliates of any such officer, director or 5% or greater stockholder that is required to be described
that is not so described in the Registration Statement and the Prospectus. Neither the Company nor any of its Subsidiaries has, directly
or indirectly, extended or maintained credit, or arranged for the extension of credit, or renewed an extension of credit, in the form
of a personal loan to or for any of its directors or executive officers in violation of applicable laws, including Section 402 of the
Sarbanes-Oxley Act. Except as set forth in the Commission Documents, there are no loans, leases, agreements, contracts, royalty agreements,
management contracts, service arrangements or other continuing transactions exceeding $120,000 between (a)&nbsp;the Company, on the one
hand, and (b)&nbsp;any person or entity who would be covered by Item 404(a) of Regulation S-K, on the other hand, for the time period
as required under Item 404(a) thereof.</P>

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>Section 5.22.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Labor Relations</U></B>. No material labor problem or dispute with the employees of the Company or any of its Subsidiaries exists
or, to the knowledge of the Company, is threatened or imminent. Except as disclosed in the Commission Documents, the Company is in compliance
with all Laws relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the
failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.23.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Use of Proceeds</U></B>. The proceeds from the sale of the Shares by the Company to Investor shall be used by the Company in
the manner as will be set forth in the Prospectus included in any Registration Statement (and any post-effective amendment thereto) and
any Prospectus Supplement thereto filed pursuant to the Registration Rights Agreement.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.24.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Company Act Status</U></B>. The Company is not, and as a result of the consummation of the transactions contemplated
by the Transaction Documents and the application of the proceeds from the sale of the Shares as will be set forth in the Prospectus included
in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed pursuant to the Registration
Rights Agreement the Company will not be required to register as an &ldquo;investment company&rdquo; within the meaning of the Investment
Company Act of 1940, as amended.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.25.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Matters</U></B>. The Company and each of the Subsidiaries has timely filed all applicable federal, state, local, foreign
and other income and franchise tax returns required to be filed and are not in default in the payment of any taxes which were payable
pursuant to said returns or any assessments with respect thereto, other than any which the Company or any of its Subsidiaries is contesting
in good faith. There is no pending dispute with any taxing authority relating to any of such returns, and the Company has no knowledge
of any proposed liability for any tax to be imposed upon the properties or assets of the Company or any of its Subsidiaries for which
there is not an adequate reserve reflected in the Company&rsquo;s financial statements included in the Registration Statement. There are
no documentary, stamp or other issuance or transfer taxes or duties or similar fees or charges under U.S. federal law or the laws of any
U.S. state, the Republic of the Marshall Islands, or any political subdivision of any thereof, required to be paid in connection with
the execution and delivery of this Agreement or the issuance, sale and delivery by the Company of the Shares.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.26.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U></B>. The Company and each of the Subsidiaries carries, or is covered by, insurance in such amounts and covering
such risks the Company reasonably believes are adequate for the conduct of its respective business and the value of its properties and
as is customary for companies engaged in similar businesses in similar industries; all policies of insurance and any fidelity or surety
bonds insuring the Company, each of its Subsidiaries and their respective businesses, assets, employees, officers and directors are in
full force and effect, except as would not reasonably be expected to result in a Material Adverse Effect; the Company and each of its
Subsidiaries is in compliance with the terms of such policies and instruments in all material respects; there are no claims by the Company
or any of the Subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under
a reservation of rights clause; neither the Company nor any of the Subsidiaries has been refused any insurance coverage sought or applied
for; and the Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have
a Material Adverse Effect.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 5.27.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exemption from Registration</U></B>. Subject to, and in reliance on, the representations, warranties and covenants made herein
by the Investor, the offer and sale of the Securities by the Company to the Investor in accordance with the terms and conditions of this
Agreement is exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2); <U>provided</U>, <U>however</U>,
that at the request of and with the express agreement of the Investor (including, without limitation, the representations, warranties
and covenants of Investor set forth in Sections 4.4 through 4.7 and 4.9 through 4.13), the Securities to be issued from and after Commencement
to or for the benefit of the Investor pursuant to this Agreement shall be issued to the Investor or its designee only as DWAC Shares and
will not bear legends noting restrictions as to resale of such securities under federal or state securities laws, nor will any such securities
be subject to stop transfer instructions.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.28.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No General Solicitation or Advertising</U></B>. Neither the Company, nor any of its Affiliates, nor any Person acting on its
or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection
with the offer or sale of the Securities.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.29.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Integrated Offering</U></B>. None of the Company or any of its Affiliates, nor any Person acting on their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require
registration of the offer, issuance and sale by the Company to the Investor of any of the Securities under the Securities Act, whether
through integration with prior offerings or otherwise, or cause this offering of the Securities to require approval of stockholders of
the Company under any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of the
Trading Market. None of the Company, its Affiliates nor any Person acting on their behalf will take any action or steps referred to in
the preceding sentence that would require registration of the offer, issuance and sale by the Company to the Investor of any of the Securities
under the Securities Act or cause the offering of any of the Securities to be integrated with any other offering of securities of the
Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.30.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dilutive Effect</U></B>. The Company is aware and acknowledges that issuance of the Securities could cause dilution to existing
stockholders and could significantly increase the number of outstanding shares of Common Stock. The Company further acknowledges that
its obligation to issue the Shares pursuant to the terms of a VWAP Purchase Notice and pursuant to the terms of an Intraday VWAP Purchase
Notice (as applicable) in accordance with this Agreement is, in each case, absolute and unconditional regardless of the dilutive effect
that such issuance may have on the ownership interests of other stockholders of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>Section 5.31.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Manipulation of Price</U></B>. Neither the Company nor any of its officers, directors or to the Knowledge of the Company, its
Affiliates has, and, to the Knowledge of the Company, no Person acting on their behalf has, (i) taken, directly or indirectly, any action
designed or intended to cause or to result in the stabilization or manipulation of the price of any security of the Company, or which
caused or resulted in, or which would in the future reasonably be expected to cause or result in, the stabilization or manipulation of
the price of any security of the Company, in each case to facilitate the sale or resale of any of the Securities, (ii) sold, bid for,
purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any
compensation for soliciting another to purchase any other securities of the Company. Neither the Company nor any of its officers, directors
or to the Knowledge of the Company, its Affiliates will during the term of this Agreement, and, to the Knowledge of the Company, no Person
acting on their behalf will during the term of this Agreement, take any of the actions referred to in the immediately preceding sentence.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.32.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Act</U></B>. The Company has complied and shall comply with all applicable federal and state securities laws in connection
with the offer, issuance and sale of the Securities hereunder, including, without limitation, the applicable requirements of the Securities
Act. Each Registration Statement, upon filing with the Commission and at the time it is declared effective by the Commission, shall satisfy
all of the requirements of the Securities Act to register the resale of the Registrable Securities included therein by the Investor in
accordance with the Registration Rights Agreement on a delayed or continuous basis under Rule 415 under the Securities Act at then-prevailing
market prices, and not fixed prices. The Company is not currently and has not been an issuer identified in, or subject to, Rule 144(i)(1).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.33.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Listing and Maintenance Requirements; DTC Eligibility</U></B>. The Common Stock is registered pursuant to Section 12(b) of the
Exchange Act, and the Company has taken no action designed to, or which to its Knowledge is likely to have the effect of, terminating
the registration of the Common Stock under the Exchange Act, nor has the Company received any notification that the Commission is contemplating
terminating such registration. The Company has not received written notice from the Trading Market (or, if the Common Stock is then listed
on an Eligible Market, from such Eligible Market) to the effect that the Company is not in compliance with the listing or maintenance
requirements of the Trading Market (or of such Eligible Market, as applicable). Except as disclosed in the Commission Documents filed
with the Commission since the Spin Off Date, the Company is in compliance with all applicable listing and maintenance requirements of
the Trading Market. The Common Stock may be issued and transferred electronically to third parties via DTC through its Deposit/Withdrawal
at Custodian (&ldquo;DWAC&rdquo;) delivery system. The Company has not received written notice from DTC to the effect that a suspension
of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect
to the Common Stock is being imposed or is contemplated.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.34.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Application of Takeover Protections. </U><FONT STYLE="font-weight: normal">The Company and its Board of Directors have taken
all necessary action, if any, in order to render inapplicable any control share acquisition, Spin Off, poison pill (including any distribution
under a rights agreement) or other similar anti-takeover provision under the Company&rsquo;s Charter or laws of the Republic of the Marshall
Islands, that is or could become applicable to the Investor as a result of the Investor and the Company fulfilling their respective obligations
or exercising their respective rights under the Transaction Documents (as applicable), including, without limitation, as a result of the
Company&rsquo;s issuance of the Securities and the Investor&rsquo;s ownership of the Securities.</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 5.35.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Corrupt Practices</U></B>. Neither the Company, nor, to the Knowledge of the Company, any director, officer, agent or
employee of the Company has, directly or indirectly, (1)&nbsp;made any unlawful contribution to any federal, state, local and foreign
candidate for public office, or failed to disclose fully any contribution in violation of law, (2)&nbsp;made any payment to any federal,
state, local and foreign governmental officer or official, or other person charged with similar public or quasi-public duties, other than
payments required or permitted by the laws of the United States or any jurisdiction thereof, (3)&nbsp;violated or is in violation of any
provisions of the U.S. Foreign Corrupt Practices Act of 1977 (the &ldquo;<B><I>FCPA</I></B>&rdquo;), or (4)&nbsp;made any bribe, rebate,
payoff, influence payment, kickback or other unlawful payment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.36.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Office of Foreign Assets Control</U></B>. Neither the Company nor, to the Knowledge of the Company, any director, officer, agent
or employee of the Company is currently subject to any U.S. sanctions (the &ldquo;<B><I>Sanctions Regulations</I></B>&rdquo;) administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<B><I>OFAC</I></B>&rdquo;); and the Company will not directly
or indirectly use the net proceeds from the sale of the Shares, or lend, contribute or otherwise make available such net proceeds to any
subsidiary, joint venture partner or other Person, for the purpose of financing the activities of any person currently subject to any
U.S. sanctions administered by OFAC or listed on the OFAC Specially Designated Nationals and Blocked Persons List. Neither the Company
nor, to the Knowledge of the Company, any director, officer, agent or employee of the Company, is named on any denied party or entity
list administered by the Bureau of Industry and Security of the U.S. Department of Commerce pursuant to the Export Administration Regulations
(&ldquo;<B><I>EAR</I></B>&rdquo;); and the Company will not, directly or indirectly, use the proceeds of the sale of the Shares hereunder,
or lend, contribute or otherwise make available such proceeds to any Person, for the purpose of financing the activities of any person
currently subject to any Sanctions Regulations or to support activities in or with countries sanctioned by said authorities, or for engaging
in transactions that violate the EAR.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.37.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Money Laundering</U></B>. The Company and each of its Subsidiaries have complied in all material respects with with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or
guidelines, issued, administered or enforced by any applicable Governmental Entity (collectively, the &ldquo;<B><I>Money Laundering Laws</I></B>&rdquo;),
and no action, suit or proceeding by or before any court or Governmental Entity, authority or body or any arbitrator involving the Company
or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.38.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reserved</U></B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.39.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>IT Systems</U></B>. To the Knowledge of the Company and except as otherwise described in the Commission Documents, and except
as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i)&nbsp;there has been
no security breach or attack or other compromise of or relating to any of the Company&rsquo;s information technology and computer systems,
networks, hardware, software, data (including the data of its customers, employees, suppliers, vendors and any third party data maintained
by or on its behalf), equipment or technology (&ldquo;<B><I>IT Systems and Data</I></B>&rdquo;), (ii)&nbsp;the Company has not been notified
of any event or condition that would reasonably be expected to result in any security breach, attack or compromise to its IT Systems and
Data, (iii)&nbsp;the Company has complied in all material respects, and is presently in material compliance with, all applicable Laws
of any Governmental Entity and all industry guidelines, standards, internal policies and contractual obligations relating to the privacy
and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation
or modification and (iv)&nbsp;the Company has implemented backup and disaster recovery technology consistent with industry standards and
practice.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in">Section 5.40.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Privacy Laws. </U><FONT STYLE="font-weight: normal">Except as otherwise described in the Commission Documents, and except as
would not, individually or in the aggregate, result in a Material Adverse Effect, the Company is, and at all prior times was, in compliance
with all applicable data privacy and security Laws; and the Company has taken all necessary actions to comply in all respects with the
European Union General Data Protection Regulation (&ldquo;<I>GDPR</I>&rdquo;) (EU 2016/679) (collectively, &ldquo;<I>Privacy Laws</I>&rdquo;).
The Company has in place, complies with, and takes appropriate steps reasonably designed to ensure compliance in all material respects
with its policies and procedures relating to data privacy and security and the collection, storage, use, disclosure, handling and analysis
of Personal Data (the &ldquo;<I>Policies</I>&rdquo;). The Company provides accurate notice of its Policies to its customers, employees,
third party vendors and representatives. The Policies provide accurate and sufficient notice of the Company&rsquo;s then-current privacy
practices relating to its subject matter and such Policies do not contain any material omissions of the Company&rsquo;s then-current privacy
practices. &ldquo;<I>Personal Data</I>&rdquo; means (i)&nbsp;a natural persons&rsquo; name, street address, telephone number, email address,
photograph, social security number, bank information, or customer or account number; (ii)&nbsp;any information which would qualify as
&ldquo;personally identifying information&rdquo; under the Federal Trade Commission Act, as amended; (iii)&nbsp;&ldquo;personal data&rdquo;
as defined by GDPR; and (iv)&nbsp;any other piece of information that allows the identification of such natural person, or his or her
family, or permits the collection or analysis of any data related to an identified person&rsquo;s health or sexual orientation. Except
as would not, individually or in the aggregate, result in a Material Adverse Effect, none of such disclosures made or contained in any
of the Policies have been inaccurate, misleading, deceptive or in violation of any Privacy Laws or Policies. The execution, delivery and
performance of this Agreement, the Registration Rights Agreement or any of the other Transaction Documents will not result in a breach
of any Privacy Laws or Policies. Except as would not, individually or in the aggregate, result in a Material Adverse Effect, the Company
(i)&nbsp;has not received written notice of any actual or potential liability under or relating to, or actual or potential violation of,
any of the Privacy Laws, and has no Knowledge of any event or condition that would reasonably be expected to result in any such notice;
(ii)&nbsp;is not currently conducting or paying for, in whole or in part, any investigation, remediation or other corrective action pursuant
to any Privacy Law; or (iii)&nbsp;is not a party to any Order or agreement that imposed any obligation or liability under any Privacy
Law.</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.41.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>U.S.
Real Property Holding Corporation</U></B>. Except as disclosed in the Commission Documents, to the Company&rsquo;s Knowledge, the Company
is not, and has not been at any time during the five-year period ending on the date of this Agreement, a U.S. real property holding corporation
within the meaning of Section 897 of the Code.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in">Section 5.42.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Margin Rules. </U><FONT STYLE="font-weight: normal">Neither the issuance, sale and delivery of the Securities nor the application
of the proceeds thereof by the Company as described in the Commission Documents filed with the Commission since the Spin Off Date will
violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.43.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Emerging Growth Company Status</U></B>. As of the Closing Date, the Company was, and as of the Commencement Date the Company
will be, an &ldquo;emerging growth company&rdquo; as defined in Section&nbsp;2(a)(19) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.44.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Bad Actor Disqualification</U></B>. None of the Company, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of the Company participating in the offering contemplated hereby, any beneficial owner of 20% or more of the Company's
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
the Securities Act) connected with the Company in any capacity at the time of sale (each, an &ldquo;<B><I>Issuer Covered Person</I></B>&rdquo;)
is subject to any of the &ldquo;Bad Actor&rdquo; disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a
&ldquo;<B><I>Disqualification Event</I></B>&rdquo;), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the
Securities Act. The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification
Event.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.45.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Market
Capitalization.</U> </B>Giving effect to the spin off distribution and the Private Placement contemplated in the Form 20-F,
1,446,414 shares of Common Stock of the Company will be held by Persons other than Affiliates of the Company or Persons who have
been Affiliates of the Company during the preceding three months.&#8239;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>Section 5.46.&nbsp;&nbsp;&nbsp;&nbsp;<U>Broker/Dealer
Relationships; FINRA Information</U></B><U>.</U> The Company (i) is not required to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo;
in accordance with the provisions of the Exchange Act or (ii) does not, directly or indirectly through one or more intermediaries, control
or is a &ldquo;person associated with a member&rdquo; or &ldquo;associated person of a member&rdquo; (within the meaning set forth in
the FINRA Manual). All of the information provided to the Investor, BRS or to their counsel, specifically for use by BRS in connection
with the FINRA Filing (and related disclosure) with FINRA, by the Company, its counsel, its officers and directors and the holders of
any securities (debt or equity) or options to acquire any securities of the Company in connection with the transactions contemplated
by the Transaction Documents is true, complete, correct and compliant with FINRA&rsquo;s rules and any letters, filings or other supplemental
information provided to FINRA pursuant to FINRA Rules.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.47.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acknowledgement Regarding Relationship with Investor and BRS</U></B><U>.</U> The Company acknowledges and agrees, to the fullest
extent permitted by Law, that the Investor is acting solely in the capacity of an arm&rsquo;s-length purchaser with respect to this Agreement,
the Registration Rights Agreement and the transactions contemplated by the Transaction Documents, and BRS is acting as a representative
of the Investor in connection with the transactions contemplated by the Transaction Documents, and of no other party, including the Company.
The Company further acknowledges that while the Investor will be deemed to be a statutory &ldquo;underwriter&rdquo; with respect to certain
of the transactions contemplated by the Transaction Documents in accordance with interpretive positions of the Staff of the Commission,
the Investor is a &ldquo;trader&rdquo; that is not required to register with the Commission as a broker-dealer under Section 15(a) of
the Securities Exchange Act of 1934. The Company further acknowledges that the Investor and its representatives are not acting as a financial
advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement, the Registration Rights Agreement and
the transactions contemplated by the Transaction Documents, and any advice given by the Investor or any of its representatives (including
BRS) or agents in connection therewith is merely incidental to the Investor&rsquo;s acquisition of the Securities. The Company understands
and acknowledges that employees of BRS may discuss market color, VWAP Purchase Notice and Intraday VWAP Purchase Notice timing and parameter
considerations and other related capital markets considerations with the Company in connection with the Transaction Documents and the
transactions contemplated thereby, in all cases on behalf of the Investor. The Company acknowledges and agrees that the Investor has not
made and does not make any representations or warranties with respect to the transactions contemplated by the Transaction Documents other
than those specifically set forth in Article IV.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 5.48.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acknowledgement Regarding Investor&rsquo;s Affiliate Relationships</U></B>. Affiliates of the Investor, including BRS, engage
in a wide range of activities for their own accounts and the accounts of customers, including corporate finance, mergers and acquisitions,
merchant banking, equity and fixed income sales, trading and research, derivatives, foreign exchange, futures, asset management, custody,
clearance and securities lending. In the course of their respective business, Affiliates of the Investor may, directly or indirectly,
hold long or short positions, trade and otherwise conduct such activities in or with respect to debt or equity securities or bank debt
of, or derivative products relating to, the Company. Any such position will be created, and maintained, independently of the position
the Investor takes in the Company. In addition, at any given time Affiliates of the Investor, including BRS, may have been or in the future
may be engaged by one or more entities that may be competitors with, or otherwise adverse to, the Company in matters unrelated to the
transactions contemplated by the Transaction Documents, and Affiliates of the Investor, including BRS may have or may in the future provide
investment banking or other services to the Company in matters unrelated to the transactions contemplated by the Transaction Documents.
Activities of any of the Investor&rsquo;s Affiliates performed on behalf of the Company may give rise to actual or apparent conflicts
of interest given the Investor&rsquo;s potentially competing interests with those of the Company. The Company expressly acknowledges the
benefits it receives from the Investor&rsquo;s participation in the transactions contemplated by the Transaction Documents, on the one
hand, and the Investor&rsquo;s Affiliates&rsquo; activities, if any, on behalf of the Company unrelated to the transactions contemplated
by the Transaction Documents, on the other hand, and understands the conflict or potential conflict of interest that may arise in this
regard, and has consulted with such independent advisors as it deems appropriate in order to understand and assess the risks associated
with these potential conflicts of interest. Consistent with applicable legal and regulatory requirements, applicable Affiliates of the
Investor have adopted policies and procedures to establish and maintain the independence of their research departments and personnel from
their investment banking groups and the Investor. As a result, research analysts employed by Affiliates of the Investor may hold views,
make statements or investment recommendations or publish research reports with respect to the Company or the transactions contemplated
by the Transaction Documents that differ from the views of the Investor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in"><B>Section 5.49.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
<U></U></FONT><U>Distributions.</U></B> <FONT STYLE="font-weight: normal">No subsidiary of the Company is currently prohibited, directly
or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary&rsquo;s capital stock,
from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary&rsquo;s
property or assets to the Company or any other subsidiary of the Company, and all such dividends and other distributions are not subject
to income withholding or other taxes under the current laws and regulations of the jurisdictions where such subsidiaries are organized.
All dividends and other distributions declared and payable on the shares of capital stock of the Company may under the current laws and
regulations of the Republic of the Marshall Islands be paid in United States dollars and may be freely transferred out of the Republic
of the Marshall Islands, and all such dividends and other distributions are not subject to income withholding or other taxes under the
current laws and regulations of the Republic of the Marshall Islands and Greece or any political subdivision or taxing authority thereof
or therein and are otherwise free and clear of any other tax, withholding or deduction in, and without the necessity of obtaining any
consents, approvals, authorizations, orders, licenses, registrations, clearances and qualifications of or with any court or governmental
agency or body or any stock exchange authorities in, the Republic of the Marshall Islands and Greece or any political subdivision or
taxing authority thereof or therein.</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><B>Section 5.50.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
<U></U></FONT><U>No Immunity</U></B>. <FONT STYLE="font-weight: normal">Neither the Company nor any Subsidiary or any of their respective
properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice,
attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of the United States, the Republic of the Marshall
Islands or any political subdivisions thereof.</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><B>Section 5.51.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
<U></U></FONT><U>Foreign Private Issuer</U></B>. <FONT STYLE="font-weight: normal">The Company is a &ldquo;foreign private issuer&rdquo;
as defined in Rule 405 promulgated under the Securities Act.</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><B>Section 5.52.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
<U></U></FONT><U>Passive Foreign Investment Company</U></B>. <FONT STYLE="font-weight: normal">Based on current law and the Company&rsquo;s
current operations and future projections, the Company does not believe it would be treated as a passive foreign investment company (&ldquo;PFIC&rdquo;)
within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended (the &ldquo;</FONT><I>Code</I><FONT STYLE="font-weight: normal">&rdquo;),
with respect to any taxable year. Although the Company intends to conduct its affairs in a manner to avoid being classified as a PFIC
with respect to any taxable year, the Company can make no assurances that the nature of its operations will not change in the future.</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.53.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
<U></U></FONT><U>Federal Income Tax.</U></B> <FONT STYLE="font-weight: normal">The Company believes that it and its subsidiaries will
qualify for the exemption from U.S. federal income tax on their U.S. source international transportation income under Section 883 of
the Code for the taxable year ending December 31, 2024 and future taxable years.<FONT STYLE="font-size: 10pt"><SUP></SUP></FONT></FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in"><B>Section 5.54.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
<U></U></FONT><U>Vessels</U></B>.&#8239;<FONT STYLE="font-weight: normal">Each of the vessels described in the Registration Statement
and the Prospectus as being owned by the Company or any Subsidiary as described therein (&ldquo;</FONT><I>Owned Vessels</I><FONT STYLE="font-weight: normal">&rdquo;)
has been duly and validly registered in the name of a Subsidiary under the laws and regulations and flag of the nation of its registration;
no other action is necessary to establish and perfect such entity&rsquo;s title to and interest in any of the Owned Vessels as against
any third party; and each Owned Vessel is owned directly by the Company or such Subsidiary free and clear of all liens, claims, security
interests or other encumbrances, except such as are described in or contemplated by the Registration Statement and the Prospectus.&nbsp;Each
such Subsidiary has good title to the applicable Owned Vessel, free and clear of all mortgages, pledges, liens, security interests and
claims and all defects of the title of record except for maritime liens incurred in the ordinary course and those liens arising under
Credit Facilities, each as disclosed in the Registration Statement and the Prospectus. Each of the Owned Vessels is in good standing
with respect to the payment of past and current taxes, fees and other amounts payable under the laws of the jurisdiction in which it
is registered, except where such lien or defect of title or record would not result in a Material Adverse Effect.</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5.55.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Tax</U></B>. No stamp duty, stock exchange tax, value-added tax, withholding tax or any other similar duty or tax is payable
in the United States, the Republic of the Marshall Islands, or Greece, or any political subdivision thereof, or to any authority therein
having power to tax, in connection with the execution, delivery or performance of this agreement by the parties hereto or the issuance,
sale or delivery of the Securities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Article
VI</FONT><BR>
ADDITIONAL COVENANTS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Company covenants with the Investor, and the Investor
covenants with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Investment Period
(and with respect to the Company, for the period following the termination of this Agreement specified in Section 8.3 pursuant to and
in accordance with Section 8.3):</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Compliance</U></B>. The Company shall notify the Commission and the Trading Market, if and as applicable, in accordance
with their respective rules and regulations, of the transactions contemplated by the Transaction Documents, and shall take all necessary
action, undertake all proceedings and obtain all registrations, permits, consents and approvals for the legal and valid issuance of the
Securities to the Investor in accordance with the terms of the Transaction Documents, as applicable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reservation of Common Stock</U></B>. The Company has available and during the Investment Period the Company shall reserve and
keep available at all times, free of preemptive and other similar rights of stockholders, the requisite aggregate number of authorized
but unissued shares of Common Stock to enable the Company to timely effect (i)&nbsp;the issuance, sale and delivery of all Shares to be
issued, sold and delivered in respect of each VWAP Purchase effected under this Agreement, and (ii)&nbsp;the issuance, sale and delivery
of all Shares to be issued, sold and delivered in respect of each Intraday VWAP Purchase effected under this Agreement, in the case of
this clause (ii), at least prior to the delivery by the Company to the Investor of the applicable Intraday VWAP Purchase Notice in connection
with such Intraday VWAP Purchase. Without limiting the generality of the foregoing, as of the date of this Agreement the Company has reserved,
and as of the Commencement Date shall have continued to reserve, out of its authorized and unissued Common Stock, 15,000,000 shares
of Common Stock solely for the purpose of issuing Shares pursuant to one or more VWAP Purchases and pursuant to one or more Intraday VWAP
Purchases (as applicable) that may be effected by the Company, in its sole discretion, from time to time from and after the Commencement
Date under this Agreement. The number of shares of Common Stock so reserved for the purpose of effecting issuances of Shares pursuant
to VWAP Purchases and pursuant to Intraday VWAP Purchases under this Agreement (as applicable) may be increased from time to time by the
Company from and after the Commencement Date, and such number of reserved shares may be reduced from and after the Commencement Date only
by the number of Shares actually issued, sold and delivered to the Investor pursuant to any VWAP Purchase and any Intraday VWAP Purchase
(as applicable) effected from and after the Commencement Date pursuant to this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 6.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration and Listing</U></B>. The Company shall use its commercially reasonable efforts to cause the Common Stock to continue
to be registered as a class of securities under Sections 12(b) of the Exchange Act, and to comply with its reporting and filing obligations
under the Exchange Act, and shall not take any action or file any document (whether or not permitted by the Securities Act or the Exchange
Act) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under the Exchange Act
or Securities Act, except as permitted herein. The Company shall use its commercially reasonable efforts to continue the listing and trading
of its Common Stock and the listing of the Securities purchased or acquired by the Investor hereunder on the Trading Market (or another
Eligible Market) and to comply with the Company&rsquo;s reporting, filing and other obligations under the rules and regulations of the
Trading Market (or other Eligible Market, as applicable). The Company shall not take any action which could be reasonably expected to
result in the delisting or suspension of the Common Stock on the Trading Market (or other Eligible Market, as applicable). If the Company
receives any final and non-appealable notice that the listing or quotation of the Common Stock on the Trading Market (or other Eligible
Market, as applicable) shall be terminated on a date certain, the Company shall promptly (and in any case within 24 hours) notify the
Investor of such fact in writing and shall use its commercially reasonable efforts to cause the Common Stock to be listed or quoted on
another Eligible Market.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">Section 6.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Laws.</U></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the Investment Period, the Company (a)&nbsp;shall comply, and cause each Subsidiary to comply, with all laws, rules, regulations
and Orders applicable to the business and operations of the Company, except as would not reasonably be expected to have a Material Adverse
Effect and (b)&nbsp;with applicable provisions of the Securities Act and the Exchange Act, including Regulation M thereunder, applicable
state securities or &ldquo;Blue Sky&rdquo; laws (but only to the extent set forth in Section 6.11), and applicable listing rules of the
Trading Market (or Eligible Market, as applicable), except in each case as would not, individually or in the aggregate, prohibit or otherwise
interfere with the ability of the Company to enter into and perform its obligations under this Agreement in any material respect or for
Investor to conduct resales of Securities under the Registration Statement in any material respect. Without limiting the foregoing, neither
the Company, nor any of its Subsidiaries, nor to the Knowledge of the Company, any of their respective directors, officers, agents, employees
or any other Persons acting on their behalf shall, in connection with the operation of the Company&rsquo;s and its Subsidiaries&rsquo;
respective businesses, (1)&nbsp;use any corporate funds for unlawful contributions, payments, gifts or entertainment or to make any unlawful
expenditures relating to political activity to government officials, candidates or members of political parties or organizations, (2)&nbsp;pay,
accept or receive any unlawful contributions, payments, expenditures or gifts, or (3)&nbsp;violate or operate in noncompliance with any
export restrictions, anti-boycott regulations, embargo regulations or other applicable domestic or foreign laws and regulations, including,
without limitation, the FCPA and Money Laundering Laws.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor shall comply with all laws, rules, regulations and Orders applicable to the performance by it of its obligations under
this Agreement and its investment in the Securities, except as would not, individually or in the aggregate, prohibit or otherwise interfere
with the ability of the Investor to enter into and perform its obligations under this Agreement in any material respect. Without limiting
the foregoing, the Investor shall comply with all applicable provisions of the Securities Act and the Exchange Act, including Regulation
M thereunder, the rules and regulations of FINRA, and all applicable state securities or &ldquo;Blue Sky&rdquo; laws.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">Section 6.5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Keeping of Records and Books of Account; Due Diligence.</U></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor and the Company shall each maintain records showing the remaining Total Commitment, the dates and VWAP Purchase Share
Amount for each VWAP Purchase, and the dates and Intraday VWAP Purchase Share Amount for each Intraday VWAP Purchase.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the requirements of Section 6.12, from time to time from and after the Closing Date and prior to termination of this
Agreement pursuant to Section 8.2, the Company shall make available for inspection and review by the Investor during normal business hours
and after reasonable notice, customary documentation reasonably requested by the Investor and/or its appointed counsel or advisors to
conduct due diligence; <U>provided</U>, <U>however</U>, that (i) the Investor shall have no right to receive any information that the
Company reasonably determines to be material non-public information and (ii) after the Closing Date, the Investor&rsquo;s continued due
diligence shall not be a condition precedent to the Commencement or to the Investor&rsquo;s obligation to accept each VWAP Purchase Notice
and each Intraday VWAP Purchase Notice timely delivered by the Company to the Investor in accordance with this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">Section 6.6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Frustration; No Other Similar Transactions.</U></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Frustration</U>.</B> The Company shall not enter into, announce or recommend to its shareholders any agreement, plan,
arrangement or transaction in or of which the terms thereof would materially restrict, delay, conflict with or impair the ability or right
of the Company to perform its obligations under the Transaction Documents to which it is a party, including, without limitation, the obligation
of the Company to (a)&nbsp;pay the Commitment Fee to the Investor in such manner, at such time and otherwise pursuant to and in accordance
with Section 10.1(ii), and (b)&nbsp;deliver the Shares to the Investor in respect of each VWAP Purchase and each Intraday VWAP Purchase
effected by the Company pursuant to this Agreement, in each case not later than the applicable Purchase Share Delivery Date with respect
to such VWAP Purchase and such Intraday VWAP Purchase (as applicable) in accordance with Section 3.3. For the avoidance of doubt, nothing
in this Section 6.6(i) shall in any way limit the Company&rsquo;s right to terminate this Agreement in accordance with Section 8.2 (subject
in all cases to Section 8.3).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Similar Transactions</U></B>. Prior to termination of this Agreement pursuant to Section 8.2, the Company shall not effect
or enter into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents
(or a combination of units thereof) involving an &ldquo;equity line of credit,&rdquo; an &ldquo;at the market offering&rdquo; or other
similar continuous offering, other than Common Stock issued by the Company in any &ldquo;at the market offering&rdquo; or &ldquo;equity
distribution program&rdquo; or similar offering of Common Stock exclusively to or through B. Riley Securities, Inc. pursuant to one or
more written agreements between the Company and B. Riley Securities, Inc.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Existence</U></B>. The Company shall take all steps necessary to preserve and continue the corporate existence of
the Company; <U>provided</U>, <U>however</U>, that, except as provided in Section 6.8, nothing in this Agreement shall be deemed to prohibit
the Company from engaging in any Fundamental Transaction with another Person. For the avoidance of doubt, nothing in this Section 6.7
shall in any way limit the Company&rsquo;s right to terminate this Agreement in accordance with Section 8.2 (subject in all cases to Section
8.3).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fundamental Transaction</U></B>. If a VWAP Purchase Notice or an Intraday VWAP Purchase Notice has been delivered to the Investor
and the transactions contemplated therein have not yet been fully settled in accordance with Section 3.3 of this Agreement, the Company
shall not effect any Fundamental Transaction until the expiration of five Trading Days following the date of full settlement thereof and
the issuance to the Investor of all of the Shares that are issuable to the Investor pursuant to the VWAP Purchase or Intraday VWAP Purchase
(as applicable) to which such VWAP Purchase Notice or Intraday VWAP Purchase Notice (as applicable) relates.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">Section 6.9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Selling Restrictions.</U></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as expressly set forth below, the Investor covenants that from and after the Closing Date through and including the Trading
Day next following the expiration or termination of this Agreement as provided in Article VIII (the &ldquo;<B><I>Restricted Period</I></B>&rdquo;),
none of the Investor, its sole member, any of their respective officers, or any entity managed or controlled by the Investor or its sole
member (collectively, the &ldquo;<B><I>Restricted Persons</I></B>&rdquo; and each of the foregoing is referred to herein as a &ldquo;<B><I>Restricted
Person</I></B>&rdquo;) shall, directly or indirectly, engage in any (i)&nbsp;Short Sales of the Common Stock or (ii)&nbsp;hedging transaction,
which establishes a net short position with respect to the Common Stock, with respect to each of clauses (i) and (ii) hereof, either for
its own account or for the account of any other Restricted Person. Notwithstanding the foregoing, it is expressly understood and agreed
that nothing contained herein shall (without implication that the contrary would otherwise be true) prohibit any Restricted Person during
the Restricted Period from: (1)&nbsp;selling &ldquo;long&rdquo; (as defined under Rule 200 promulgated under Regulation SHO) the Securities;
or (2)&nbsp;selling a number shares of Common Stock equal to the number of Shares that the Investor is unconditionally obligated to purchase
under any pending VWAP Purchase Notice or any pending Intraday VWAP Purchase Notice (as applicable), but has not yet received from the
Company or its transfer agent pursuant to this Agreement, so long as (X)&nbsp;the Investor (or its Broker-Dealer, as applicable) delivers
the Shares purchased pursuant to such pending VWAP Purchase Notice and the Shares purchased pursuant to such pending Intraday VWAP Purchase
Notice (as applicable) to the purchaser thereof promptly upon the Investor&rsquo;s receipt of such Shares from the Company in accordance
with Section 3.3 of this Agreement and (Y)&nbsp;neither the Company or its transfer agent shall have failed for any reason to deliver
such Shares to the Investor or its Broker-Dealer so that such Shares are timely received by the Investor as DWAC Shares on the applicable
Purchase Share Delivery Date for such VWAP Purchase and on the applicable Purchase Share Delivery Date for such Intraday VWAP Purchases
(as applicable) in accordance with Section 3.3 of this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to the foregoing, in connection with any sale of Securities (including any sale permitted by paragraph (i) above),
the Investor shall comply in all respects with all applicable laws, rules, regulations and Orders, including, without limitation, the
requirements of the Securities Act and the Exchange Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor covenants and agrees that during the Restricted Period, none of the Investor or any other Restricted Person shall,
directly or indirectly, allow any shares of Common Stock beneficially owned by the Investor to be borrowed against for any third Person
to utilize in any Short Sale of Common Stock. Without limiting the generality of the immediately preceding sentence, the Investor covenants
and agrees that, with respect to each brokerage account of the Investor and each other Restricted Person in which shares of Common Stock
beneficially owned by the Investor are held or to be held during the Restricted Period, the Investor and each other Restricted Person
(as applicable) shall provide written instructions to the applicable broker that the Investor or the Restricted Person (as applicable)
does not wish to participate in, and expressly opts out of, any &ldquo;fully paid lending program&rdquo; or similar program with respect
to such brokerage account so that shares of Common Stock beneficially owned by the Investor that are or to be held in such brokerage account
during the Restricted Period will not be made available by the broker for lending to any third Person in connection with, to effect or
otherwise to facilitate any Short Sale of Common Stock by any Person.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.10.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effective Registration Statement</U></B>. During the Investment Period, the Company shall use its commercially reasonable efforts
to maintain the continuous effectiveness of the Initial Registration Statement and each New Registration Statement filed with the Commission
under the Securities Act for the applicable Registration Period pursuant to and in accordance with the Registration Rights Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.11.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Blue Sky</U></B>. The Company shall take such action, if any, as is necessary by the Company in order to obtain an exemption
for or to qualify the Securities for sale by the Company to the Investor pursuant to the Transaction Documents, and at the request of
the Investor, the subsequent resale of Registrable Securities by the Investor, in each case, under applicable state securities or &ldquo;Blue
Sky&rdquo; laws and shall provide evidence of any such action so taken to the Investor from time to time following the Closing Date; <U>provided</U>,
<U>however</U>, that the Company shall not be required in connection therewith or as a condition thereto to (x)&nbsp;qualify to do business
in any jurisdiction where it would not otherwise be required to qualify but for this Section 6.11, (y)&nbsp;subject itself to general
taxation in any such jurisdiction, or (z)&nbsp;file a general consent to service of process in any such jurisdiction.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>Section 6.12.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Public Information</U></B>. Neither the Company, nor any of its directors, officers, employees or agents shall disclose
any material non-public information about the Company to the Investor, unless a simultaneous public announcement thereof is made by the
Company in the manner contemplated by Regulation FD. In the event of a breach of the foregoing covenant by the Company, or any of its
directors, officers, employees and agents (as determined in the reasonable good faith judgment of the Investor), (i)&nbsp;the Investor
shall promptly provide written notice of such breach to the Company and (ii)&nbsp;after such notice has been provided to the Company and,
provided that the Company shall have failed demonstrate to the reasonable satisfaction of the Investor in writing within 48 hours that
such information does not constitute material, non-public information or the Company shall have failed to publicly disclose such material,
non-public information within 48 hours following demand therefor by the Investor, in addition to any other remedy provided herein or in
the other Transaction Documents, if the Investor is holding any Shares at the time of the disclosure of material, non-public information,
the Investor shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such
material, nonpublic information without the prior approval by the Company, or any of its directors, officers, employees or agents. The
Investor shall not have any liability to the Company, or any of its directors, officers, employees, stockholders or agents, for any such
disclosure.<FONT STYLE="font-size: 10pt"><SUP></SUP></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.13.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Broker-Dealer</U></B>. The Investor shall use one or more broker-dealers (one of which is BRS, an Affiliate of the Investor)
to effectuate all sales, if any, of the Securities that it may purchase or otherwise acquire from the Company pursuant to the Transaction
Documents, as applicable, which (or whom) shall be a DTC participant (collectively, the &ldquo;<B><I>Broker-Dealer</I></B>&rdquo;). The
Investor shall, from time to time, provide the Company and the Company&rsquo;s transfer agent with all information regarding the Broker-Dealer
reasonably requested by the Company. The Investor shall be solely responsible for all fees and commissions of the Broker-Dealer (if any),
which shall not exceed customary brokerage fees and commissions and shall be responsible for designating only a DTC participant eligible
to receive DWAC Shares.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.14.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>FINRA Filing</U></B>. The Company shall assist the Investor and BRS with BRS&rsquo; preparation and filing with FINRA&rsquo;s
Corporate Financing Department via the Public Offering System of all documents and information required to be filed with FINRA pursuant
to FINRA Rule 5110 with regard to the transactions contemplated by this Agreement (the &ldquo;<B><I>FINRA Filing</I></B>&rdquo;). In connection
therewith, on or prior to the date the FINRA Filing is first made by BRS with FINRA, the Company shall pay to FINRA by wire transfer of
immediately available funds the applicable filing fee with respect to the FINRA Filing, and the Company shall be solely responsible for
payment of such fee. The parties hereby agree to provide each other and BRS all requisite information and otherwise to assist each other
and BRS in a timely fashion in order for BRS to complete the preparation and submission of the FINRA Filing in accordance with this Section
6.14 and to assist BRS in promptly responding to any inquiries or requests from FINRA or its staff. Each party hereto shall (a)&nbsp;promptly
notify the other party and BRS of any communication to that party or its Affiliates from FINRA, including, without limitation, any request
from FINRA or its staff for amendments or supplements to or additional information in respect of the FINRA Filing and permit the other
party and BRS to review in advance any proposed written communication to FINRA and (b)&nbsp;furnish the other party and BRS with copies
of all written correspondence, filings and communications between them and their affiliates and their respective representatives and advisors,
on the one hand, and FINRA or members of its staff, on the other hand, with respect to this Agreement, the Registration Rights Agreement
or the transactions contemplated by the Transaction Documents. Each of the parties hereto agrees to use its commercially reasonable efforts
to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other party and BRS in
doing, all things necessary, proper or advisable in order for BRS to obtain as promptly as practicable written confirmation from FINRA
to the effect that FINRA's Corporate Financing Department has determined not to raise any objection with respect to the fairness and reasonableness
of the terms of the transactions contemplated by the Transaction Documents. Notwithstanding anything to the contrary contained in this
Agreement, the Commencement Date shall not occur, unless and until BRS shall have received written confirmation from FINRA to the effect
that FINRA's Corporate Financing Department has determined not to raise any objection with respect to the fairness and reasonableness
of the terms of the transactions contemplated by this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; 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-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 6.15.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>QIU</U></B>. If the Investor or any of its Affiliates, including BRS, reasonably determines that a Qualified Independent Underwriter
is required to participate in the transactions contemplated by the Transaction Documents in order for such transactions to be in full
compliance with the rules and regulations of FINRA, including, without limitation, FINRA Rule 5121, each of the parties hereto shall have
executed such documentation as may reasonably be required to engage a Qualified Independent Underwriter to participate in the transactions
contemplated by the Transaction Documents in accordance with the rules and regulations of FINRA, including, without limitation, FINRA
Rule 5121. The Company shall pay the fees and expenses of such Qualified Independent Underwriter pursuant to an engagement letter between
the Company and such Qualified Independent Underwriter at such time and otherwise as set forth in such engagement letter. On the Commencement
Date, the Investor shall reimburse (or shall cause one of its Affiliates to reimburse) the Company, by wire transfer of immediately available
funds to an account designated by the Company on or prior to the Commencement Date, an amount in cash equal to the full amount of the
fees and expenses of such Qualified Independent Underwriter that were paid by the Company to such Qualified Independent Underwriter prior
to the Commencement Date pursuant to the engagement letter between the Company and such Qualified Independent Underwriter.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">Section 6.16.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disclosure Schedule.</U></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may, from time to time, update the Disclosure Schedule as may be required to satisfy the conditions set forth in Section
7.2(i) and Section 7.3(i) (to the extent such condition set forth in Section 7.3(i) relates to the condition in Section 7.2(i) as of a
specific Purchase Condition Satisfaction Time). For purposes of this Section 6.16, any disclosure made in a schedule to the Compliance
Certificate shall be deemed to be an update of the Disclosure Schedule. Notwithstanding anything in this Agreement to the contrary, no
update to the Disclosure Schedule pursuant to this Section 6.16 shall cure any breach of a representation or warranty of the Company contained
in this Agreement and made prior to the update and shall not affect any of the Investor&rsquo;s rights or remedies with respect thereto.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained in the Disclosure Schedule or in this Agreement, the information and disclosure
contained in any Schedule of the Disclosure Schedule shall be deemed to be disclosed and incorporated by reference in any other Schedule
of the Disclosure Schedule as though fully set forth in such Schedule for which applicability of such information and disclosure is readily
apparent on its face. The fact that any item of information is disclosed in the Disclosure Schedule shall not be construed to mean that
such information is required to be disclosed by this Agreement. Except as expressly set forth in this Agreement, such information and
the thresholds (whether based on quantity, qualitative characterization, dollar amounts or otherwise) set forth herein shall not be used
as a basis for interpreting the terms &ldquo;material&rdquo; or &ldquo;Material Adverse Effect&rdquo; or other similar terms in this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6.17.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Compliance Certificates, Bring-Down Negative Assurance Letters, Bring-Down CFO Certificates and Bring-Down Comfort
Letters Upon Occurrence of Certain Events</U></B>. Within three Trading Days immediately following: (i)&nbsp;each date on which the Company
files with the Commission (A)&nbsp;an annual report on Form 20-F under the Exchange Act, (B)&nbsp;a Form 20-F/A containing amended (or
restated) financial information or a material amendment to a previously filed annual report on Form 20-F, (C)&nbsp;its quarterly or semi-annual
financial statements and management&rsquo;s discussion and analysis on Form 6-K under the Exchange Act, or (D)&nbsp;a report on Form 6-K
containing amended (or restated) financial information (other to provide disclosure relating to the reclassification of certain properties
as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the Exchange Act; and (ii)&nbsp;the
effective date of (A)&nbsp;each post-effective amendment to the Initial Registration Statement, (B)&nbsp;each New Registration Statement
and (C)&nbsp;each post-effective amendment to each New Registration Statement, and in any case, not more than once per calendar quarter
(each, a &ldquo;<B><I>Representation Date</I></B>&rdquo;), the Company shall (I)&nbsp;deliver to the Investor a Compliance Certificate,
dated the date of delivery to the Investor, (II)&nbsp;cause to be furnished to the Investor an opinion and negative assurance letter &ldquo;bring-down&rdquo;
from outside counsel to the Company, dated the date of delivery to the Investor, substantially in the form mutually agreed to by the Company
and the Investor prior to the date of this Agreement, modified, as necessary, to relate to a New Registration Statement or a post-effective
amendment to the Initial Registration Statement or a New Registration Statement, and the Prospectus contained in a Registration Statement
or post-effective amendment as then amended or supplemented by any Prospectus Supplement thereto as of the date of such letter, as applicable
(each, a &ldquo;<B><I>Bring-Down Negative Assurance Letter</I></B>&rdquo;) and (III)&nbsp;other than with respect to a Representation
Date pursuant to clause (i)(C) and (D) above, cause to be furnished to the Investor (A)&nbsp;a customary &ldquo;comfort letter&rdquo;
provided by the Accountant or a successor independent registered public accounting firm for the Company (as applicable), dated the date
of delivery to the Investor, substantially in the form, scope and substance as the information contained in the Initial Comfort Letter
(to the extent such information is then applicable), stating, as of such date, the conclusions and findings of such firm with respect
to the financial information and other matters covered by the Initial Comfort Letter (to the extent such financial information or other
matters are then applicable), modified, as necessary, to address such new, amended or restated financial information contained in any
of the Commission Documents referred to in clause (i) above or to relate to a New Registration Statement or a post-effective amendment
to the Initial Registration Statement or a New Registration Statement, or the Prospectus contained in a Registration Statement or post-effective
amendment as then amended or supplemented by any Prospectus Supplement thereto as of the date of such letter, as applicable (each, a &ldquo;<B><I>Bring-Down
Comfort Letter</I></B>&rdquo;) and (B)&nbsp;a certificate of the Chief Financial Officer, dated the date of delivery to the Investor,
substantially in the form mutually agreed to by the Company and the Investor prior to the date of this Agreement, modified, as necessary,
to relate to a New Registration Statement or a post-effective amendment to the Initial Registration Statement or a New Registration Statement,
and the Prospectus contained in a Registration Statement or post-effective amendment as then amended or supplemented by any Prospectus
Supplement thereto as of the date of such letter, as applicable (each, a &ldquo;<B><I>Bring-Down CFO Certificate</I></B>&rdquo;). The
requirement to provide the documents identified in the previous sentence shall be tolled with respect to any Representation Date, if (A)&nbsp;the
Company has given written notice to the Investor (with a copy to its counsel) in accordance with Section 10.4, not later than one Trading
Day prior to the applicable Representation Date, of the Company&rsquo;s decision to suspend delivery of VWAP Purchase Notices for future
VWAP Purchases and delivery of Intraday VWAP Purchase Notices for future Intraday VWAP Purchases (each, a &ldquo;<B><I>Future Purchase
Suspension</I></B>&rdquo;) (it being hereby acknowledged and agreed that no Future Purchase Suspension shall limit, alter, modify, change
or otherwise affect any of the Company&rsquo;s or the Investor&rsquo;s rights or obligations under the Transaction Documents with respect
to any pending VWAP Purchase and any pending Intraday VWAP Purchase (as applicable) that has not been fully settled in accordance with
the terms and conditions of this Agreement, and that the parties shall fully perform their respective obligations with respect to any
such pending VWAP Purchase and any pending Intraday VWAP Purchase under the Transaction Documents), and (B)&nbsp;such Representation Date
does not occur during the period beginning on the Trading Day immediately preceding the Purchase Date for a VWAP Purchase or an Intraday
VWAP Purchase (as applicable) and ending on the third Trading Day following the date of full settlement thereof and the issuance to the
Investor of all of the Shares that are issuable to the Investor pursuant to such VWAP Purchase or such Intraday VWAP Purchase (as applicable),
which tolling shall continue until the Trading Day immediately preceding the Purchase Date for a VWAP Purchase or an Intraday VWAP Purchase
(as applicable), which for such calendar quarter shall be considered a Representation Date. Notwithstanding the foregoing, if the Company
subsequently decides to deliver a VWAP Purchase Notice or an Intraday VWAP Purchase Notice following a Representation Date when a Future
Purchase Suspension was in effect and did not provide the Investor with the documents identified in clauses (I), (II) and (III) of the
first sentence of this Section 6.17, then prior to the Company&rsquo;s delivery to the Investor of such VWAP Purchase Notice or such Intraday
VWAP Purchase Notice (as applicable) on a Purchase Date, the Company shall provide the Investor with the documents identified in clauses
(I), (II) and (III) of the first sentence of this Section 6.17, dated as of the applicable Purchase Date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
VII</FONT><BR>
CONDITIONS TO CLOSING, COMMENCEMENT AND PURCHASES</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions Precedent to Closing</U></B>. The Closing is subject to the satisfaction of each of the conditions set forth in this
Section 7.1 on the Closing Date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Accuracy of the Investor&rsquo;s Representations and Warranties</U></B>. The representations and warranties of the Investor
contained in this Agreement (a)&nbsp;that are not qualified by &ldquo;materiality&rdquo; shall be true and correct in all material respects
as of the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations
and warranties shall be true and correct in all material respects as of such other date and (b)&nbsp;that are qualified by &ldquo;materiality&rdquo;
shall be true and correct as of the Closing Date, except to the extent such representations and warranties are as of another date, in
which case, such representations and warranties shall be true and correct as of such other date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Accuracy of the Company&rsquo;s Representations and Warranties</U></B>. The representations and warranties of the Company
contained in this Agreement (a)&nbsp;that are not qualified by &ldquo;materiality&rdquo; or &ldquo;Material Adverse Effect&rdquo; shall
be true and correct in all material respects as of the Closing Date, except to the extent such representations and warranties are as of
another date, in which case, such representations and warranties shall be true and correct in all material respects as of such other date
and (b)&nbsp;that are qualified by &ldquo;materiality&rdquo; or &ldquo;Material Adverse Effect&rdquo; shall be true and correct as of
the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations
and warranties shall be true and correct as of such other date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Payment of Initial Investor Expense Reimbursement</U>.</B> On or prior to the Closing Date, the Company shall have paid by
wire transfer of immediately available funds to an account designated by the Investor on or prior to the date hereof, the Initial Investor
Expense Reimbursement in accordance with Section 10.1(i), which shall be fully earned and non-refundable as of the Closing Date, regardless
of whether the Commencement occurs or whether any VWAP Purchases or Intraday VWAP Purchases are made or settled hereunder or any subsequent
termination of this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Closing Deliverables</U></B>. At the Closing, counterpart signature pages of this Agreement and the Registration Rights Agreement
executed by each of the parties hereto shall be delivered as provided in Section 2.2. Simultaneously with the execution and delivery of
this Agreement and the Registration Rights Agreement, the Investor&rsquo;s counsel shall have received the closing certificate from the
Company, dated the Closing Date, in the form of <U>Exhibit B</U> hereto.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions Precedent to Commencement</U></B>. The right of the Company to commence delivering VWAP Purchase Notices and Intraday
VWAP Purchase Notices under this Agreement, and the obligation of the Investor to accept VWAP Purchase Notices and Intraday VWAP Purchase
Notices timely delivered to the Investor by the Company under this Agreement, are subject to the initial satisfaction, at Commencement,
of each of the conditions set forth in this Section 7.2.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Accuracy of the Company&rsquo;s Representations and Warranties</U></B>. The representations and warranties of the Company
contained in this Agreement (a)&nbsp;that are not qualified by &ldquo;materiality&rdquo; or &ldquo;Material Adverse Effect&rdquo; shall
have been true and correct in all material respects when made and shall be true and correct in all material respects as of the Commencement
Date with the same force and effect as if made on such date, except to the extent such representations and warranties are as of another
date, in which case, such representations and warranties shall be true and correct in all material respects as of such other date and
(b)&nbsp;that are qualified by &ldquo;materiality&rdquo; or &ldquo;Material Adverse Effect&rdquo; shall have been true and correct when
made and shall be true and correct as of the Commencement Date with the same force and effect as if made on such date, except to the extent
such representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct
as of such other date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Performance of the Company</U></B>. The Company shall have performed, satisfied and complied in all material respects with
all covenants, agreements and conditions required by this Agreement and the Registration Rights Agreement to be performed, satisfied or
complied with by the Company at or prior to the Commencement. The Company shall deliver to the Investor on the Commencement Date the compliance
certificate substantially in the form attached hereto as <U>Exhibit C</U> (the &ldquo;<B><I>Compliance Certificate</I></B>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Initial Registration Statement Effective</U></B>. The Initial Registration Statement covering the resale by the Investor
of the Registrable Securities included therein required to be filed by the Company with the Commission pursuant to Section 2(a) of the
Registration Rights Agreement shall have been declared effective under the Securities Act by the Commission, and the Investor shall be
permitted to utilize the Prospectus therein to resell all of the Shares included in such Prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Material Notices</U></B>. None of the following events shall have occurred and be continuing: (a)&nbsp;receipt of any
request by the Commission or any other Governmental Entity for any additional information relating to the Initial Registration Statement,
the Prospectus contained therein or any Prospectus Supplement thereto, or for any amendment of or supplement to the Initial Registration
Statement, the Prospectus contained therein or any Prospectus Supplement thereto; (b)&nbsp;the issuance by the Commission or any other
Governmental Entity of any stop order suspending the effectiveness of the Initial Registration Statement or prohibiting or suspending
the use of the Prospectus contained therein or any Prospectus Supplement thereto, or of the suspension of qualification or exemption from
qualification of the Securities for offering or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding
for such purpose; (c)&nbsp;the objection of FINRA to the terms of the transactions contemplated by the Transaction Documents or (d)&nbsp;the
occurrence of any event or the existence of any condition or state of facts, which makes any statement of a material fact made in the
Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto untrue or which requires the making
of any additions to or changes to the statements then made in the Initial Registration Statement, the Prospectus contained therein or
any Prospectus Supplement thereto in order to state a material fact required by the Securities Act to be stated therein or necessary in
order to make the statements then made therein (in the case of the Prospectus or any Prospectus Supplement, in light of the circumstances
under which they were made) not misleading, or which requires an amendment to the Initial Registration Statement or a supplement to the
Prospectus contained therein or any Prospectus Supplement thereto to comply with the Securities Act, or any other applicable law. The
Company shall have no Knowledge of any event that could reasonably be expected to have the effect of causing the suspension of the effectiveness
of the Initial Registration Statement or the prohibition or suspension of the use of the Prospectus contained therein or any Prospectus
Supplement thereto in connection with the resale of the Registrable Securities by the Investor.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Other Commission Filings</U></B>. The Current Report shall have been filed with the Commission as required pursuant to Section
2.3. The final Prospectus included in the Initial Registration Statement shall have been filed with the Commission prior to Commencement
in accordance with Section 2.3 and the Registration Rights Agreement. All reports, schedules, registrations, forms, statements, information
and other documents required to have been filed by the Company with the Commission pursuant to the reporting requirements of the Exchange
Act, including all material required to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, prior to Commencement
shall have been filed with the Commission.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(vi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Suspension of Trading in or Notice of Delisting of Common Stock</U></B>. Trading in the Common Stock shall not have been
suspended by the Commission, the Trading Market or FINRA (except for any suspension of trading of limited duration agreed to by the Company,
which suspension shall be terminated prior to the Commencement Date), the Company shall not have received any final and non-appealable
notice that the listing or quotation of the Common Stock on the Trading Market shall be terminated on a date certain (unless, prior to
such date certain, the Common Stock is listed or quoted on any other Eligible Market), nor shall there have been imposed any suspension
of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect
to the Common Stock that is continuing, the Company shall not have received any notice from DTC to the effect that a suspension of, or
restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the
Common Stock is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified the Company
in writing that DTC has determined not to impose any such suspension or restriction).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(vii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Compliance with Laws</U></B>. The Company shall have complied with all applicable federal, state and local governmental laws,
rules, regulations and ordinances in connection with the execution, delivery and performance of this Agreement and the other Transaction
Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, including, without limitation,
the Company shall have obtained all permits and qualifications required by any applicable state securities or &ldquo;Blue Sky&rdquo; laws
for the offer and sale of the Securities by the Company to the Investor and the subsequent resale of the Registrable Securities by the
Investor (or shall have the availability of exemptions therefrom).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(viii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Injunction</U></B>. No statute, regulation or Order shall have been enacted, entered, promulgated, threatened or endorsed
by any court or Governmental Entity of competent jurisdiction which prohibits the consummation of or which would materially modify or
delay any of the transactions contemplated by the Transaction Documents.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(ix)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Proceedings or Litigation</U></B>. No action, suit or proceeding before any arbitrator or any court or Governmental Entity
shall have been commenced, and no inquiry or investigation by any Governmental Entity shall have been commenced, against the Company,
or any of the officers, directors or Affiliates of the Company, seeking to restrain, prevent or change the transactions contemplated by
the Transaction Documents, or seeking material damages in connection with such transactions.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(x)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Listing of Securities</U>.</B> All of the Securities that have been and may be issued pursuant to this Agreement shall have
been approved for listing or quotation on the Trading Market (or on an Eligible Market) as of the Commencement Date, subject only to notice
of issuance.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(xi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Material Adverse Effect</U>.</B> No condition, occurrence, state of facts or event constituting a Material Adverse Effect
shall have occurred and be continuing.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(xii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Bankruptcy Proceedings</U>. </B>No Person shall have commenced a proceeding against the Company pursuant to or within
the meaning of any Bankruptcy Law. The Company shall not have, pursuant to or within the meaning of any Bankruptcy Law, (a)&nbsp;commenced
a voluntary case, (b)&nbsp;consented to the entry of an Order for relief against it in an involuntary case, (c)&nbsp;consented to the
appointment of a Custodian of the Company or for all or substantially all of its property, or (d)&nbsp;made a general assignment for the
benefit of its creditors. A court of competent jurisdiction shall not have entered an Order or decree under any Bankruptcy Law that (I)&nbsp;is
for relief against the Company in an involuntary case, (II)&nbsp;appoints a Custodian of the Company or for all or substantially all of
its property, or (III)&nbsp;orders the liquidation of the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(xiii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>[Reserved].</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(xiv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Delivery of Commencement Irrevocable Transfer Agent Instructions and Notice of Effectiveness</U></B>. The Commencement Irrevocable
Transfer Agent Instructions shall have been executed by the Company and delivered to and acknowledged in writing, which may be by email
correspondence, by the Company&rsquo;s transfer agent, and the Notice of Effectiveness relating to the Initial Registration Statement
shall have been executed by the Company&rsquo;s outside counsel and delivered to the Company&rsquo;s transfer agent, in each case directing
such transfer agent to issue to the Investor or its designated Broker-Dealer all of the Shares included in the Initial Registration Statement
as DWAC Shares in accordance with this Agreement and the Registration Rights Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(xv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Reservation of Shares</U></B>. As of the Commencement Date, the Company shall have reserved out of its authorized and unissued
Common Stock, 15,000,000 shares of Common Stock solely for the purpose of issuing Shares pursuant to VWAP Purchases and Intraday VWAP
Purchases that may be effected by the Company, in its sole discretion, from and after the Commencement Date under this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(xvi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Opinions and Negative Assurances of Company Counsel</U></B>. On the Commencement Date, the Investor shall have received the
opinions and negative assurances from outside counsel to the Company, dated the Commencement Date, in the forms mutually agreed to by
the Company and the Investor prior to the date of this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(xvii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Initial Comfort Letter of Company Auditor</U>.&nbsp;</B>On the Commencement Date, the Investor shall have received from the
Accountant, or a successor independent registered public accounting firm for the Company (as applicable), a letter dated the Commencement
Date and addressed to the Investor, in substantially the form, scope and substance mutually agreed to by the Company and the Investor
at least one Trading Day prior to the date on which the Initial Registration Statement is first filed with the Commission, stating the
conclusions and findings of such firm with respect to the audited and unaudited financial statements and certain financial information
contained or incorporated by reference in the Registration Statement and the Prospectus (as supplemented by any Prospectus Supplement
filed with the Commission on or prior to the Commencement Date), and certain other matters customarily covered by auditor &ldquo;comfort
letters&rdquo; (the &ldquo;<B><I>Initial Comfort Letter</I></B>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(xviii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><B><U>CFO Certificate</U>.&nbsp;</B>On the Commencement Date, the Investor shall have received from the Company, a certificate
of the Chief Financial Officer dated the Commencement Date, in the form mutually agreed to by the Company and the Investor prior to the
date of this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(xix)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>FINRA No Objections</U></B>. Prior to the Commencement Date, FINRA&rsquo;s Corporate Financing Department shall have confirmed
in writing that it has determined not to raise any objection with respect to the fairness and reasonableness of the terms and arrangements
of the transactions contemplated by the Transaction Documents.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions Precedent to Purchases after Commencement Date</U></B>. The right of the Company to deliver VWAP Purchase Notices
and Intraday VWAP Purchase Notices under this Agreement after the Commencement Date, and the obligation of the Investor to accept VWAP
Purchase Notices and Intraday VWAP Purchase Notices timely delivered to the Investor by the Company under this Agreement after the Commencement
Date, are subject to the satisfaction of each of the conditions set forth in this Section 7.3, (X)&nbsp;with respect to a VWAP Purchase
Notice for a VWAP Purchase that is timely delivered by the Company to the Investor in accordance with this Agreement, as of the VWAP Purchase
Commencement Time of the applicable VWAP Purchase Period for such VWAP Purchase to be effected pursuant to such VWAP Purchase Notice and
(Y)&nbsp;with respect to an Intraday VWAP Purchase Notice for an Intraday VWAP Purchase that is timely delivered by the Company to the
Investor in accordance with this Agreement, as of the Intraday VWAP Purchase Commencement Time of the applicable Intraday VWAP Purchase
Period for such Intraday VWAP Purchase to be effected pursuant to such Intraday VWAP Purchase Notice (each such VWAP Purchase Commencement
Time (with respect to a VWAP Purchase Notice) and each such Intraday VWAP Purchase Commencement Time (with respect to an Intraday VWAP
Purchase Notice), at which time all such conditions must be satisfied, a &ldquo;<B><I>Purchase Condition Satisfaction Time</I></B>&rdquo;).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Satisfaction of Certain Prior Conditions</U></B>. Each of the conditions set forth in subsections (i), (ii), and (vii) through
(xiv) set forth in Section 7.2 shall be satisfied at the applicable Purchase Condition Satisfaction Time after the Commencement Date (with
the terms &ldquo;Commencement&rdquo; and &ldquo;Commencement Date&rdquo; in the conditions set forth in subsections (i) and (ii) of Section
7.2 replaced with &ldquo;applicable Purchase Condition Satisfaction Time&rdquo;); <U>provided</U>, <U>however</U>, that the Company shall
not be required to deliver the Compliance Certificate after the Commencement Date, except as provided in Section 6.17 and Section 7.3(x).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Initial Registration Statement Effective</U></B>. The Initial Registration Statement covering the resale by the Investor
of the Registrable Securities included therein filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights
Agreement, and any post-effective amendment thereto required to be filed by the Company with the Commission after the Commencement Date
and prior to the applicable Purchase Date pursuant to the Registration Rights Agreement, in each case shall have been declared effective
under the Securities Act by the Commission and shall remain effective for the applicable Registration Period, and the Investor shall be
permitted to utilize the Prospectus therein, and any Prospectus Supplement thereto, to resell (a)&nbsp;all of the Shares included in the
Initial Registration Statement, and any post-effective amendment thereto, that have been issued and sold to the Investor hereunder pursuant
to all VWAP Purchase Notices and Intraday VWAP Purchase Notices (as applicable) delivered by the Company to the Investor prior to such
applicable Purchase Date and (b)&nbsp;all of the Shares included in the Initial Registration Statement, and any post-effective amendment
thereto, that are issuable pursuant to the applicable VWAP Purchase Notice or Intraday VWAP Purchase Notice (as applicable) delivered
by the Company to the Investor with respect to a VWAP Purchase or an Intraday VWAP Purchase (as applicable) to be effected hereunder on
such applicable Purchase Date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Any Required New Registration Statement Effective</U></B>. Any New Registration Statement covering the resale by the Investor
of the Registrable Securities included therein, and any post-effective amendment thereto, required to be filed by the Company with the
Commission pursuant to the Registration Rights Agreement after the Commencement Date and prior to the applicable Purchase Date for such
VWAP Purchase or Intraday VWAP Purchase (as applicable), in each case shall have been declared effective under the Securities Act by the
Commission and shall remain effective for the applicable Registration Period, and the Investor shall be permitted to utilize the Prospectus
therein, and any Prospectus Supplement thereto, to resell (a)&nbsp;all of the Shares included in such New Registration Statement, and
any post-effective amendment thereto, that have been issued and sold to the Investor hereunder pursuant to all VWAP Purchase Notices and
Intraday VWAP Purchase Notices (as applicable) delivered by the Company to the Investor prior to such applicable Purchase Date and (b)&nbsp;all
of the Shares included in such new Registration Statement, and any post-effective amendment thereto, that are issuable pursuant to the
applicable VWAP Purchase Notice or Intraday VWAP Purchase Notice (as applicable) delivered by the Company to the Investor with respect
to a VWAP Purchase or an Intraday VWAP Purchase (as applicable) to be effected hereunder on such applicable Purchase Date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Delivery of Subsequent Irrevocable Transfer Agent Instructions and Notice of Effectiveness</U></B>. With respect to any post-effective
amendment to the Initial Registration Statement, any New Registration Statement or any post-effective amendment to any New Registration
Statement, in each case declared effective by the Commission after the Commencement Date, the Company shall have delivered or caused to
be delivered to the Company&rsquo;s transfer agent (a)&nbsp;irrevocable instructions in the form substantially similar to the Commencement
Irrevocable Transfer Agent Instructions executed by the Company and acknowledged in writing, which may be by email correspondence, by
its transfer agent and (b)&nbsp;the Notice of Effectiveness, in each case modified as necessary to refer to such Registration Statement
or post-effective amendment and the Registrable Securities included therein, to issue the Registrable Securities included therein as DWAC
Shares in accordance with the terms of this Agreement and the Registration Rights Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Material Notices</U></B>. None of the following events shall have occurred and be continuing: (a)&nbsp;receipt of any
request by the Commission or any other Governmental Entity for any additional information relating to the Initial Registration Statement
or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained
in any of the foregoing or any Prospectus Supplement thereto, or for any amendment of or supplement to the Initial Registration Statement
or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained
in any of the foregoing or any Prospectus Supplement thereto; (b)&nbsp;the issuance by the Commission or any other Governmental Entity
of any stop order suspending the effectiveness of the Initial Registration Statement or any post-effective amendment thereto, any New
Registration Statement or any post-effective amendment thereto, or prohibiting or suspending the use of the Prospectus contained in any
of the foregoing or any Prospectus Supplement thereto, or of the suspension of qualification or exemption from qualification of the Securities
for offering or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose; (c)&nbsp;the
objection of FINRA to the terms of the transactions contemplated by the Transaction Documents or (d)&nbsp;the occurrence of any event
or the existence of any condition or state of facts, which makes any statement of a material fact made in the Initial Registration Statement
or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained
in any of the foregoing or any Prospectus Supplement thereto untrue or which requires the making of any additions to or changes to the
statements then made in the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or
any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto in order
to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements then made therein
(in the case of the Prospectus or any Prospectus Supplement, in light of the circumstances under which they were made) not misleading,
or which requires an amendment to the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement
or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto to comply
with the Securities Act, or any other applicable law (other than the transactions contemplated by the applicable VWAP Purchase Notice
delivered by the Company to the Investor with respect to a VWAP Purchase, or the applicable Intraday VWAP Purchase Notice delivered by
the Company to the Investor with respect to an Intraday VWAP Purchase (as applicable) to be effected hereunder on such applicable Purchase
Date and the settlement thereof). The Company shall have no Knowledge of any event that could reasonably be expected to have the effect
of causing the suspension of the effectiveness of the Initial Registration Statement or any post-effective amendment thereto, any New
Registration Statement or any post-effective amendment thereto, or the prohibition or suspension of the use of the Prospectus contained
in any of the foregoing or any Prospectus Supplement thereto in connection with the resale of the Registrable Securities by the Investor.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(vi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Other Commission Filings</U></B>. The final Prospectus included in any post-effective amendment to the Initial Registration
Statement, and any Prospectus Supplement thereto, required to be filed by the Company with the Commission pursuant to Section 2.3 and
the Registration Rights Agreement after the Commencement Date and prior to the applicable Purchase Date for such VWAP Purchase or such
Intraday VWAP Purchase (as applicable), shall have been filed with the Commission in accordance with Section 2.3 and the Registration
Rights Agreement. The final Prospectus included in any New Registration Statement and in any post-effective amendment thereto, and any
Prospectus Supplement thereto, required to be filed by the Company with the Commission pursuant to Section 2.3 and the Registration Rights
Agreement after the Commencement Date and prior to the applicable Purchase Date for such VWAP Purchase or such Intraday VWAP Purchase
(as applicable), shall have been filed with the Commission in accordance with Section 2.3 and the Registration Rights Agreement. All reports,
schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the Commission
pursuant to the reporting requirements of the Exchange Act, including all material required to have been filed pursuant to Section 13(a)
or 15(d) of the Exchange Act, after the Commencement Date and prior to the applicable Purchase Date for such VWAP Purchase or such Intraday
VWAP Purchase (as applicable), shall have been filed with the Commission and, if any Registrable Securities are covered by a Registration
Statement on Form F-3, such filings shall have been made within the applicable time period prescribed for such filing under the Exchange
Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(vii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Suspension of Trading in or Notice of Delisting of Common Stock</U></B>. Trading in the Common Stock shall not have been
suspended by the Commission, the Trading Market (or Eligible Market, as applicable) or FINRA (except for any suspension of trading of
limited duration agreed to by the Company, which suspension shall be terminated prior to the applicable Purchase Date for such VWAP Purchase
or such Intraday VWAP Purchase (as applicable)), the Company shall not have received any final and non-appealable notice that the listing
or quotation of the Common Stock on the Trading Market (or Eligible Market, as applicable) shall be terminated on a date certain (unless,
prior to such date certain, the Common Stock is listed or quoted on any other Eligible Market), nor shall there have been imposed any
suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC
with respect to the Common Stock that is continuing, the Company shall not have received any notice from DTC to the effect that a suspension
of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect
to the Common Stock is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified the
Company in writing that DTC has determined not to impose any such suspension or restriction).</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(viii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Certain Limitations</U>.</B> The issuance and sale of the Shares issuable pursuant to the applicable VWAP Purchase Notice
or the applicable Intraday VWAP Purchase Notice (as applicable) shall not (a)&nbsp;exceed, in the case of a VWAP Purchase Notice, the
VWAP Purchase Maximum Amount applicable to such VWAP Purchase Notice or, in the case of an Intraday VWAP Purchase Notice, the Intraday
VWAP Purchase Maximum Amount applicable to such Intraday VWAP Purchase Notice or (b)&nbsp;cause the Investor to beneficially own (under
Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder) Common Stock in excess of the Beneficial Ownership Limitation.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(ix)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Shares Authorized and Delivered</U>.</B> All of the Shares issuable pursuant to the applicable VWAP Purchase Notice or Intraday
VWAP Purchase Notice (as applicable) shall have been duly authorized by all necessary corporate action of the Company. All Shares relating
to all prior VWAP Purchase Notices and all prior Intraday VWAP Purchase Notices required to have been received by the Investor as DWAC
Shares under this Agreement prior to the applicable Purchase Condition Satisfaction Time for the applicable VWAP Purchase or Intraday
VWAP Purchase (as applicable) shall have been delivered to the Investor as DWAC Shares in accordance with this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(x)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Bring-Down Negative Assurance Letters; Bring-Down Comfort Letters; Bring-Down CFO Certificates; and Compliance Certificates</U></B>.
The Investor shall have received (a)&nbsp;all Bring-Down Negative Assurance Letters from outside counsel to the Company, which the Company
was obligated to instruct its outside counsel to deliver to the Investor prior to the applicable Purchase Condition Satisfaction Time
for the applicable VWAP Purchase or Intraday VWAP Purchase (as applicable), (b)&nbsp;all Bring-Down Comfort Letters from the Accountant,
or a successor independent registered public accounting firm for the Company (as applicable), which the Company was obligated to instruct
such firm to deliver to the Investor prior to the applicable Purchase Condition Satisfaction Time for the applicable VWAP Purchase or
Intraday VWAP Purchase (as applicable), (c)&nbsp;all Bring-Down CFO Certificates from the Company, which the Company was obligated to
deliver to the Investor prior to the applicable Purchase Condition Satisfaction Time for the applicable VWAP Purchase or Intraday VWAP
Purchase (as applicable), and (d)&nbsp;all Compliance Certificates from the Company that the Company was obligated to deliver to the Investor
prior to the applicable Purchase Condition Satisfaction Time for the applicable VWAP Purchase or Intraday VWAP Purchase (as applicable),
in each case in accordance with Section 6.17.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(xi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Additional Investor Expense Reimbursement and Commitment Fee</U></B>. The Company shall have paid, by wire transfer of immediately
available funds to an account designated by the Investor all Additional Investor Expense Reimbursement payments that the Company was obligated
to pay to the Investor prior to the applicable Purchase Condition Satisfaction Time for the applicable VWAP Purchase or Intraday VWAP
Purchase (as applicable) in accordance with Section 10.1(i), each of which Additional Investor Expense Reimbursement payments shall be
fully earned and non-refundable as of the date such payments are made by the Company to the Investor, regardless of whether any additional
VWAP Purchases or Intraday VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement. Prior to the
applicable Purchase Condition Satisfaction Time for any VWAP Purchase or any Intraday VWAP Purchase occurring after the date on which
the first VWAP Purchase effected by the Company pursuant to this Agreement is fully settled in accordance with Section 3.3 (or, if the
Company effects an Intraday VWAP Purchase prior to the first VWAP Purchase effected pursuant to this Agreement, the date on which the
first Intraday VWAP Purchase effected by the Company pursuant to this Agreement is fully settled in accordance with Section 3.3), the
Commitment Fee shall have been paid to the Investor in the manner, at such time and otherwise pursuant to and in accordance with Section
10.1(ii). For the avoidance of doubt, the Commitment Fee shall be fully earned by the Investor as of the Closing Date and shall be non-refundable
as of the date such Commitment Fee is paid to the Investor as set forth in Section 10.1(ii), regardless of whether any additional VWAP
Purchases or Intraday VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Article
VIII</FONT><BR>
TERMINATION</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 8.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Automatic Termination</U></B>. Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically
on the earliest to occur of (i)&nbsp;the first day of the month next following the third anniversary of the Commencement Date, (ii)&nbsp;the
date on which the Investor shall have purchased from the Company, pursuant to all VWAP Purchases and Intraday VWAP Purchases that have
occurred and fully settled pursuant to this Agreement, an aggregate number of Shares for a total aggregate gross purchase price to the
Company equal to the Total Commitment, (iii)&nbsp;the date on which the Common Stock shall have failed to be listed or quoted on the Trading
Market or any Eligible Market for a period of one Trading Day, (iv)&nbsp;the 30<SUP>th</SUP> Trading Day next following the date on which,
pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against
the Company, in each case that is not discharged or dismissed prior to such 30<SUP>th</SUP> Trading Day, and (v)&nbsp;the date on which,
pursuant to or within the meaning of any Bankruptcy Law, a Custodian is appointed for the Company or for all or substantially all of its
property, or the Company makes a general assignment for the benefit of its creditors.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 8.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Termination</U></B>. Subject to Section 8.3, the Company may terminate this Agreement at any time after the Commencement
Date effective upon written notice to the Investor in accordance with Section 10.4; <U>provided</U>, <U>however</U>, that (i)&nbsp;the
Company shall have (A)&nbsp;paid the Commitment Fee required to be paid to the Investor, pursuant to Section 10.1(ii) of this Agreement
and (B)&nbsp;paid the Initial Investor Expense Reimbursement and all Additional Investor Expense Reimbursement payments required to be
paid to the Investor pursuant to Section 10.1(i) of this Agreement, in each case in this clause (i) prior to such termination, and (ii)&nbsp;prior
to issuing any press release, or making any public statement or announcement, with respect to such termination, the Company shall consult
with the Investor and its counsel on the form and substance of such press release or other disclosure. Subject to Section 8.3, this Agreement
may be terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written consent unless
otherwise provided in such written consent. Subject to Section 8.3, the Investor shall have the right to terminate this Agreement effective
upon ten Trading Days&rsquo; prior written notice to the Company in accordance with Section 10.4, if: (a)&nbsp;any condition, occurrence,
state of facts or event constituting a Material Adverse Effect has occurred and is continuing; (b)&nbsp;a Fundamental Transaction shall
have occurred; (c)&nbsp;the Initial Registration Statement and any New Registration Statement is not filed by the applicable Filing Deadline
therefor or declared effective by the Commission by the applicable Effectiveness Deadline (as defined in the Registration Rights Agreement)
therefor, or the Company is otherwise in breach or default in any material respect under any of the other provisions of the Registration
Rights Agreement, and, if such failure, breach or default is capable of being cured, such failure, breach or default is not cured within
ten (10) Trading Days after notice of such failure, breach or default is delivered to the Company pursuant to Section 10.4; (d) while
a Registration Statement, or any post-effective amendment thereto, is required to be maintained effective pursuant to the terms of the
Registration Rights Agreement and the Investor holds any Registrable Securities, the effectiveness of such Registration Statement, or
any post-effective amendment thereto, lapses for any reason (including, without limitation, the issuance of a stop order by the Commission)
or such Registration Statement or any post-effective amendment thereto, the Prospectus contained therein or any Prospectus Supplement
thereto otherwise becomes unavailable to the Investor for the resale of all of the Registrable Securities included therein in accordance
with the terms of the Registration Rights Agreement, and such lapse or unavailability continues for a period of 45 consecutive Trading
Days or for more than an aggregate of 90 Trading Days in any 365-day period, other than due to acts of the Investor; (e)&nbsp;trading
in the Common Stock on the Trading Market (or if the Common Stock is then listed on an Eligible Market, trading in the Common Stock on
such Eligible Market) shall have been suspended and such suspension continues for a period of five consecutive Trading Days; or (f)&nbsp;the
Company is in material breach or default of this Agreement, and, if such breach or default is capable of being cured, such breach or default
is not cured within ten Trading Days after notice of such breach or default is delivered to the Company pursuant to Section 10.4. Unless
notification thereof is required elsewhere in this Agreement (in which case such notification shall be provided in accordance with such
other provision), the Company shall promptly (but in no event later than 24 hours) notify the Investor (and, if required under applicable
law, including, without limitation, Regulation FD promulgated by the Commission, or under the applicable rules and regulations of the
Trading Market (or Eligible Market, as applicable), the Company shall publicly disclose such information in accordance with Regulation
FD and the applicable rules and regulations of the Trading Market (or Eligible Market, as applicable)) upon becoming aware of any of the
events set forth in the immediately preceding sentence.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; 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"><B>Section 8.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Termination</U></B>. In the event of termination by the Company or the Investor (other than by mutual termination)
pursuant to Section 8.2, written notice thereof shall forthwith be given to the other party as provided in Section 10.4 and the transactions
contemplated by this Agreement shall be terminated without further action by either party. If this Agreement is terminated as provided
in Section 8.1 or Section 8.2, this Agreement shall become void and of no further force and effect, except that (i)&nbsp;the provisions
of Article V (Representations, Warranties and Covenants of the Company), Article IX (Indemnification), Article X (Miscellaneous) and this
Article VIII (Termination) shall remain in full force and effect indefinitely notwithstanding such termination, and, (ii)&nbsp;so long
as the Investor owns any Securities, the covenants and agreements of the Company contained in Article VI (Additional Covenants) shall
remain in full force and notwithstanding such termination for a period of six months following such termination. Notwithstanding anything
in this Agreement to the contrary, no termination of this Agreement by any party shall (i)&nbsp;become effective prior to the settlement
date related to any pending VWAP Purchase or any pending Intraday VWAP Purchase (as applicable) that has not been fully settled in accordance
with the terms and conditions of this Agreement (it being hereby acknowledged and agreed that no termination of this Agreement shall limit,
alter, modify, change or otherwise affect any of the Company&rsquo;s or the Investor&rsquo;s rights or obligations under the Transaction
Documents with respect to any pending VWAP Purchase and any pending Intraday VWAP Purchase (as applicable), and that the parties shall
fully perform their respective obligations with respect to any such pending VWAP Purchase and any pending Intraday VWAP Purchase under
the Transaction Documents), (ii)&nbsp;limit, alter, modify, change or otherwise affect the Company&rsquo;s or the Investor&rsquo;s rights
or obligations under the Registration Rights Agreement, all of which shall survive any such termination, (iii)&nbsp;affect the Commitment
Fee payable to the Investor pursuant to Section 10.1(ii), it being hereby acknowledged and agreed that the entire amount of the Commitment
Fee shall be fully earned by the Investor as of the Closing Date and shall be nonrefundable as of the date such Commitment Fee is paid
to the Investor, in the manner, at such time and otherwise pursuant to and in accordance with Section 10.1(ii), regardless of whether
any additional VWAP Purchases or Intraday VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement,
(iv)&nbsp;affect the Initial Investor Expense Reimbursement payable or paid to the Investor, all of which Initial Investor Expense Reimbursement
shall be fully earned by the Investor and non-refundable when paid on the Closing Date pursuant to Section 10.1(i), regardless of whether
the Commencement shall have occurred, whether any VWAP Purchases or Intraday VWAP Purchases are made or settled hereunder or any subsequent
termination of this Agreement, and (v)&nbsp;affect any Additional Investor Expense Reimbursement payments payable or paid to the Investor,
all of which Additional Investor Expense Reimbursement payments shall be fully earned by the Investor and non-refundable when paid by
the Company to the Investor pursuant to Section 10.1(i), regardless of whether any additional VWAP Purchases or Intraday VWAP Purchases
are made or settled hereunder or any subsequent termination of this Agreement. Nothing in this Section 8.3 shall be deemed to release
the Company or the Investor from any liability for any breach or default under this Agreement or any of the other Transaction Documents
to which it is a party, or to impair the rights of the Company and the Investor to compel specific performance by the other party of its
obligations under the Transaction Documents to which it is a party.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
IX</FONT><BR>
INDEMNIFICATION</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification of Investor</U></B>. In consideration of the Investor&rsquo;s execution and delivery of this Agreement and acquiring
the Securities hereunder and in addition to all of the Company&rsquo;s other obligations under the Transaction Documents to which it is
a party, subject to the provisions of this Section 9.1, the Company shall indemnify and hold harmless the Investor, each of its directors,
officers, stockholders, members, partners, employees, representatives, agents and advisors (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title), each Person, if any, who controls
the Investor (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act), and the respective directors,
officers, stockholders, members, partners, employees, representatives, agents and advisors (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling Persons
(each, an &ldquo;<B><I>Investor Party</I></B>&rdquo;), from and against all losses, liabilities, obligations, claims, contingencies, damages,
costs and expenses (including all judgments, amounts paid in settlement, court costs, reasonable and documented attorneys&rsquo; fees
and costs of defense and investigation) (collectively, &ldquo;<B><I>Damages</I></B>&rdquo;) that any Investor Party may suffer or incur
as a result of or relating to (a)&nbsp;any breach of any of the representations, warranties, covenants or agreements made by the Company
in this Agreement, the Registration Rights Agreement or in the other Transaction Documents to which it is a party or (b)&nbsp;any action,
suit, claim or proceeding (including for these purposes a derivative action brought on behalf of the Company) instituted against such
Investor Party arising out of or resulting from the execution, delivery, performance or enforcement of the Transaction Documents, other
than claims for indemnification within the scope of Section 6 of the Registration Rights Agreement; <U>provided</U>, <U>however</U>, that
(x)&nbsp;the foregoing indemnity shall not apply to any Damages to the extent, but only to the extent, that such Damages resulted directly
and primarily from a breach of any of the Investor&rsquo;s representations, warranties, covenants or agreements contained in this Agreement
or the Registration Rights Agreement, and (y)&nbsp;the Company shall not be liable under subsection (b) of this Section 9.1 to the extent,
but only to the extent, that a court of competent jurisdiction shall have determined by a final judgment (from which no further appeals
are available) that such Damages resulted directly and primarily from any acts or failures to act, undertaken or omitted to be taken by
such Investor Party through its fraud, bad faith, gross negligence, or willful or reckless misconduct.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Company shall reimburse any Investor Party promptly
upon demand (with accompanying presentation of sufficiently detailed documentary evidence) for all reasonable and documented legal and
other costs and expenses incurred by such Investor Party in connection with (i)&nbsp;any action, suit, claim or proceeding, whether at
law or in equity, to enforce compliance by the Company with any provision of the Transaction Documents or (ii)&nbsp;any other any action,
suit, claim or proceeding, whether at law or in equity, with respect to which it is entitled to indemnification under this Section 9.1;
<U>provided</U>, that the Investor shall promptly reimburse the Company for all such legal and other costs and expenses to the extent
a court of competent jurisdiction determines that any Investor Party was not entitled to such reimbursement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">An Investor Party&rsquo;s
right to indemnification or other remedies based upon the representations, warranties, covenants and agreements of the Company set forth
in the Transaction Documents shall not in any way be affected by any investigation or knowledge of such Investor Party. Such representations,
warranties, covenants and agreements shall not be affected or deemed waived by reason of the fact that an Investor Party knew or should
have known that any representation or warranty might be inaccurate or that the Company failed to comply with any agreement or covenant.
Any investigation by such Investor Party shall be for its own protection only and shall not affect or impair any right or remedy hereunder.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">To the extent that the foregoing undertakings by the
Company set forth in this Section 9.1 may be unenforceable for any reason, the Company shall make the maximum contribution to the payment
and satisfaction of each of the Damages which is permissible under applicable law.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification Procedures</U></B>. Promptly after an Investor Party receives notice of a claim or the commencement of an action
for which the Investor Party intends to seek indemnification under Section 9.1, the Investor Party will notify the Company in writing
of the claim or commencement of the action, suit or proceeding; <U>provided</U>, <U>however</U>, that failure to notify the Company will
not relieve the Company from liability under Section 9.1, except to the extent it has been materially prejudiced by the failure to give
notice. The Company will be entitled to participate in the defense of any claim, action, suit or proceeding as to which indemnification
is being sought, and if the Company acknowledges in writing the obligation to indemnify the Investor Party against whom the claim or action
is brought, the Company may (but will not be required to) assume the defense against the claim, action, suit or proceeding with counsel
satisfactory to it. After the Company notifies the Investor Party that the Company wishes to assume the defense of a claim, action, suit
or proceeding, the Company will not be liable for any further legal or other expenses incurred by the Investor Party in connection with
the defense against the claim, action, suit or proceeding except that if, in the opinion of counsel to the Investor Party, it would be
inappropriate under the applicable rules of professional responsibility for the same counsel to represent both the Company and such Investor
Party. In such event, the Company will pay the reasonable and documented fees and expenses of no more than one separate counsel for all
such Investor Parties promptly as such fees and expenses are incurred. Each Investor Party, as a condition to receiving indemnification
as provided in Section 9.1, will cooperate in all reasonable respects with the Company in the defense of any action or claim as to which
indemnification is sought. The Company will not be liable for any settlement of any action effected without its prior written consent,
which consent shall not be unreasonably withheld, delayed or conditioned. The Company will not, without the prior written consent of the
Investor Party, which consent shall not be unreasonably withheld, delayed or conditioned, effect any settlement of a pending or threatened
action with respect to which an Investor Party is, or is informed that it may be, made a party and for which it would be entitled to indemnification,
unless the settlement includes an unconditional release of the Investor Party from all liability and claims which are the subject matter
of the pending or threatened action.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The remedies provided for in this Article IX are not
exclusive and shall not limit any rights or remedies which may otherwise be available to any Investor Party at law or in equity.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
X</FONT><BR>
MISCELLANEOUS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">Section 10.1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Fees and Expenses; Commitment Fee; Commencement Irrevocable Transfer Agent Instructions.</U></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Certain Fees and Expenses</U></B>. Each party shall bear its own fees and expenses related to the transactions contemplated
by this Agreement; <U>provided</U>, <U>however</U>, that the Company, (1)&nbsp;on or prior to the Closing Date, shall have paid to the
Investor, by wire transfer of immediately available funds to an account designated by the Investor prior to the date of this Agreement,
an amount of up to $150,000 as reimbursement for the reasonable and documented fees and disbursements of the Investor&rsquo;s legal counsel
incurred by the Investor prior to the Closing (the &ldquo;<B><I>Initial Investor Expense Reimbursement</I></B>&rdquo;), and (2)&nbsp;within
ten Business Days after each Representation Date (provided a Future Purchase Suspension is not then in effect), shall have paid to the
Investor, by wire transfer of immediately available funds to an account designated by the Investor, an additional $7,500 per fiscal quarter
as reimbursement for the reasonable fees and disbursements of the Investor&rsquo;s legal counsel incurred by the Investor in connection
with the Investor&rsquo;s ongoing due diligence and review of deliverables subject to Section 6.17 (the &ldquo;<B><I>Additional Investor
Expense Reimbursement</I></B>&rdquo;), in each case in connection with the transactions contemplated by this Agreement and the Registration
Rights Agreement. For the avoidance of doubt, (1)&nbsp;the Initial Investor Expense Reimbursement shall be fully earned by the Investor
and shall be non-refundable as of the Closing Date, regardless of whether the Commencement shall have occurred, any VWAP Purchases or
Intraday VWAP Purchases are effected by the Company or settled hereunder or any subsequent termination of this Agreement and (2)&nbsp;each
Additional Investor Expense Reimbursement payment shall be fully earned by the Investor and shall be nonrefundable when paid in accordance
with this Section 10.1(i), regardless of whether any additional VWAP Purchases or Intraday VWAP Purchases are effected by the Company
or settled hereunder or any subsequent termination of this Agreement. The Company shall pay all U.S. federal, state and local stamp and
other similar transfer and other taxes and duties levied in connection with issuance of the Securities pursuant hereto.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Payment of the Commitment Fee</U></B>. In consideration for the Investor&rsquo;s execution and delivery of this Agreement,
the Company shall pay to the Investor the Commitment Fee in the manner, at such time and otherwise as set forth in this Section 10.1(ii).
The Commitment Fee shall be paid upon the earlier of (i) 90 days after the Closing Date, by the Company by way of wire transfer to the
Investor or (ii) as set forth in Section 3.3, on the settlement date of the first VWAP Purchase effected by the Company pursuant to this
Agreement, or, if the Company effects an Intraday VWAP Purchase prior to the first VWAP Purchase effected pursuant to this Agreement,
on the settlement date of the first Intraday VWAP Purchase effected by the Company pursuant to this Agreement, the Investor shall withhold
an amount in cash equal to the Commitment Fee from the total aggregate VWAP Purchase Price payable by the Investor to the Company in connection
with such first VWAP Purchase effected by the Company pursuant to this Agreement, or, if the Company effects an Intraday VWAP Purchase
prior to the first VWAP Purchase effected pursuant to this Agreement, the Investor shall withhold an amount in cash equal to the Commitment
Fee from the total aggregate Intraday VWAP Purchase Price payable by the Investor to the Company in connection with such first Intraday
VWAP Purchase effected by the Company pursuant to this Agreement, without duplication, as payment by the Company to the Investor of the
Commitment Fee pursuant to this Section 10.1(ii), and upon such withholding by the Investor of such cash amount equal to the Commitment
Fee from such total aggregate VWAP Purchase Price or from such total aggregate Intraday VWAP Purchase Price, as applicable, payable by
the Investor to the Company pursuant to this Agreement, the Investor shall not withhold any additional cash amounts from the total aggregate
purchase prices payable by the Investor to the Company in connection with any VWAP Purchase or Intraday VWAP Purchase effected pursuant
to this Agreement. For the avoidance of doubt, (x) the Commitment Fee shall be fully earned by the Investor as of the Closing Date and
shall be non-refundable when withheld by the Investor (or when paid by the Company to the Investor, as applicable) in accordance with
Section 3.3 and this Section 10.1(ii), regardless of whether any additional VWAP Purchases or Intraday VWAP Purchases are effected by
the Company or settled hereunder or any subsequent termination of this Agreement, and (y) in the event that the Commencement shall not
occur under this Agreement or, if the Commencement shall occur, in the event that no VWAP Purchase or Intraday VWAP Purchase is effected
pursuant to this Agreement prior to the termination of this Agreement pursuant to Article VIII, then, in either case, upon the termination
of this Agreement pursuant to Article VIII, the Company shall pay the Commitment Fee to the Investor, by wire transfer of immediately
available funds to an account designated by the Investor, not later than 5:00 p.m., New York City time, on the third (3<SUP>rd</SUP>)
the Trading Day immediately following the date of termination of this Agreement pursuant to Article VIII.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Irrevocable Transfer Agent Instructions; Notice of Effectiveness</U></B>. On the Effective Date of the Initial Registration
Statement and prior to Commencement, the Company shall deliver or cause to be delivered to its transfer agent (and thereafter, shall deliver
or cause to be delivered to any subsequent transfer agent of the Company), irrevocable instructions executed by the Company and acknowledged
in writing, which may be by email correspondence, by the Company&rsquo;s transfer agent (the &ldquo;<B><I>Commencement Irrevocable Transfer
Agent Instructions</I></B>&rdquo;), together with a written notification from the Company&rsquo;s outside counsel advising the transfer
agent the Initial Registration Statement has been declared effective by the Commission (the &ldquo;<B><I>Notice of Effectiveness</I></B>&rdquo;),
directing the Company&rsquo;s transfer agent to issue to the Investor or its designee the Shares included in the Initial Registration
Statement as DWAC Shares in accordance with this Agreement and the Registration Rights Agreement. With respect to any post-effective amendment
to the Initial Registration Statement, any New Registration Statement or any post-effective amendment to any New Registration Statement,
in each case declared effective by the Commission after the Commencement Date, the Company shall deliver or cause to be delivered to its
transfer agent (and thereafter, shall deliver or cause to be delivered to any subsequent transfer agent of the Company) (i)&nbsp;irrevocable
instructions in the form substantially similar to the Commencement Irrevocable Transfer Agent Instructions executed by the Company and
acknowledged in writing by the Company&rsquo;s transfer agent and (ii)&nbsp;the Notice of Effectiveness, in each case modified as necessary
to refer to such Registration Statement or post-effective amendment and the Registrable Securities included therein, to issue the Registrable
Securities included therein as DWAC Shares in accordance with the terms of this Agreement and the Registration Rights Agreement. For the
avoidance of doubt, all Shares to be issued and delivered from and after Commencement to or for the benefit of the Investor pursuant to
this Agreement shall be issued and delivered to the Investor or its designee only as DWAC Shares. The Company represents and warrants
to the Investor that, while this Agreement is effective, no instruction other than those referred to in this Section 10.1(iii) will be
given by the Company to its transfer agent, or any successor transfer agent of the Company, with respect to the Shares from and after
Commencement, and the Shares covered by the Initial Registration Statement or any post-effective amendment thereof, or any New Registration
Statement or post-effective amendment thereof, as applicable, shall otherwise be freely transferable on the books and records of the Company
and no stop transfer instructions shall be maintained against the transfer thereof. The Company agrees that if the Company fails to fully
comply with the provisions of this Section 10.1(iii) within three (3) Trading Days after the date on which the Investor has provided any
deliverables that the Investor is required to provide to the Company or its transfer agent, the Company shall, at the Investor&rsquo;s
written instruction, purchase from the Investor all shares of Common Stock acquired by the Investor pursuant to this Agreement that contain
any restrictive legend or that have any stop transfer orders maintained that prohibit or impede the transfer thereof in any respect, at
the greater of (i) the purchase price paid for such shares of Common Stock (as applicable) and (ii) the Closing Sale Price of the Common
Stock on the date of the Investor&rsquo;s written instruction.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in"></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; font-weight: bold; text-indent: 0.5in">Section 10.2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Specific Enforcement, Consent to Jurisdiction, Waiver of Jury Trial.</U></P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Investor acknowledge and agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
either party shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement by the
other party and to enforce specifically the terms and provisions hereof (without the necessity of showing economic loss and without any
bond or other security being required), this being in addition to any other remedy to which either party may be entitled by law or equity.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Company and the Investor (a)&nbsp;hereby irrevocably submits to the jurisdiction of the U.S. District Court and other
courts of the United States sitting in The City of New York, Borough of Manhattan, in the State of New York for the purposes of any suit,
action or proceeding arising out of or relating to this Agreement, and (b)&nbsp;hereby waives, and agrees not to assert in any such suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding
is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper. Each of the Company and the Investor
consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing in this Section 10.2 shall affect or limit any right to serve process in any other manner permitted by law.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>EACH OF THE COMPANY AND THE INVESTOR HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR DISPUTES RELATING HERETO. EACH OF THE COMPANY AND THE INVESTOR (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.2.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company hereby irrevocably appoints Watson Farley &amp; Williams LLP, located at 120 West 45th Street, 20th Floor, New York,
New York 10019, as its agent for service of process in any suit, action or proceeding described in this Section 10.2 and agrees that service
of process in any suit, action or proceeding may be made upon it at the office of such agent. The Company waives, to the fullest extent
permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto. The Company represents and warrants
that such agent has agreed to act as the Company&rsquo;s agent for service of process, and the Company agrees to take any and all action,
including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent that the Company has or hereafter may acquire any immunity (sovereign or otherwise) from jurisdiction of any court
of (i)&nbsp;the Republic of the Marshall Islands, or any political subdivision thereof, (ii)&nbsp;the United States or the State of New
York, (iii)&nbsp;any jurisdiction in which it owns or leases property or assets or from any legal process (whether through service of
notice, attachment prior to judgment, attachment in aid of execution, execution, set-off or otherwise) with respect to themselves or their
respective property and assets or this Agreement, the Company hereby irrevocably waives such immunity in respect of its obligations under
this Agreement to the fullest extent permitted by applicable law.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U></B>. The Transaction Documents set forth the entire agreement and understanding of the parties with respect
to the subject matter hereof and supersede all prior and contemporaneous agreements, negotiations and understandings between the parties,
both oral and written, with respect to such matters. There are no promises, undertakings, representations or warranties by either party
relative to the subject matter hereof not expressly set forth in the Transaction Documents. The Disclosure Schedule and all exhibits to
this Agreement are hereby incorporated by reference in, and made a part of, this Agreement as if set forth in full herein.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U></B>. Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall
be in writing and shall be effective (a)&nbsp;upon hand delivery or electronic mail delivery at the relevant address designated below
(if delivered on a business day during normal business hours where such notice is to be received), or the first business day following
such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b)&nbsp;on
the second business day following the date of mailing by express courier service, fully prepaid, addressed to the physical address set
forth below, or upon actual receipt of such mailing, whichever shall first occur. The address for such communications shall be:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">If to the Company:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">Rubico Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">20 Iouliou Kaisara Str,<BR>
19002 Paiania, Athens, Greece</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">Telephone Number: +30 210 812 8107</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">Email: npapastratis@rubicoinc.com</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">Attention: Nikolaos Papastratis</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">With a copy (which shall not constitute notice) to:</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 0pt 1.5in">Watson Farley &amp; Williams LLP</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">120 West 45th Street, 20th Floor</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">New York, New York 10036</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">Telephone Number: (212) 922-2280</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">Email: wvogel@wfw.com</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">Attention: Will Vogel</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">If to the Investor:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">B. Riley Principal Capital II, LLC</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">11100 Santa Monica Blvd., Suite 800</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">Los Angeles, CA 90025<BR>
Telephone Number: (310) 966-1444</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">Email: legal@brileyfin.com</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">Attention: General Counsel</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">With a copy (which shall not constitute notice) to:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">Duane Morris LLP</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">22 Vanderbilt<BR>
335 Madison Avenue, 23rd Floor</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">New York, New York 10017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">Telephone Number: (973) 424-2020</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">Email: dmcolucci@duanemorris.com</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">Attention: Dean M. Colucci, Esq.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Either party hereto may from time to time change its address for notices
by giving at least five days&rsquo; advance written notice of such changed address to the other party hereto.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waivers</U></B>. No provision of this Agreement may be waived by the parties from and after the date that is one Trading Day
immediately preceding the date on which the Initial Registration Statement is initially filed with the Commission. Subject to the immediately
preceding sentence, no provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement
of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercises thereof or of any other
right, power or privilege.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments</U></B>. No provision of this Agreement may be amended by the parties from and after the date that is one Trading
Day immediately preceding the date on which the Initial Registration Statement is initially filed with the Commission; <U>provided</U>,
<U>however</U>, that an amendment or waiver will be permitted under this Agreement if such amendment or waiver would not preclude the
sale of the Shares being considered a valid private placement that had been completed prior to the date on which the Initial Registration
Statement is initially filed with the Commission. Subject to the immediately preceding sentence, no provision of this Agreement may be
amended other than by a written instrument signed by both parties hereto.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U></B>. The article, section and subsection headings in this Agreement are for convenience only and shall not constitute
a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof. Unless the context
clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms
thereof. The terms &ldquo;including,&rdquo; &ldquo;includes,&rdquo; &ldquo;include&rdquo; and words of like import shall be construed
broadly as if followed by the words &ldquo;without limitation.&rdquo; The terms &ldquo;herein,&rdquo; &ldquo;hereunder,&rdquo; &ldquo;hereof&rdquo;
and words of like import refer to this entire Agreement instead of just the provision in which they are found.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Construction</U></B>. The parties agree that each of them and their respective counsel has reviewed and had an opportunity to
revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation of the Transaction Documents. In addition, each and every reference
to share prices (other than the Threshold Price) and number of shares of Common Stock in any Transaction Document shall, in all cases,
be subject to adjustment for any stock splits, stock combinations, stock dividends, recapitalizations, reorganizations and other similar
transactions that occur on or after the date of this Agreement. Any reference in this Agreement to &ldquo;Dollars&rdquo; or &ldquo;$&rdquo;
shall mean the lawful currency of the United States of America. Any references to &ldquo;Section&rdquo; or &ldquo;Article&rdquo; in this
Agreement shall, unless otherwise expressly stated herein, refer to the applicable Section or Article of this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Binding Effect</U></B>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors. Neither the Company nor the Investor may assign this Agreement or any of their respective rights or obligations hereunder
to any Person.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.10. <U>No Third Party Beneficiaries</U></B>.
Except as expressly provided in Article IX, this Agreement is intended only for the benefit of the parties hereto and their respective
successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.11. <U>Governing Law</U></B>. This Agreement
shall be governed by and construed in accordance with the internal procedural and substantive laws of the State of New York, without giving
effect to any laws or rules of such state that would cause the application of the laws of any other jurisdiction.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.12. <U>Survival</U></B>. The representations,
warranties, covenants and agreements of the Company and the Investor contained in this Agreement shall survive the execution and delivery
hereof until the termination of this Agreement; <U>provided</U>, <U>however</U>, that (i)&nbsp;the provisions of Article V (Representations,
Warranties and Covenants of the Company), Article VIII (Termination), Article IX (Indemnification) and this Article X (Miscellaneous)
shall remain in full force and effect indefinitely notwithstanding such termination, and, (ii)&nbsp;so long as the Investor owns any Securities,
the covenants and agreements of the Company and the Investor contained in Article VI (Additional Covenants), shall remain in full force
and effect notwithstanding such termination for a period of six months following such termination.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.13. <U>Counterparts</U></B>. This Agreement
may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party; <U>provided</U> that a facsimile signature or signature
delivered by e-mail in a &ldquo;.pdf&rdquo; format data file, including any electronic signature complying with the U.S. federal ESIGN
Act of 2000, e.g., www.docusign.com, www.echosign.adobe.com, etc., shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original signature.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.14. <U>Publicity</U></B>. The Company
shall afford the Investor and its counsel with a reasonable opportunity to review and comment upon, shall consult with the Investor and
its counsel on the form and substance of, and shall give due consideration to all such comments from the Investor or its counsel on, any
press release, Commission filing or any other public disclosure made by or on behalf of the Company relating to the Investor, its purchases
hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby, including any press release disclosing
the execution of this Agreement and the Registration Rights Agreement by the Company, prior to the issuance, filing or public disclosure
thereof. For the avoidance of doubt, the Company shall not be required to submit for review any such disclosure (i)&nbsp;contained in
periodic reports filed with the Commission under the Exchange Act if it shall have previously provided substantially the same disclosure
to the Investor or its counsel for review in connection with a previous filing or (ii)&nbsp;any Prospectus Supplement if it contains disclosure
that does not reference the Investor, its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated
thereby.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.15. <U>Severability</U></B>. The provisions
of this Agreement are severable and, in the event that any court of competent jurisdiction shall determine that any one or more of the
provisions or part of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement,
and this Agreement shall be reformed and construed as if such invalid or illegal or unenforceable provision, or part of such provision,
had never been contained herein, so that such provisions would be valid, legal and enforceable to the maximum extent possible.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.16. <U>Further Assurances</U></B>. From
and after the Closing Date, upon the request of the Investor or the Company, each of the Company and the Investor shall execute and deliver
such instrument, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully
the intent and purposes of this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">[<I>Signature Pages Follow</I>]</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></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: center"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the parties hereto have
caused this Agreement to be duly executed by their respective authorized officer as of the date first above written.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD COLSPAN="2"><B><U>THE COMPANY:</U></B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><B>&nbsp;</B></TD>
  <TD STYLE="width: 5%"><B>&nbsp;</B></TD>
  <TD STYLE="width: 45%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD COLSPAN="2"><B>RUBICO INC.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/Nikolaos Papastratis</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>Nikolaos Papastratis</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>CFO</TD></TR>
</TABLE>

<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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD COLSPAN="2"><B><U>THE INVESTOR:</U></B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><B>&nbsp;</B></TD>
  <TD STYLE="width: 5%"><B>&nbsp;</B></TD>
  <TD STYLE="width: 45%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD COLSPAN="2"><B>B. RILEY PRINCIPAL CAPITAL II, LLC</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Jimmy Baker</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>Jimmy Baker</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>co-CEO</TD></TR>
</TABLE>

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<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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">ANNEX I TO THE<BR>
COMMON SHARES PURCHASE AGREEMENT<BR>
<BR>
</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Accountant</I></B>&rdquo; shall have the
meaning assigned to such term in Section 5.6(d).</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">&ldquo;<B><I>Additional Investor Expense Reimbursement</I></B>&rdquo;
shall have the meaning assigned to such term in Section 10.1(i).</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">&ldquo;<B><I>Affiliate</I></B>&rdquo; means any Person
that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with a Person,
as such terms are used in and construed under Rule 144.</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">&ldquo;<B><I>Agreement</I></B>&rdquo; shall have the
meaning assigned to such term in the preamble of this Agreement.</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">&ldquo;<B><I>Allowable Grace Period</I></B>&rdquo;
shall have the meaning assigned to such term in the Registration Rights Agreement.</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">&ldquo;<B><I>Average Price</I></B>&rdquo; means a price
per Share (rounded to the nearest tenth of a cent) equal to the quotient obtained by dividing (i)&nbsp;the aggregate gross purchase price
paid by the Investor for all Shares purchased pursuant to this Agreement, by (ii)&nbsp;the aggregate number of Shares issued pursuant
to this Agreement.</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">&ldquo;<B><I>Bankruptcy Law</I></B>&rdquo; means Title
11, U.S. Code, or any similar U.S. federal or state bankruptcy Law or any Law for the relief of debtors.</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">&ldquo;<B><I>Beneficial Ownership Limitation</I></B>&rdquo;
shall have the meaning assigned to such term in Section 3.4.</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">&ldquo;<B><I>Bloomberg</I></B>&rdquo; means Bloomberg,
L.P.</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">&ldquo;<B><I>Bring-Down CFO Certificate</I></B>&rdquo;
shall have the meaning assigned to such term in Section 6.17.</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">&ldquo;<B><I>Bring-Down Comfort Letter</I></B>&rdquo;
shall have the meaning assigned to such term in Section 6.17.</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">&ldquo;<B><I>Bring-Down Negative Assurance Letter</I></B>&rdquo;
shall have the meaning assigned to such term in Section 6.17.</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">&ldquo;<B><I>Broker-Dealer</I></B>&rdquo; shall have
the meaning assigned to such term in Section 6.13.</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">&ldquo;<B><I>BRS</I></B>&rdquo; shall have the meaning
assigned to such term in the Recitals.</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">&ldquo;<B><I>Bylaws</I></B>&rdquo; shall have the meaning
assigned to such term in Section 5.3.</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">&ldquo;<B><I>Charter</I></B>&rdquo; shall have the
meaning assigned to such term in Section 5.3.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Closing</I></B>&rdquo; shall have the
meaning assigned to such term in Section 2.2.</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">&ldquo;<B><I>Closing Date</I></B>&rdquo; means the
date of this Agreement.</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">&ldquo;<B><I>Closing Sale Price</I></B>&rdquo; means,
for the Common Stock as of any date, the last closing trade price for the Common Stock on the Trading Market (or, if the Common Stock
is then listed on an Eligible Market, on such Eligible Market), as reported by Bloomberg, or, if the Trading Market (or such Eligible
Market, as applicable) begins to operate on an extended hours basis and does not designate the closing trade price for the Common Stock,
then the last trade price for the Common Stock prior to 4:00 p.m., New York City time, as reported by Bloomberg. All such determinations
shall be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions
during such period.</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">&ldquo;<B><I>Code</I></B>&rdquo; shall have the meaning
assigned to such term in Section 5.52.</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">&ldquo;<B><I>Commencement</I></B>&rdquo; shall have
the meaning assigned to such term in Section 3.1.</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">&ldquo;<B><I>Commencement Date</I></B>&rdquo; shall
have the meaning assigned to such term in Section 3.1.</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">&ldquo;<B><I>Commencement Irrevocable Transfer Agent
Instructions</I></B>&rdquo; shall have the meaning assigned to such term in Section 10.1(iii).</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">&ldquo;<B><I>Commission</I></B>&rdquo; means the U.S.
Securities and Exchange Commission or any successor entity.</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">&ldquo;<B><I>Commission Documents</I></B>&rdquo; shall
mean (1)&nbsp;the Company&rsquo;s registration statement on Form 20-F initially filed with the Commission on June 4, 2025, including any
related prospectus or prospectuses, for the registration of the Common Stock to be issued pursuant to this Agreement (as the same may
be amended from time to time), by and among the Company and certain investors, on file with the Commission at the time such registration
statement became effective, including the financial statements, schedules, exhibits and all other documents filed as a part thereof or
incorporated therein and all information deemed to be a part thereof as of the effective date of such registration statement under the
Securities Act (the &ldquo;<B><I>Form 20-F</I></B>&rdquo;), (2)&nbsp;the Company&rsquo;s final proxy statement/prospectus included in
the Form 20-F at the time of effectiveness, including the Annexes thereto and accompanying financial statements and all related soliciting
materials under Rule 14a-12 under the Exchange Act, and all documents incorporated therein by reference, in the form in which such proxy
statement/prospectus was filed with the Commission pursuant to Rule 424(b) under the Securities Act, (3)&nbsp;all reports, schedules,
registrations, forms, statements, information and other documents filed with or furnished to the Commission by the Company pursuant to
the reporting requirements of the Exchange Act, including all material filed with or furnished to the Commission pursuant to Section 13(a),
13(c), 14 or 15(d) of the Exchange Act, since the Spin Off Date), and which hereafter shall be filed with or furnished to the Commission
by the Company (including, without limitation, the Current Report), (4)&nbsp;each Registration Statement, as the same may be amended from
time to time, the Prospectus contained therein and each Prospectus Supplement thereto and (5)&nbsp;all information contained in such filings
and all documents and disclosures that have been and heretofore shall be incorporated by reference therein.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Common Stock</I></B>&rdquo; shall have
the meaning assigned to such term in the recitals of this Agreement.</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">&ldquo;<B><I>Common Stock Equivalents</I></B>&rdquo;
means any securities of the Company which entitle the holder thereof to acquire at any time Common Stock, including, without limitation,
any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable
for, or otherwise entitles the holder thereof to receive, Common Stock.</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">&ldquo;<B><I>Company</I></B>&rdquo; shall have the
meaning assigned to such term in the preamble of this Agreement.</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">&ldquo;<B><I>Compliance Certificate</I></B>&rdquo;
shall have the meaning assigned to such term in Section 7.2(ii).</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">&ldquo;<B><I>Commitment Fee</I></B>&rdquo; shall mean
an amount in cash equal to one percent (1.0%) of the Total Commitment.</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">&ldquo;<B><I>Contracts</I></B>&rdquo; means any legally
binding contracts, agreements, subcontracts, leases, and purchase orders.</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">&ldquo;<B><I>Cover Price</I></B>&rdquo; shall have
the meaning assigned to such term in Section 3.3.</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">&ldquo;<B><I>COVID-19</I></B>&rdquo; means SARS-CoV-2
or COVID-19, and any evolutions thereof or any other related or associated epidemics, pandemics or disease outbreaks.</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">&ldquo;<B><I>Current Report</I></B>&rdquo; shall have
the meaning assigned to such term in Section 2.3.</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">&ldquo;<B><I>Custodian</I></B>&rdquo; shall mean any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.</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">&ldquo;<B><I>Damages</I></B>&rdquo; shall have the
meaning assigned to such term in Section 9.1.</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">&ldquo;<B><I>Disclosure Schedule</I></B>&rdquo; shall
have the meaning assigned to such term in the preamble to Article V.</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">&ldquo;<B><I>DTC</I></B>&rdquo; means The Depository
Trust Company, a subsidiary of The Depository Trust &amp; Clearing Corporation, or any successor thereto.</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">&ldquo;<B><I>DWAC</I></B>&rdquo; shall have the meaning
assigned to such term in Section 5.33.</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">&ldquo;<B><I>DWAC Shares</I></B>&rdquo; means shares
of Common Stock issued pursuant to this Agreement that are (i)&nbsp;issued in electronic form, (ii)&nbsp;freely tradable and transferable
and without restriction on resale and without stop transfer instructions maintained against the transfer thereof and (iii)&nbsp;timely
credited by the Company&rsquo;s transfer agent to the Investor&rsquo;s (or its designee&rsquo;s) specified DWAC account with DTC under
its Fast Automated Securities Transfer (FAST) Program, or any similar program hereafter adopted by DTC performing substantially the same
function.</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">&ldquo;<B><I>EAR</I></B>&rdquo; shall have the meaning
assigned to such term in Section 5.36.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></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; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>EDGAR</I></B>&rdquo; means the Commission&rsquo;s
Electronic Data Gathering, Analysis and Retrieval System.</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">&ldquo;<B><I>Effective Date</I></B>&rdquo; means, with
respect to the Initial Registration Statement filed pursuant to Section 2(a) of the Registration Rights Agreement (or any post-effective
amendment thereto) or any New Registration Statement filed pursuant to Section 2(c) of the Registration Rights Agreement (or any post-effective
amendment thereto), as applicable, the date on which the Initial Registration Statement (or any post-effective amendment thereto) or any
New Registration Statement (or any post-effective amendment thereto) is declared effective by the Commission.</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">&ldquo;<B><I>Effectiveness Deadline</I></B>&rdquo;
shall have the meaning assigned to such term in the Registration Rights Agreement.</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">&ldquo;<B><I>Eligible Market</I></B>&rdquo; means the
New York Stock Exchange, the NYSE American, the Nasdaq Global Select or the Nasdaq Global Market (or any nationally recognized successor
to any of the foregoing).</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">&ldquo;<B><I>Environmental Laws</I></B>&rdquo; shall
have the meaning assigned to such term in Section 5.18.</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">&ldquo;<B><I>ERISA</I></B>&rdquo; shall have the meaning
assigned to such term in Section 5.38.</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">&ldquo;<B><I>Exchange Act</I></B>&rdquo; means the
Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.</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">&ldquo;<B><I>FCPA</I></B>&rdquo; shall have the meaning
assigned to such term in Section 5.36.</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">&ldquo;<B><I>Filing Deadline</I></B>&rdquo; shall have
the meaning assigned to such term in the Registration Rights Agreement.</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">&ldquo;<B><I>FINRA</I></B>&rdquo; means the Financial
Industry Regulatory Authority, Inc.</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">&ldquo;<B><I>FINRA Filing</I></B>&rdquo; shall have
the meaning assigned to such term in Section 6.14.</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">&ldquo;<B><I>Form 20-F</I></B>&rdquo; shall have the
meaning assigned to such term in the definition of Commission Documents.</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">&ldquo;<B><I>Fundamental
Transaction</I></B>&rdquo; means that (i)&nbsp;the Company shall, directly or indirectly, in one or more related transactions,
(1)&nbsp;consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person, with the result
that the holders of the Company&rsquo;s capital stock immediately prior to such consolidation or merger together beneficially own
less than 50% of the outstanding voting power of the surviving or resulting corporation, or (2) sell, lease, license, assign,
transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or (3) take action to facilitate a purchase, tender or exchange offer by another
Person that is accepted by the holders of more than 50% of the outstanding shares of Common Stock (excluding any shares of Common
Stock held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such
purchase, tender or exchange offer), or (4)&nbsp;consummate a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby
such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by
the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such
stock or share purchase agreement or other business combination), or (5)&nbsp;reorganize, recapitalize or reclassify its Common
Stock, or (ii)&nbsp;any &ldquo;person&rdquo; or &ldquo;group&rdquo; (as these terms are used for purposes of Sections 13(d) and
14(d) of the Exchange Act) (other than Evangelos Pistiolis, 3 Sororibus Trust or Lax Trust or their associated or affiliated
persons) is or shall become the &ldquo;beneficial owner&rdquo; (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock. For the avoidance of
doubt, the Company&rsquo;s ordinary course chartering and financing of its vessels shall not be considered a Fundamental
Transaction.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Future Purchase Suspension</I></B>&rdquo;
shall have the meaning assigned to such term in Section 6.17.</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">&ldquo;<B><I>GDPR</I></B>&rdquo; shall have the meaning
assigned to such term in Section 5.40.</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">&ldquo;<B><I>Governmental Entity</I></B>&rdquo; means
any United States or non-United States (a)&nbsp;federal, state, regional, provincial, local, municipal or other government, (b)&nbsp;governmental
or quasi-governmental entity of any nature (including any governmental agency, branch, department, official, or entity and any court or
other tribunal) or (c)&nbsp;body exercising or entitled to exercise any administrative, executive, judicial, legislative, police, regulatory,
or taxing authority or power of any nature, including any arbitral tribunal (public or private).</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">&ldquo;<B><I>Indebtedness</I></B>&rdquo; means, with
respect to any Person as of any time, without duplication, (a)&nbsp;any liabilities for borrowed money or amounts owed (other than trade
accounts payable incurred in the ordinary course of business), (b)&nbsp;all guaranties, endorsements, indemnities and other contingent
obligations in respect of Indebtedness of others, whether or not the same are or should be reflected in the Company&rsquo;s balance sheet
(or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in
the ordinary course of business; and (c)&nbsp;the present value of any lease payments due under leases required to be capitalized in accordance
with U.S. generally accepted accounting principles.</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">&ldquo;<B><I>Initial Comfort Letter</I></B>&rdquo;
shall have the meaning assigned to such term in Section 7.2(xvi).</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">&ldquo;<B><I>Initial Investor Expense Reimbursement</I></B>&rdquo;
shall have the meaning assigned to such term in Section 10.1(i).</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">&ldquo;<B><I>Initial Purchase Notice</I></B>&rdquo;
shall have the meaning assigned to such term in the recitals hereof.</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">&ldquo;<B><I>Initial Registration Statement</I></B>&rdquo;
shall have the meaning assigned to such term in the Registration Rights Agreement.</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">&ldquo;<B><I>Intellectual Property</I></B>&rdquo; shall
have the meaning assigned to such term in Section 5.19.</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">&ldquo;<B><I>Intraday VWAP Purchase</I></B>&rdquo;
shall have the meaning assigned to such term in Section 3.2.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Intraday VWAP Purchase Commencement Time</I></B>&rdquo;
means, with respect to an Intraday VWAP Purchase made pursuant to Section 3.2, the time that is the <U>latest</U> of: (i)&nbsp;the VWAP
Purchase Ending Time of the VWAP Purchase Period for the VWAP Purchase preceding the Intraday VWAP Purchase Period for such Intraday VWAP
Purchase occurring on the same Purchase Date as such earlier VWAP Purchase, if the Company has timely delivered a VWAP Purchase Notice
to the Investor for a VWAP Purchase on such Purchase Date, (ii)&nbsp;the Intraday VWAP Purchase Ending Time of the Intraday VWAP Purchase
Period for the most recent prior Intraday VWAP Purchase, if any, occurring on the same Purchase Date as such Intraday VWAP Purchase, and
(iii)&nbsp;the Investor&rsquo;s timely receipt (acknowledged by email correspondence to each of the individual notice recipients of the
Company set forth in the applicable Intraday VWAP Purchase Notice, other than via auto-reply) from the Company of the applicable Intraday
VWAP Purchase Notice for such Intraday VWAP Purchase on the applicable Purchase Date therefor.</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">&ldquo;<B><I>Intraday VWAP Purchase Ending Time</I></B>&rdquo;
means, with respect to an Intraday VWAP Purchase made pursuant to Section 3.2, the time on the Purchase Date for such Intraday VWAP Purchase
that is the <U>earliest</U> of: (i)&nbsp;3:59 p.m., New York City time, on the applicable Purchase Date for such Intraday VWAP Purchase,
or such earlier time publicly announced by the Trading Market (or, if the Common Stock is then listed on an Eligible Market, by such Eligible
Market) as the official close of the primary (or &ldquo;regular&rdquo;) trading session on the Trading Market (or on such Eligible Market,
as applicable) on such Purchase Date; (ii)&nbsp;immediately at such time following the Intraday VWAP Purchase Commencement Time of the
Intraday VWAP Purchase Period for such Intraday VWAP Purchase that the total number (or volume) of shares of Common Stock traded on the
Trading Market (or on such Eligible Market, as applicable) during such Intraday VWAP Purchase Period has exceeded the applicable Intraday
VWAP Purchase Share Volume Maximum for such Intraday VWAP Purchase (taking into account the Intraday VWAP Purchase Percentage specified
by the Company in the applicable Intraday VWAP Purchase Notice for such Intraday VWAP Purchase); <U>provided</U>, <U>however,</U> that
the calculation of the total number (or volume) of shares of Common Stock traded on the Trading Market (or on such Eligible Market, as
applicable) during such Intraday VWAP Purchase Period shall exclude from such calculation all shares of Common Stock traded in any of
the following transactions, to the extent they occur during such Intraday VWAP Purchase Period (as applicable): (A)&nbsp;the opening or
first purchase of Common Stock at or following the official open of such primary (or &ldquo;regular&rdquo;) trading session that is reported
in the consolidated system on such Purchase Date, (B)&nbsp;the last or closing sale of Common Stock at or prior to the official close
of such primary (or &ldquo;regular&rdquo;) trading session that is reported in the consolidated system on such Purchase Date (as applicable),
and (C)&nbsp;provided the Company shall have specified in the applicable Intraday VWAP Purchase Notice that clause (iii) below shall not
trigger the Intraday VWAP Purchase Ending Time for such Intraday VWAP Purchase (such specification by the Company, whether in an Intraday
VWAP Purchase Notice or in a VWAP Purchase Notice, a &ldquo;<B><I>Limit Order Continue Election</I></B>&rdquo;), all sales of Common Stock
on the Trading Market (or on such Eligible Market, as applicable) during such Intraday VWAP Purchase Period at a Sale Price that is less
than the applicable Intraday VWAP Purchase Minimum Price Threshold; and (iii)&nbsp;provided the Company shall have specified in the applicable
Intraday VWAP Purchase Notice that this clause (iii) shall trigger the Intraday VWAP Purchase Ending Time for such Intraday VWAP Purchase
(such specification by the Company, whether in an Intraday VWAP Purchase Notice or in a VWAP Purchase Notice, a &ldquo;<B><I>Limit Order
Discontinue Election</I></B>&rdquo;), immediately at such time following the Intraday VWAP Purchase Commencement Time of the Intraday
VWAP Purchase Period for such Intraday VWAP Purchase that the Sale Price of any share of Common Stock traded on the Trading Market (or
on such Eligible Market, as applicable) during such Intraday VWAP Purchase Period is less than the applicable Intraday VWAP Purchase Minimum
Price Threshold; <U>provided</U>, <U>however,</U> that the determination of whether the Sale Price of any share of Common Stock traded
during such Intraday VWAP Purchase Period is less than the applicable Intraday VWAP Purchase Minimum Price Threshold shall exclude (A)&nbsp;the
opening or first purchase of Common Stock at or following the official open of such primary (or &ldquo;regular&rdquo;) trading session
that is reported in the consolidated system on such Purchase Date and (B)&nbsp;the last or closing sale of Common Stock at or prior to
the official close of such primary (or &ldquo;regular&rdquo;) trading session that is reported in the consolidated system on such Purchase
Date (as applicable). All such calculations shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend,
stock split, reverse stock split or other similar transaction.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Intraday VWAP Purchase Maximum Amount</I></B>&rdquo;
means, with respect to an Intraday VWAP Purchase made pursuant to Section 3.2, such number of shares of Common Stock equal to the lesser
of: (i)&nbsp;1,500,000 shares, and (ii)&nbsp;the product of (A)&nbsp;the Intraday VWAP Purchase Percentage specified by the Company in
the applicable Intraday VWAP Purchase Notice for such Intraday VWAP Purchase, multiplied by (B)&nbsp;the total number (or volume) of shares
of Common Stock traded on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, by such Eligible Market) during
the Intraday VWAP Purchase Period for such Intraday VWAP Purchase; <U>provided</U>, <U>however,</U> that the calculation of the total
number (or volume) of shares of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such Intraday
VWAP Purchase Period referred to in clause (ii)(B) above shall exclude from such calculation all Common Stock traded in any of the following
transactions, to the extent they occur during such Intraday VWAP Purchase Period (as applicable): (1)&nbsp;the opening or first purchase
of Common Stock at or following the official open of such primary (or &ldquo;regular&rdquo;) trading session that is reported in the consolidated
system on such Purchase Date, (2)&nbsp;the last or closing sale of Common Stock at or prior to the official close of such primary (or
&ldquo;regular&rdquo;) trading session that is reported in the consolidated system on such Purchase Date (as applicable), and (3)&nbsp;provided
the Company shall have specified a Limit Order Continue Election in the applicable Intraday VWAP Purchase Notice for such Intraday VWAP
Purchase, all sales of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such Intraday VWAP Purchase
Period at a Sale Price that is less than the applicable Intraday VWAP Purchase Minimum Price Threshold. All such calculations shall be
appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar
transaction.</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">&ldquo;<B><I>Intraday VWAP Purchase Minimum Price Threshold</I></B>&rdquo;
means, with respect to an Intraday VWAP Purchase made pursuant to Section 3.2, either (a)&nbsp;the dollar amount specified by the Company
in the applicable Intraday VWAP Purchase Notice for such Intraday VWAP Purchase as the per share minimum Sale Price threshold to be used
in determining whether the event in clause (iii) of the definition of &ldquo;Intraday VWAP Purchase Ending Time&rdquo; shall have occurred
during the applicable Intraday VWAP Purchase Period for such Intraday VWAP Purchase, if the Company shall have specified a Limit Order
Discontinue Election in the applicable Intraday VWAP Purchase Notice for such Intraday VWAP Purchase, or (b)&nbsp;the dollar amount specified
by the Company in the applicable Intraday VWAP Purchase Notice for such Intraday VWAP Purchase as the per share minimum Sale Price threshold
to be used in determining the sales of Common Stock during the applicable Intraday VWAP Purchase Period that shall be excluded from the
calculation of the total number (or volume) of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during
such Intraday VWAP Purchase Period, if the Company shall have specified a Limit Order Continue Election in the applicable Intraday VWAP
Purchase Notice for such Intraday VWAP Purchase; <U>provided</U>, <U>however</U>, that in each case if the Company has specified a lower
dollar amount than the Threshold Price, then the per share minimum Sale Price threshold to be used in such Intraday VWAP Purchase shall
be equal to the Threshold Price; <U>provided</U>, <U>further</U>, that in each case if the Company has not specified any such dollar amount
as the per share minimum Sale Price threshold in the applicable Intraday VWAP Purchase Notice for such Intraday VWAP Purchase, then the
per share minimum Sale Price threshold to be used in such Intraday VWAP Purchase shall be such dollar amount equal to the product of (a)&nbsp;the
Sale Price of the Common Stock at the time of the Investor&rsquo;s confirmation of receipt of the Intraday VWAP Purchase Notice, multiplied
by (b)&nbsp;0.75. All such calculations shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock
split, reverse stock split or other similar transaction.</P>

<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"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Intraday VWAP Purchase Notice</I></B>&rdquo;
means, with respect to an Intraday VWAP Purchase made pursuant to Section 3.2, an irrevocable written notice from the Company to the Investor,
specifying the Intraday VWAP Purchase Percentage that shall apply to such Intraday VWAP Purchase and whether a Limit Order Continue Election
or a Limit Order Discontinue Election shall apply to such Intraday VWAP Purchase, and directing the Investor to subscribe for and purchase
a specified Intraday VWAP Purchase Share Amount (such specified Intraday VWAP Purchase Share Amount subject to adjustment as set forth
in Section 3.2 as necessary to give effect to the applicable Intraday VWAP Purchase Maximum Amount for such Intraday VWAP Purchase), at
the applicable Intraday VWAP Purchase Price therefor on the Purchase Date for such Intraday VWAP Purchase in accordance with this Agreement,
that is delivered by the Company to the Investor and received by the Investor (i)&nbsp;after the <U>latest</U> of (X)&nbsp;10:00 a.m.,
New York City time, on such Purchase Date, if the Company has not timely delivered a VWAP Purchase Notice to the Investor for a VWAP Purchase
on such Purchase Date, (Y)&nbsp;the VWAP Purchase Ending Time of the VWAP Purchase Period for the VWAP Purchase preceding the Intraday
VWAP Purchase Period for such Intraday VWAP Purchase occurring on the same Purchase Date as such earlier VWAP Purchase, if the Company
has timely delivered a VWAP Purchase Notice to the Investor for a VWAP Purchase on such Purchase Date, and (Z)&nbsp;the Intraday VWAP
Purchase Ending Time of the Intraday VWAP Purchase Period for the most recent prior Intraday VWAP Purchase, if any, occurring on the same
Purchase Date as such Intraday VWAP Purchase, and (ii)&nbsp;prior to the <U>earlier</U> of (X)&nbsp;3:30 p.m., New York City time, on
such Purchase Date and (Y)&nbsp;such time that is exactly 30 minutes immediately prior to the official close of the primary (or &ldquo;regular&rdquo;)
trading session on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market) on such
Purchase Date, if the Trading Market (or such Eligible Market, as applicable) has theretofore publicly announced that the official close
of the primary (or &ldquo;regular&rdquo;) trading session on the Trading Market (or on such Eligible Market, as applicable) on such Purchase
Date shall be earlier than 4:00 p.m., New York City time, on such Purchase Date.</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">&ldquo;<B><I>Intraday VWAP Purchase Percentage</I></B>&rdquo;
means, with respect to an Intraday VWAP Purchase made pursuant to Section 3.2, the percentage specified by the Company in the applicable
Intraday VWAP Purchase Notice for such Intraday VWAP Purchase, which shall not exceed 25.0%, for purposes of calculating, among other
things, the Intraday VWAP Purchase Maximum Amount, the Intraday VWAP Purchase Share Amount and the Intraday VWAP Purchase Share Volume
Maximum, in each case applicable to such Intraday VWAP Purchase.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Intraday VWAP Purchase Period</I></B>&rdquo;
means, with respect to an Intraday VWAP Purchase made pursuant to Section 3.2, the period on the Purchase Date for such Intraday VWAP
Purchase, beginning at the applicable Intraday VWAP Purchase Commencement Time and ending at the applicable Intraday VWAP Purchase Ending
Time on such Purchase Date for such Intraday VWAP Purchase.</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">&ldquo;<B><I>Intraday VWAP Purchase Price</I></B>&rdquo;
means, with respect to an Intraday VWAP Purchase made pursuant to Section 3.2, the purchase price per Share to be purchased by the Investor
in such Intraday VWAP Purchase, equal to the product of (i)&nbsp;0.97, multiplied by (ii)&nbsp;the VWAP of the Common Stock for the applicable
Intraday VWAP Purchase Period on the applicable Purchase Date for such Intraday VWAP Purchase; <U>provided</U>, <U>however,</U> that the
calculation of the VWAP for the Common Stock for the Intraday VWAP Purchase Period for an Intraday VWAP Purchase shall exclude each of
the following transactions, to the extent they occur during such Intraday VWAP Purchase Period (as applicable): (A)&nbsp;the opening or
first purchase of Common Stock at or following the official open of such primary (or &ldquo;regular&rdquo;) trading session that is reported
in the consolidated system on such Purchase Date, (B)&nbsp;the last or closing sale of Common Stock at or prior to the official close
of such primary (or &ldquo;regular&rdquo;) trading session that is reported in the consolidated system on such Purchase Date (as applicable),
and (C)&nbsp;provided the Company shall have specified a Limit Order Continue Election in the applicable Intraday VWAP Purchase Notice
for such Intraday VWAP Purchase, all sales of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such
Intraday VWAP Purchase Period at a Sale Price that is less than the applicable Intraday VWAP Purchase Minimum Price Threshold for such
Intraday VWAP Purchase. All such calculations shall be appropriately adjusted for any stock dividend, stock split, stock combination,
recapitalization or other similar transaction.</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">&ldquo;<B><I>Intraday VWAP Purchase Share Amount</I></B>&rdquo;
means, with respect to an Intraday VWAP Purchase made pursuant to Section 3.2, the total number of Shares to be purchased by the Investor
in such Intraday VWAP Purchase as specified by the Company in the applicable Intraday VWAP Purchase Notice for such Intraday VWAP Purchase,
which total number of Shares shall not exceed the Intraday VWAP Purchase Maximum Amount applicable to such Intraday VWAP Purchase, taking
into account the Intraday VWAP Purchase Percentage specified by the Company in the applicable Intraday VWAP Purchase Notice for such Intraday
VWAP Purchase (and such number of Shares specified by the Company in the applicable Intraday VWAP Purchase Notice for such Intraday VWAP
Purchase shall be subject to automatic adjustment in accordance with Section 3.2 hereof as necessary to give effect to the Intraday VWAP
Purchase Maximum Amount limitation applicable to such Intraday VWAP Purchase, taking into account the Intraday VWAP Purchase Percentage
specified by the Company in the applicable Intraday VWAP Purchase Notice for such Intraday VWAP Purchase, as set forth in this Agreement).</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">&ldquo;<B><I>Intraday VWAP Purchase Share Volume Maximum</I></B>&rdquo;
means, with respect to an Intraday VWAP Purchase made pursuant to Section 3.2, a number of shares of Common Stock equal to the quotient
obtained by dividing (i)&nbsp;the Intraday VWAP Purchase Share Amount to be subscribed for and purchased by the Investor in such Intraday
VWAP Purchase, by (ii)&nbsp;the Intraday VWAP Purchase Percentage specified by the Company in the applicable Intraday VWAP Purchase Notice
for such Intraday VWAP Purchase (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split,
reverse stock split or other similar transaction).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Investment Period</I></B>&rdquo; means
the period commencing on the Commencement Date and expiring on the date this Agreement is subsequently terminated pursuant to Article
VIII.</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">&ldquo;<B><I>Investor</I></B>&rdquo; shall have the
meaning assigned to such term in the preamble of this Agreement.</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">&ldquo;<B><I>Investor Party</I></B>&rdquo; shall have
the meaning assigned to such term in Section 9.1.</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">&ldquo;<B><I>IT Systems and Data</I></B>&rdquo; shall
have the meaning assigned to such term in Section 5.39.</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">&ldquo;<B><I>Knowledge</I></B>&rdquo; means the actual
knowledge of any of (i)&nbsp;the Company&rsquo;s Chief Executive Officer and (ii)&nbsp;the Company&rsquo;s Chief Financial Officer, in
each case after reasonable inquiry of all officers, directors and employees of the Company under such Person&rsquo;s direct supervision
who would reasonably be expected to have knowledge or information with respect to the matter in question.</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">&ldquo;<B><I>Law</I></B>&rdquo; means any federal,
state, provincial, local, foreign, national or supranational statute, law (including common law), act, statute, ordinance, treaty, rule,
code, regulation or other binding directive issued, promulgated or enforced by a Governmental Entity having jurisdiction over a given
matter.</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">&ldquo;<B><I>Limit Order Continue Election</I></B>&rdquo;
shall have the meaning assigned to such term in the definition of &ldquo;Intraday VWAP Purchase Ending Time,&rdquo; which election shall
be applicable to an Intraday VWAP Purchase, if such election is specified by the Company in the applicable Intraday VWAP Purchase Notice
for such Intraday VWAP Purchase, and shall be applicable to a VWAP Purchase, if such election is specified by the Company in the applicable
VWAP Purchase Notice for such VWAP Purchase, as the case may be.</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">&ldquo;<B><I>Limit Order Discontinue Election</I></B>&rdquo;
shall have the meaning assigned to such term in the definition of &ldquo;Intraday VWAP Purchase Ending Time,&rdquo; which election shall
be applicable to an Intraday VWAP Purchase, if such election is specified by the Company in the applicable Intraday VWAP Purchase Notice
for such Intraday VWAP Purchase, and shall be applicable to a VWAP Purchase, if such election is specified by the Company in the applicable
VWAP Purchase Notice for such VWAP Purchase, as the case may be.</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">&ldquo;<B><I>Material Adverse Effect</I></B>&rdquo;
means (i)&nbsp;any condition, occurrence, state of facts or event having, or insofar as reasonably can be foreseen would likely have,
any effect on the business, operations, properties or financial condition of the Company and the Subsidiaries, taken as a whole, as set
forth in the Commission Documents that is material and adverse to the Company, taken as a whole, excluding any facts, circumstances, changes
or effects, individually or in the aggregate, exclusively and directly resulting from, relating to or arising out of one or more of the
following: (a)&nbsp;changes in conditions in the U.S. or global capital, credit or financial markets generally, including changes in the
availability of capital or currency exchange rates, provided such changes shall not have affected the Company in a materially disproportionate
manner as compared to other similarly situated companies, (b)&nbsp;changes generally affecting the industries in which the Company operate,
provided such changes shall not have affected the Company, taken as a whole, in a materially disproportionate manner as compared to other
similarly situated companies, (c)&nbsp;any effect of the announcement of, or the consummation of the transactions contemplated by, this
Agreement and the Registration Rights Agreement on the Company&rsquo;s relationships, contractual or otherwise, with customers, suppliers,
vendors, bank lenders, strategic venture partners or employees, (d)&nbsp;changes arising in connection with earthquakes, hostilities,
acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war, sabotage
or terrorism or military actions existing as of the date hereof, (e)&nbsp;any effect of COVID-19 or any Law, directive, pronouncement
or guideline issued by a Governmental Entity, the Centers for Disease Control and Prevention, the World Health Organization or industry
group providing for business closures, changes to business operations, &ldquo;sheltering-in-place&rdquo; or other restrictions that relate
to, or arise out of, an epidemic, pandemic or disease outbreak (including the COVID-19 pandemic) or any change in such Law, directive,
pronouncement or guideline or interpretation thereof following the date of this Agreement, (f)&nbsp;any action taken by the Investor,
any of its officers, its sole member or the Investor&rsquo;s Broker-Dealer, or any of such Person&rsquo;s successors with respect to the
transactions contemplated by this Agreement and the Registration Rights Agreement, and (g)&nbsp;the effect of any changes in applicable
laws or accounting rules, provided such changes shall not have affected the Company in a materially disproportionate manner as compared
to other similarly situated companies; (ii)&nbsp;any condition, occurrence, state of facts or event having, or insofar as reasonably can
be foreseen would likely have, any material adverse effect on the legality, validity or enforceability of any of the Transaction Documents
or the transactions contemplated thereby; or (iii)&nbsp;any condition, occurrence, state of facts or event that would, or insofar as reasonably
can be foreseen would likely, prohibit or otherwise materially interfere with or materially delay the ability of the Company to perform
any of its obligations under any of the Transaction Documents to which it is a party.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Materials of Environmental Concern&rdquo;</I></B>
shall have the meaning assigned to such term in Section 5.18.</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">&ldquo;<B><I>Money Laundering Laws</I></B>&rdquo; shall
have the meaning assigned to such term in Section 5.37.</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">&ldquo;<B><I>MPA Period</I></B>&rdquo; means the period
commencing at 5:00 p.m., New York City time, on the Trading Day immediately preceding the Trading Day on which any Affiliate of the Investor,
including, without limitation, BRS, shall have published or distributed any research report (as such term is defined in Rule 500 of Regulation
AC) concerning the Company, and ending at 6:00 a.m., New York City time, on the sixth Trading Day immediately following the Trading Day
on which any Affiliate of the Investor, including, without limitation, BRS, shall have published or distributed any research report (as
such term is defined in Rule 500 of Regulation AC) concerning the Company.</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">&ldquo;<B><I>New Registration Statement</I></B>&rdquo;
shall have the meaning assigned to such term in the Registration Rights Agreement.</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">&ldquo;<B><I>Notice of Effectiveness</I></B>&rdquo;
shall have the meaning assigned to such term in Section 10.1(iii).</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">&ldquo;<B><I>OFAC</I></B>&rdquo; shall have the meaning
assigned to such term in Section 5.36.</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">&ldquo;<B><I>Order</I></B>&rdquo; means any outstanding
writ, order, judgment, injunction, binding decision or determination, award, ruling, subpoena, verdict or decree entered, issued or rendered
by any Governmental Entity.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>PEA Period</I></B>&rdquo; means the period
commencing at 9:30 a.m., New York City time, on the third Trading Day immediately prior to the filing of (i)&nbsp;any post-effective amendment
to the Initial Registration Statement or any New Registration Statement or (ii)&nbsp;any New Registration Statement, as applicable, and
ending at 9:30 a.m., New York City time, on the Trading Day immediately following, the Effective Date of such post-effective amendment
or New Registration Statement, as applicable.</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">&ldquo;<B><I>Permits</I></B>&rdquo; means any approvals,
authorizations, clearances, licenses, registrations, permits or certificates of a Governmental Entity.</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">&ldquo;<B><I>Person</I></B>&rdquo; means any person
or entity, whether a natural person, trustee, corporation, partnership, limited partnership, limited liability company, trust, unincorporated
organization, business association, firm, joint venture or Governmental Entity.</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">&ldquo;<B><I>Personal Data</I></B>&rdquo; shall have
the meaning assigned to such term in Section 5.40.</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">&ldquo;<B><I>Policies</I></B>&rdquo; shall have the
meaning assigned to such term in Section 5.40.</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">&ldquo;<B><I>Privacy Laws</I></B>&rdquo; shall have
the meaning assigned to such term in Section 5.40.</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">&ldquo;<B><I>Proceeding</I></B>&rdquo; means any lawsuit,
litigation, action, audit, investigation, examination, claim, complaint, charge, proceeding, suit, arbitration, investigation, or mediation
(in each case, whether civil, criminal or administrative and whether public or private) pending by or before or otherwise involving any
Governmental Entity.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Prospectus</I></B>&rdquo; shall have the
meaning assigned to such term in the Registration Rights Agreement.</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">&ldquo;<B><I>Prospectus Supplement</I></B>&rdquo; shall
have the meaning assigned to such term in the Registration Rights Agreement.</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">&ldquo;<B><I>Purchase Condition Satisfaction Time</I></B>&rdquo;
shall have the meaning assigned to such term in Section 7.3.</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">&ldquo;<B><I>Purchase Date</I></B>&rdquo; means, (i)&nbsp;with
respect to a VWAP Purchase made pursuant to Section 3.1, the Trading Day on which the Investor timely receives, (A)&nbsp;after 6:00 a.m.,
New York City time, and (B)&nbsp;prior to 9:00 a.m., New York City time, on such Trading Day, a valid VWAP Purchase Notice for such VWAP
Purchase in accordance with this Agreement, and (ii)&nbsp;with respect to an Intraday VWAP Purchase made pursuant to Section 3.2, the
Trading Day on which the Investor timely receives a valid Intraday VWAP Purchase Notice for such Intraday VWAP Purchase in accordance
with this Agreement, (A)&nbsp;after the <U>latest</U> of (X)&nbsp;10:00 a.m., New York City time, on such Trading Day, if the Company
has not timely delivered a valid VWAP Purchase Notice to the Investor for a VWAP Purchase on such Trading Day, (Y)&nbsp;the VWAP Purchase
Ending Time of the VWAP Purchase Period for the VWAP Purchase preceding the applicable Intraday VWAP Purchase Period for such Intraday
VWAP Purchase occurring on the same Trading Day as such earlier VWAP Purchase, if the Company has timely delivered a valid VWAP Purchase
Notice to the Investor for a VWAP Purchase on such Trading Day, and (Z)&nbsp;the Intraday VWAP Purchase Ending Time of the Intraday VWAP
Purchase Period for the most recent prior Intraday VWAP Purchase, if any, occurring on the same Trading Day as such Intraday VWAP Purchase,
and (B)&nbsp;prior to the <U>earlier</U> of (X)&nbsp;3:30 p.m., New York City time, on such Trading Day for such Intraday VWAP Purchase
and (Y)&nbsp;such time that is exactly 30 minutes immediately prior to the official close of the primary (or &ldquo;regular&rdquo;) trading
session on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market) on such Trading
Day, if the Trading Market (or such Eligible Market, as applicable) has publicly announced that the official close of the primary (or
&ldquo;regular&rdquo;) trading session shall be earlier than 4:00 p.m., New York City time, on such Trading Day.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Purchase Share Delivery Date</I></B>&rdquo;
shall have the meaning assigned to such term in Section 3.3.</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">&ldquo;<B><I>Qualified Independent Underwriter</I></B>&rdquo;
shall have the meaning assigned to such term in FINRA Rule 5121(f)(12).</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">&ldquo;<B><I>Reference Period</I></B>&rdquo; shall
have the meaning assigned to such term in Section 6.6(ii).</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">&ldquo;<B><I>Reference Price</I></B>&rdquo; shall have
the meaning assigned to such term in Section 6.6(ii).</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">&ldquo;<B><I>Registrable Securities</I></B>&rdquo;
shall have the meaning assigned to such term in the Registration Rights Agreement.</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">&ldquo;<B><I>Registration Period</I></B>&rdquo; shall
have the meaning assigned to such term in the Registration Rights Agreement.</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">&ldquo;<B><I>Registration Rights Agreement</I></B>&rdquo;
shall have the meaning assigned to such term in the recitals hereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Registration Statement</I></B>&rdquo;
shall have the meaning assigned to such term in the Registration Rights Agreement.</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">&ldquo;<B><I>Regulation D</I></B>&rdquo; means Rule
506(b) of Regulation D promulgated by the Commission under the Securities Act.</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">&ldquo;<B><I>Representation Date</I></B>&rdquo; shall
have the meaning assigned to such term in Section 6.17.</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">&ldquo;<B><I>Representatives</I></B>&rdquo; means with
respect to a Person, such Person&rsquo;s directors, officers, employees, and legal, financial, internal and independent accounting and
other advisors and representatives.</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">&ldquo;<B><I>Restricted Period</I></B>&rdquo; shall
have the meaning assigned to such term in Section 6.9(i).</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">&ldquo;<B><I>Restricted Person</I></B>&rdquo; shall
have the meaning assigned to such term in Section 6.9(i).</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">&ldquo;<B><I>Restricted Persons</I></B>&rdquo; shall
have the meaning assigned to such term in Section 6.9(i).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Rule 144</I></B>&rdquo; means Rule 144
promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect.</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">&ldquo;<B><I>Sale Price</I></B>&rdquo; means any trade
price for a share of Common Stock on the Trading Market, or if the Common Stock is then traded on an Eligible Market, on such Eligible
Market, as reported by Bloomberg.</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">&ldquo;<B><I>Sanctions Regulations</I></B>&rdquo; shall
have the meaning assigned to such term in Section 5.36.</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">&ldquo;<B><I>Sarbanes-Oxley Act</I></B>&rdquo; shall
have the meaning assigned to such term in Section 5.6(d).</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">&ldquo;<B><I>Section 4(a)(2)</I></B>&rdquo; shall have
the meaning assigned to such term in the recitals of this Agreement.</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"><B>&ldquo;<I>Securities</I>&rdquo;</B> means the Shares.</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">&ldquo;<B><I>Securities Act</I></B>&rdquo; shall have
the meaning assigned to such term in the recitals of this Agreement.</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">&ldquo;<B><I>Shares</I></B>&rdquo; shall mean the shares
of Common Stock that may be purchased by the Investor under this Agreement pursuant to one or more VWAP Purchase Notices or one or more
Intraday VWAP Purchase Notices.</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">&ldquo;<B><I>Short Sales</I></B>&rdquo; shall mean
&ldquo;short sales&rdquo; as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act.</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">&ldquo;<B><I>Spin Off Date</I></B>&rdquo; shall have
the meaning assigned to such term in Section 5.6(a).</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">&ldquo;<B><I>Subsidiary</I></B>&rdquo; shall mean any
corporation or other entity of which at least a majority of the securities or other ownership interest having ordinary voting power for
the election of directors or other persons performing similar functions are at the time owned directly or indirectly by the Company and/or
any of its other Subsidiaries.</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">&ldquo;<B><I>Threshold Price</I></B>&rdquo; means $1.00,
which shall not be adjusted (proportionally or otherwise) for any forward stock split, reverse stock split, stock combination, stock dividend,
recapitalization, reorganization or other similar transaction involving the capital stock of the Company that occurs on or after the date
of the Agreement.</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">&ldquo;<B><I>Total Commitment</I></B>&rdquo; shall
have the meaning assigned to such term in Section 2.1.</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">&ldquo;<B><I>Trading Day</I></B>&rdquo; shall mean
any day on which the Trading Market or, if the Common Stock is then listed on an Eligible Market, such Eligible Market is open for &ldquo;regular&rdquo;
trading, including any day on which the Trading Market (or such Eligible Market, as applicable) is open for &ldquo;regular&rdquo; trading
for a period of time less than the customary &ldquo;regular&rdquo; trading period.</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">&ldquo;<B><I>Trading Market</I></B>&rdquo; means the
Nasdaq Capital Market (or any nationally recognized successor thereto).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>Transaction Documents</I></B>&rdquo; means,
collectively, this Agreement (as qualified by the Disclosure Schedule) and the exhibits hereto, the Registration Rights Agreement, and
the exhibits thereto, and each of the other agreements, documents, certificates and instruments entered into or furnished by the parties
hereto in connection with the transactions contemplated hereby and thereby.</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">&ldquo;<B><I>VWAP</I></B>&rdquo; means, for the Common
Stock for a specified period, the dollar volume-weighted average price for the Common Stock on the Trading Market (or, if the Common Stock
is then listed on an Eligible Market, on such Eligible Market), for such period, as reported by Bloomberg through its &ldquo;AQR&rdquo;
function; <U>provided</U>, <U>however</U>, that (i)&nbsp;the calculation of the dollar volume-weighted average price for the Common Stock
for the VWAP Purchase Period for each VWAP Purchase shall exclude each of the following transactions, to the extent they occur during
such VWAP Purchase Period (as applicable): (A)&nbsp;the opening or first purchase of Common Stock at or following the official open of
such primary (or &ldquo;regular&rdquo;) trading session that is reported in the consolidated system on such Purchase Date, (B)&nbsp;the
last or closing sale of Common Stock at or prior to the official close of such primary (or &ldquo;regular&rdquo;) trading session that
is reported in the consolidated system on such Purchase Date (as applicable), and (C)&nbsp;provided the Company shall have specified a
Limit Order Continue Election in the applicable VWAP Purchase Notice for such VWAP Purchase, all sales of Common Stock on the Trading
Market (or on such Eligible Market, as applicable) during such VWAP Purchase Period at a Sale Price that is less than the applicable VWAP
Purchase Minimum Price Threshold for such VWAP Purchase; and (ii)&nbsp;the calculation of the dollar volume-weighted average price for
the Common Stock for the Intraday VWAP Purchase Period for each Intraday VWAP Purchase shall exclude each of the following transactions,
to the extent they occur during such Intraday VWAP Purchase Period (as applicable): (A)&nbsp;the opening or first purchase of Common Stock
at or following the official open of such primary (or &ldquo;regular&rdquo;) trading session that is reported in the consolidated system
on such Purchase Date, (B)&nbsp;the last or closing sale of Common Stock at or prior to the official close of such primary (or &ldquo;regular&rdquo;)
trading session that is reported in the consolidated system on such Purchase Date (as applicable), and (C)&nbsp;provided the Company shall
have specified a Limit Order Continue Election in the applicable Intraday VWAP Purchase Notice for such Intraday VWAP Purchase, all sales
of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such Intraday VWAP Purchase Period at a Sale
Price that is less than the applicable Intraday VWAP Purchase Minimum Price Threshold for such Intraday VWAP Purchase. All such calculations
shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction.</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">&ldquo;<B><I>VWAP Purchase</I></B>&rdquo; shall have
the meaning assigned to such term in Section 3.1.</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">&ldquo;<B><I>VWAP Purchase Commencement Time</I></B>&rdquo;
means, with respect to a VWAP Purchase made pursuant to Section 3.1, 9:30:01 a.m., New York City time, on the Purchase Date for such VWAP
Purchase, or such later time on such Purchase Date publicly announced by the Trading Market (or, if the Common Stock is then listed on
an Eligible Market, by such Eligible Market) as the official open of the primary (or &ldquo;regular&rdquo;) trading session on the Trading
Market (or on such Eligible Market, as applicable) on such Purchase Date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>VWAP Purchase Ending Time</I></B>&rdquo;
means, with respect to a VWAP Purchase made pursuant to Section 3.1, the time on the Purchase Date for such VWAP Purchase that is the
<U>earliest</U> of: (i)&nbsp;3:59 p.m., New York City time, on the applicable Purchase Date for such VWAP Purchase, or such earlier time
publicly announced by the Trading Market (or, if the Common Stock is then listed on an Eligible Market, by such Eligible Market) as the
official close of the primary (or &ldquo;regular&rdquo;) trading session on the Trading Market (or on such Eligible Market, as applicable)
on such Purchase Date; (ii)&nbsp;immediately at such time following the VWAP Purchase Commencement Time of the VWAP Purchase Period for
such VWAP Purchase that the total number (or volume) of shares of Common Stock traded on the Trading Market (or on such Eligible Market,
as applicable) during such VWAP Purchase Period has exceeded the applicable VWAP Purchase Share Volume Maximum for such VWAP Purchase
(taking into account the VWAP Purchase Percentage specified by the Company in the applicable VWAP Purchase Notice for such VWAP Purchase);
<U>provided</U>, <U>however,</U> that the calculation of the total number (or volume) of shares of Common Stock traded on the Trading
Market (or on such Eligible Market, as applicable) during such VWAP Purchase Period shall exclude from such calculation all shares of
Common Stock traded in any of the following transactions, to the extent they occur during such VWAP Purchase Period (as applicable): (A)&nbsp;the
opening or first purchase of Common Stock at or following the official open of such primary (or &ldquo;regular&rdquo;) trading session
that is reported in the consolidated system on such Purchase Date, (B)&nbsp;the last or closing sale of Common Stock at or prior to the
official close of such primary (or &ldquo;regular&rdquo;) trading session that is reported in the consolidated system on such Purchase
Date (as applicable), and (C)&nbsp;provided the Company shall have specified a Limit Order Continue Election in the applicable VWAP Purchase
Notice for such VWAP Purchase, all sales of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such
VWAP Purchase Period at a Sale Price that is less than the applicable VWAP Purchase Minimum Price Threshold; and (iii)&nbsp;provided the
Company shall have specified a Limit Order Discontinue Election in the applicable VWAP Purchase Notice for such VWAP Purchase, immediately
at such time following the VWAP Purchase Commencement Time of the VWAP Purchase Period for such VWAP Purchase that the Sale Price of any
share of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such VWAP Purchase Period is less
than the applicable VWAP Purchase Minimum Price Threshold; <U>provided</U>, <U>however,</U> that the determination of whether the Sale
Price of any share of Common Stock traded during such VWAP Purchase Period is less than the applicable VWAP Purchase Minimum Price Threshold
shall exclude (A)&nbsp;the opening or first purchase of Common Stock at or following the official open of such primary (or &ldquo;regular&rdquo;)
trading session that is reported in the consolidated system on such Purchase Date and (B)&nbsp;the last or closing sale of Common Stock
at or prior to the official close of such primary (or &ldquo;regular&rdquo;) trading session that is reported in the consolidated system
on such Purchase Date (as applicable). All such calculations shall be appropriately adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction.</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"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>VWAP Purchase Maximum Amount</I></B>&rdquo;
means, with respect to a VWAP Purchase made pursuant to Section 3.1, such number of shares of Common Stock equal to the lesser of: (i)&nbsp;1,500,000
shares, and (ii)&nbsp;the product of (A)&nbsp;the VWAP Purchase Percentage specified by the Company in the applicable VWAP Purchase Notice
for such VWAP Purchase, multiplied by (B)&nbsp;the total number (or volume) of shares of Common Stock traded on the Trading Market (or,
if the Common Stock is then listed on an Eligible Market, by such Eligible Market) during the VWAP Purchase Period for such VWAP Purchase;
<U>provided</U>, <U>however,</U> that the calculation of the total number (or volume) of shares of Common Stock traded on the Trading
Market (or on such Eligible Market, as applicable) during such VWAP Purchase Period referred to in clause (ii)(B) above shall exclude
from such calculation all shares of Common Stock traded in any of the following transactions, to the extent they occur during such VWAP
Purchase Period (as applicable): (1)&nbsp;the opening or first purchase of Common Stock at or following the official open of such primary
(or &ldquo;regular&rdquo;) trading session that is reported in the consolidated system on such Purchase Date, (2)&nbsp;the last or closing
sale of Common Stock at or prior to the official close of such primary (or &ldquo;regular&rdquo;) trading session that is reported in
the consolidated system on such Purchase Date (as applicable), and (3)&nbsp;provided the Company shall have specified a Limit Order Continue
Election in the applicable VWAP Purchase Notice for such VWAP Purchase, all sales of Common Stock on the Trading Market (or on such Eligible
Market, as applicable) during such VWAP Purchase Period at a Sale Price that is less than the applicable VWAP Purchase Minimum Price Threshold.
All such calculations shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse
stock split or other similar transaction.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>VWAP Purchase Minimum Price Threshold</I></B>&rdquo;
means, with respect to a VWAP Purchase made pursuant to Section 3.1, either (a)&nbsp;the dollar amount specified by the Company in the
applicable VWAP Purchase Notice for such VWAP Purchase as the per share minimum Sale Price threshold to be used in determining whether
the event in clause (iii) of the definition of &ldquo;VWAP Purchase Ending Time&rdquo; shall have occurred during the applicable VWAP
Purchase Period for such VWAP Purchase, if the Company shall have specified a Limit Order Discontinue Election in the applicable VWAP
Purchase Notice for such VWAP Purchase, or (b)&nbsp;the dollar amount specified by the Company in the applicable VWAP Purchase Notice
for such VWAP Purchase as the per share minimum Sale Price threshold to be used in determining the sales of Common Stock during the applicable
VWAP Purchase Period that shall be excluded from the calculation of the total number (or volume) of shares of Common Stock traded on the
Trading Market (or on such Eligible Market, as applicable) during such VWAP Purchase Period, if the Company shall have specified a Limit
Order Continue Election in the applicable VWAP Purchase Notice for such VWAP Purchase; <U>provided</U>, <U>however</U>, that in each case
if the Company has specified a lower dollar amount than the Threshold Price, then the per share minimum Sale Price threshold to be used
in such Intraday VWAP Purchase shall be equal to the Threshold Price; <U>provided</U>, <U>further</U>, that in each case if the Company
has not specified any such dollar amount as the per share minimum Sale Price threshold in the applicable VWAP Purchase Notice for such
VWAP Purchase, then the per share minimum Sale Price threshold to be used in such VWAP Purchase shall be such dollar amount equal to the
product of (A)&nbsp;the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the Purchase Date for such VWAP
Purchase, multiplied by (B)&nbsp;0.75. All such calculations shall be appropriately adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction.</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">&ldquo;<B><I>VWAP Purchase Notice</I></B>&rdquo; means,
with respect to a VWAP Purchase made pursuant to Section 3.1, an irrevocable written notice delivered by the Company to the Investor,
and received by the Investor, after 6:00 a.m., New York City time, and prior to 9:00 a.m., New York City time, on the Purchase Date for
such VWAP Purchase, specifying the VWAP Purchase Percentage that shall apply to such VWAP Purchase and whether a Limit Order Continue
Election or a Limit Order Discontinue Election shall apply to such VWAP Purchase, and directing the Investor to subscribe for and purchase
a specified VWAP Purchase Share Amount (such specified VWAP Purchase Share Amount subject to adjustment as set forth in Section 3.1 as
necessary to give effect to the applicable VWAP Purchase Maximum Amount for such VWAP Purchase), at the applicable VWAP Purchase Price
therefor on such Purchase Date for such VWAP Purchase in accordance with this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<B><I>VWAP Purchase Percentage</I></B>&rdquo;
means, with respect to a VWAP Purchase made pursuant to Section 3.1, the percentage specified by the Company in the applicable VWAP Purchase
Notice for such VWAP Purchase, which shall not exceed 25.0%, for purposes of calculating, among other things, the VWAP Purchase Maximum
Amount, the VWAP Purchase Share Amount and the VWAP Purchase Share Volume Maximum, in each case applicable to such VWAP Purchase.</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">&ldquo;<B><I>VWAP Purchase Period</I></B>&rdquo; means,
with respect to a VWAP Purchase made pursuant to Section 3.1, the period on the Purchase Date for such VWAP Purchase, beginning at the
applicable VWAP Purchase Commencement Time and ending at the applicable VWAP Purchase Ending Time on such Purchase Date for such VWAP
Purchase.</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">&ldquo;<B><I>VWAP Purchase Price</I></B>&rdquo; means,
with respect to a VWAP Purchase made pursuant to Section 3.1, the purchase price per Share to be purchased by the Investor in such VWAP
Purchase, equal to the product of (i)&nbsp;0.97, multiplied by (ii)&nbsp;the VWAP of the Common Stock for the applicable VWAP Purchase
Period on the applicable Purchase Date for such VWAP Purchase; <U>provided</U>, <U>however,</U> that the calculation of the VWAP for the
Common Stock for the VWAP Purchase Period for a VWAP Purchase shall exclude each of the following transactions, to the extent they occur
during such VWAP Purchase Period (as applicable): (A)&nbsp;the opening or first purchase of Common Stock at or following the official
open of such primary (or &ldquo;regular&rdquo;) trading session that is reported in the consolidated system on such Purchase Date, (B)&nbsp;the
last or closing sale of Common Stock at or prior to the official close of such primary (or &ldquo;regular&rdquo;) trading session that
is reported in the consolidated system on such Purchase Date (as applicable), and (C)&nbsp;provided the Company shall have specified a
Limit Order Continue Election in the applicable VWAP Purchase Notice for such VWAP Purchase, all sales of Common Stock on the Trading
Market (or on such Eligible Market, as applicable) during such VWAP Purchase Period at a Sale Price that is less than the applicable VWAP
Purchase Minimum Price Threshold for such VWAP Purchase. All such calculations shall be appropriately adjusted for any stock dividend,
stock split, stock combination, recapitalization or other similar transaction.</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">&ldquo;<B><I>VWAP Purchase Share Amount</I></B>&rdquo;
means, with respect to a VWAP Purchase made pursuant to Section 3.1, the total number of Shares to be purchased by the Investor in such
VWAP Purchase as specified by the Company in the applicable VWAP Purchase Notice for such VWAP Purchase, which total number of Shares
shall not exceed the VWAP Purchase Maximum Amount applicable to such VWAP Purchase, taking into account the VWAP Purchase Percentage specified
by the Company in the applicable VWAP Purchase Notice for such VWAP Purchase (and such number of Shares specified by the Company in the
applicable VWAP Purchase Notice for such VWAP Purchase shall be subject to automatic adjustment in accordance with Section 3.1 hereof
as necessary to give effect to the VWAP Purchase Maximum Amount limitation applicable to such VWAP Purchase, taking into account the VWAP
Purchase Percentage specified by the Company in the applicable VWAP Purchase Notice for such VWAP Purchase, as set forth in this Agreement).</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">&ldquo;<B><I>VWAP Purchase Share Volume Maximum</I></B>&rdquo;
means, with respect to a VWAP Purchase made pursuant to Section 3.1, a number of shares of Common Stock equal to the quotient obtained
by dividing (i)&nbsp;the VWAP Purchase Share Amount to be subscribed for and purchased by the Investor in such VWAP Purchase, by (ii)&nbsp;the
VWAP Purchase Percentage specified by the Company in the applicable VWAP Purchase Notice for such VWAP Purchase (to be appropriately adjusted
for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">EXHIBIT A</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">FORM OF REGISTRATION RIGHTS
AGREEMENT<BR>
<BR>
</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">[TO BE FURNISHED SEPARATELY]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">EXHIBIT B</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">CLOSING CERTIFICATE</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">[&bull;], 2025</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The undersigned, the [&#9679;] of Rubico Inc., a Republic
of the Marshall Islands corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), delivers this certificate in connection with the Common
Stock Purchase Agreement, dated as of July 21, 2025 (the &ldquo;<B><I>Agreement</I></B>&rdquo;), by and between the Company and
B. Riley Principal Capital II, LLC, a Delaware limited liability company (the &ldquo;<B><I>Investor</I></B>&rdquo;), and hereby certifies
on the date hereof that (capitalized terms used herein without definition have the meanings assigned to them in the Agreement):</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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached
hereto as <B>Exhibit A</B> is a true, complete and correct copy of the Articles of Incorporation of the Company, as amended through the
date hereof, as filed with the Republic of the Marshall Islands (the &ldquo;<B><I>Articles of Incorporation</I></B>&rdquo;). The Articles
of Incorporation of the Company have not been further amended or restated, and no document with respect to any amendment to the Articles
of Incorporation of the Company has been filed in the office of the Registrar of the Republic of the Marshall Islands since the date shown
on the face of the certification relating to the Company&rsquo;s Articles of Incorporation, which is in full force and effect on the date
hereof, and no action has been taken by the Company in contemplation of any such amendment or the dissolution, merger or consolidation
of the Company.</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">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached
hereto as <B>Exhibit B</B> is a true and complete copy of the Bylaws of the Company, as amended through, and as in full force and effect
on, the date hereof (the &ldquo;<B><I>Bylaws</I></B>&rdquo;), and no proposal for any amendment, repeal or other modification to the Bylaws
of the Company has been taken or is currently pending before the Board of Directors or stockholders of the Company.</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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
of Directors of the Company has approved the transactions contemplated by the Transaction Documents; said approval has not been amended,
rescinded or modified and remains in full force and effect as of the date hereof. Attached hereto as <B>Exhibit C</B> are true, correct
and complete copies of the resolutions duly adopted by the Board of Directors of the Company on [&bull;], 2025.</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">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person
who, as an officer of the Company, or as attorney-in-fact of an officer of the Company, signed the Transaction Documents to which the
Company is a party, was duly elected, qualified and acting as such officer or duly appointed and acting as such attorney-in-fact, and
the signature of each such person appearing on any such document is his genuine signature.</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">Watson Farley &amp; Williams LLP and Duane Morris LLP
shall be entitled to rely on the representations and warranties set forth herein for purposes of rendering its opinion and negative assurance
letter.</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"><B>IN WITNESS WHEREOF</B>, I have signed my name as
of the date first above written.</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"><U></U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
  <TH>&nbsp;</TH>
  <TH STYLE="border-bottom: Black 1pt solid">&nbsp;</TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%">Name:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><U><BR></U></P>

<P STYLE="margin: 0pt 0 0pt 3in; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0 0pt 3in; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">EXHIBIT C</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">COMPLIANCE CERTIFICATE</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The undersigned, the [&#9679;] of Rubico Inc., a Republic
of the Marshall Islands corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), delivers this certificate in connection with the Common
Stock Purchase Agreement, dated as of July 21, 2025 (the &ldquo;<B><I>Agreement</I></B>&rdquo;), by and between the Company and
B. Riley Principal Capital II, LLC, a Delaware limited liability company (the &ldquo;<B><I>Investor</I></B>&rdquo;), and hereby certifies
on the date hereof that, to the best of [his/her] knowledge after reasonable investigation, on behalf of the Company (capitalized terms
used herein without definition have the meanings assigned to them in the Agreement):</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="font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned is the duly appointed </FONT>[&#9679;] <FONT STYLE="font-size: 10pt">of the Company.</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">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in the attached Disclosure Schedule, the representations and warranties of the Company set forth in Article V of the Agreement
(i)&nbsp;that are not qualified by &ldquo;materiality&rdquo; or &ldquo;Material Adverse Effect&rdquo; are true and correct in all material
respects as of [the Commencement Date] [the date hereof] with the same force and effect as if made on [the Commencement Date] [the date
hereof], except to the extent such representations and warranties are as of another date, in which case, such representations and warranties
are true and correct in all material respects as of such other date and (ii)&nbsp;that are qualified by &ldquo;materiality&rdquo; or &ldquo;Material
Adverse Effect&rdquo; are true and correct as of [the Commencement Date] [the date hereof] with the same force and effect as if made on
[the Commencement Date] [the date hereof], except to the extent such representations and warranties are as of another date, in which case,
such representations and warranties are true and correct as of such other date.</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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
has performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by the Agreement
and the Registration Rights Agreement to be performed, satisfied or complied with by the Company [at or prior to Commencement][on or prior
to the date hereof].</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">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shares
issuable in respect of each VWAP Purchase Notice and each Intraday VWAP Purchase Notice effected pursuant to the Agreement shall be delivered
to the Investor electronically as DWAC Shares, and shall be freely tradable and transferable and without restriction on resale and without
any stop transfer instructions maintained against such Shares.</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">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of [the
Commencement Date][the date hereof], the Company does not possess any material non-public information.</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">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of [the
Commencement Date][the date hereof], the Company has reserved out of its authorized and unissued Common Stock, [&#9679;] shares of Common
Stock solely for the purpose of issuing Shares pursuant to VWAP Purchases and Intraday VWAP Purchases effected under the Agreement.</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">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No stop
order suspending the effectiveness of the Registration Statement or the use of the Prospectus under the Securities Act has been issued
and no proceedings for such purpose or pursuant to Section 8A of the Securities Act are pending before or, to the Knowledge of the Company,
threatened by the Commission.</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">Watson Farley &amp; Williams LLP and Duane Morris LLP
shall be entitled to rely on the representations and warranties set forth herein for purposes of rendering its opinion and negative assurance
letter.</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 undersigned has executed this Certificate this
[&#9679;] day of [&#9679;], 202[&#9679;].</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 3%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>
<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0"></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; font-weight: bold; text-transform: uppercase; text-align: center"><BR>
DISCLOSURE SCHEDULE<BR>
RELATING TO THE COMMON STOCK<BR>
PURCHASE AGREEMENT, DATED AS OF JULY [&bull;], 2025<BR>
BETWEEN RUBICO INC. AND B. Riley Principal Capital II, LLC</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</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">This disclosure schedule is made and given pursuant
to Article V of the Common Stock Purchase Agreement, dated as of July 21, 2025 (the &ldquo;<B><I>Agreement</I></B>&rdquo;), by and
between Rubico Inc., a Republic of the Marshall Islands corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and B. Riley Principal
Capital II, LLC, a Delaware limited liability company. Unless the context otherwise requires, all capitalized terms are used herein as
defined in the Agreement. The numbers below correspond to the section numbers of representations and warranties in the Agreement most
directly modified by the below exceptions.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">None.</P>




<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.16
<SEQUENCE>7
<FILENAME>exh_1016.htm
<DESCRIPTION>EXHIBIT 10.16
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.16</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">REGISTRATION RIGHTS AGREEMENT</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This <B>REGISTRATION RIGHTS AGREEMENT</B> (this &ldquo;<B><I>Agreement</I></B>&rdquo;),
dated as of July 21, 2025, is by and between B. Riley Principal Capital II, LLC, a Delaware limited liability company (the &ldquo;<B><I>Investor</I></B>&rdquo;),
and Rubico Inc., a Republic of the Marshall Islands corporation (the &ldquo;<B><I>Company</I></B>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">RECITALS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
and the Investor have entered into that certain Common Stock Purchase Agreement, dated as of the date hereof (the &ldquo;<B><I>Purchase
Agreement</I></B>&rdquo;), pursuant to which the Company may issue, from time to time, to the Investor up to $30,000,000 in aggregate
gross purchase price of newly issued shares of common stock of the Company, par value $0.01 per share (&ldquo;<B><I>Common Stock</I></B>&rdquo;).</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">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the terms of, and in consideration for the Investor entering into, the Purchase Agreement, and to induce the Investor to execute and
deliver the Purchase Agreement, the Company has agreed to provide the Investor with certain registration rights with respect to the Registrable
Securities (as defined herein) as set forth herein.</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: center; margin: 0pt 0"><B><U>AGREEMENT</U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>NOW, THEREFORE,</B> in consideration of the representations,
warranties, covenants and agreements contained herein and in the Purchase Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, intending to be legally bound hereby, the Company and the Investor hereby agree
as follows:</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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Capitalized terms used herein and not otherwise defined
herein shall have the respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following terms shall have
the following meanings:</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">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Agreement</I></B>&rdquo; shall have the meaning assigned to such term in the preamble of this Agreement.</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">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Allowable Grace Period</I></B>&rdquo; shall have the meaning assigned to such term in Section 3(p).</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">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Blue Sky Filing</I></B>&rdquo; shall have the meaning assigned to such term in Section 6(a).</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">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Business Day</I></B>&rdquo; means any day other than Saturday, Sunday or any other day on which commercial banks in
New York, New York are authorized or required by law to remain closed.</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">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Claims</I></B>&rdquo; shall have the meaning assigned to such term in Section 6(a).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Commission</I></B>&rdquo; means the U.S. Securities and Exchange Commission or any successor entity.</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">(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Common Stock</I></B>&rdquo; shall have the meaning assigned to such term in the recitals to this Agreement.</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">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Company</I></B>&rdquo; shall have the meaning assigned to such term in the preamble of this Agreement.</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">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Company Party</I></B>&rdquo; shall have the meaning assigned to such term in Section 6(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">(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Effective Date</I></B>&rdquo; means the date that the applicable Registration Statement has been declared effective
by the Commission.</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">(k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Effectiveness Deadline</I></B>&rdquo; means (i)&nbsp;with respect to the Initial Registration Statement required to
be filed to pursuant to Section 2(a), the earlier of (A)&nbsp;the 60<SUP>th</SUP> calendar day immediately after the Filing Deadline with
respect to the Initial Registration Statement, if the Initial Registration Statement is subject to review by the Commission, or (B)&nbsp;if
the Company is notified (orally or in writing) by the Commission that the Initial Registration Statement will not be reviewed by the Commission,
the fifth Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the
Initial Registration Statement will not be reviewed by the Commission, and (ii)&nbsp;with respect to any New Registration Statements that
may be required to be filed by the Company pursuant to this Agreement, the earlier of (A)&nbsp;the 60<SUP>th</SUP> calendar day immediately
after the Filing Deadline with respect to such New Registration Statement, if such New Registration Statement is subject to review by
the Commission, or (B)&nbsp;if the Company is notified (orally or in writing) by the Commission that such New Registration Statement will
not be reviewed by the Commission, the 5<SUP>th</SUP> Business Day after the date the Company is notified (orally or in writing, whichever
is earlier) by the Commission that such New Registration Statement will not be reviewed by the Commission.</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">(l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Filing Deadline</I></B>&rdquo; means (i)&nbsp;with respect to the Initial Registration Statement required to be filed
to pursuant to Section 2(a), the tenth Business Day after the date of this Agreement and (ii)&nbsp;with respect to any New Registration
Statements that may be required to be filed by the Company pursuant to this Agreement, the tenth Business Day following the sale of substantially
all of the Registrable Securities included in the Initial Registration Statement or the most recent prior New Registration Statement,
as applicable, or such other date as permitted by the Commission.</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">(m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>FINRA Filing</I></B>&rdquo; shall have the meaning assigned to such term in the Purchase Agreement.</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">(n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Indemnified Damages</I></B>&rdquo; shall have the meaning assigned to such term in Section 6(a).</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">(o)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Initial Registration Statement</I></B>&rdquo; shall have the meaning assigned to such term in Section 2(a).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</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; text-indent: 0.5in; margin: 0pt 0">(p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Investor</I></B>&rdquo; shall have the meaning assigned to such term in the preamble of this Agreement.</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">(q)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Investor Party</I></B>&rdquo; and &ldquo;<B><I>Investor Parties</I></B>&rdquo; shall have the meaning assigned to
such terms in Section 6(a).</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">(r)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Legal Counsel</I></B>&rdquo; shall have the meaning assigned to such term in Section 2(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">(s)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>New Registration Statement</I></B>&rdquo; shall have the meaning assigned to such term in Section 2(c).</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">(t)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Person</I></B>&rdquo; means any person or entity, whether a natural person, trustee, corporation, partnership, limited
partnership, limited liability company, trust, unincorporated organization, business association, firm, joint venture, governmental agency
or authority.</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">(u)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Prospectus</I></B>&rdquo; means the prospectus in the form included in the Registration Statement at the applicable
Effective Date of the Registration Statement, as supplemented from time to time by any Prospectus Supplement, including the documents
incorporated by reference therein.</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">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Prospectus Supplement</I></B>&rdquo; means any prospectus supplement to the Prospectus filed with the Commission from
time to time pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the &ldquo;<B><I>Securities Act</I></B>&rdquo;), including
the documents incorporated by reference therein.</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">(w)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Purchase Agreement</I></B>&rdquo; shall have the meaning assigned to such term in the recitals to this Agreement.</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">(x)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>register</I></B>,&rdquo; &ldquo;<B><I>registered</I></B>,&rdquo; and &ldquo;<B><I>registration</I></B>&rdquo; refer
to a registration effected by preparing and filing one or more Registration Statements in compliance with the Securities Act and pursuant
to Rule 415 and the declaration of effectiveness of such Registration Statement(s) by the Commission.</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">(y)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Registrable Securities</I></B>&rdquo; means all of (i)&nbsp;the shares of Common Stock (the &ldquo;<B><I>Shares</I></B>&rdquo;)
and (ii)&nbsp;any capital stock of the Company issued or issuable with respect to such Shares, including, without limitation, (1)&nbsp;as
a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise and (2)&nbsp;shares of capital stock
of the Company into which the shares of Common Stock are converted or exchanged and shares of capital stock of a successor entity into
which the shares of Common Stock are converted or exchanged, in each case until such time as such securities cease to be Registrable Securities
pursuant to Section 2(f).</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">(z)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Registration Statement</I></B>&rdquo; means a registration statement or registration statements of the Company filed
under the Securities Act covering the resale by the Investor of Registrable Securities, as such registration statement or registration
statements may be amended and supplemented from time to time, including all documents filed as part thereof or incorporated by reference
therein.</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">(aa)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Registration Period</I></B>&rdquo; shall have the meaning assigned to such term in Section 3(a).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</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; text-indent: 0.5in; margin: 0pt 0">(bb)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Rule 144</I></B>&rdquo; means Rule 144 promulgated by the Commission under the Securities Act, as such rule may be
amended from time to time, or any other similar or successor rule or regulation of the Commission that may at any time permit the Investor
to sell securities of the Company to the public without registration.</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">(cc)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Rule 415</I></B>&rdquo; means Rule 415 promulgated by the Commission under the Securities Act, as such rule may be
amended from time to time, or any other similar or successor rule or regulation of the Commission providing for offering securities on
a delayed or continuous basis.</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">(dd)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Staff</I></B>&rdquo; shall have the meaning assigned to such term in Section 2(c).</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">(ee)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B><I>Violations</I></B>&rdquo; shall have the meaning assigned to such term in Section 6(a).</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">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory
Registration</U>. The Company shall prepare and, as soon as practicable, but in no event later than the Filing Deadline, file with the
Commission the Initial Registration Statement on Form F-1 (or any successor form) covering the resale by the Investor of (i) the maximum
number of Registrable Securities as shall be permitted to be included thereon in accordance with applicable Commission rules, regulations
and interpretations so as to permit the resale of such Registrable Securities by the Investor under Rule 415 under the Securities Act
at then prevailing market prices (and not fixed prices) (the &ldquo;<B><I>Initial Registration Statement</I></B>&rdquo;). The Initial
Registration Statement shall contain the &ldquo;Selling Stockholder&rdquo; and &ldquo;Plan of Distribution&rdquo; sections in substantially
the form attached hereto as <U>Exhibit A</U>. The Company shall use its commercially reasonable efforts to have the Initial Registration
Statement declared effective by the Commission as soon as reasonably practicable, but in no event later than the applicable Effectiveness
Deadline.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Counsel</U>. Subject to Section 5 hereof, the Investor shall have the right to select one legal counsel to review, solely on its behalf,
any registration pursuant to this Section 2 (&ldquo;<B><I>Legal Counsel</I></B>&rdquo;), which shall be Duane Morris LLP, or such other
counsel as thereafter designated by the Investor. Except as provided under Section 10.1(i) of the Purchase Agreement, the Company shall
have no obligation to reimburse the Investor for any and all legal fees and expenses of the Legal Counsel incurred in connection with
the transactions contemplated hereby.</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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sufficient
Number of Shares Registered</U>. If at any time all Registrable Securities are not covered by the Initial Registration Statement filed
pursuant to Section 2(a) as a result of Section 2(e) or otherwise, the Company shall use its commercially reasonable efforts to file with
the Commission one or more additional Registration Statements so as to cover all of the Registrable Securities not covered by the Initial
Registration Statement, in each case, as soon as practicable (taking into account any position of the staff of the Commission (&ldquo;<B><I>Staff</I></B>&rdquo;)
with respect to the date on which the Staff will permit such additional Registration Statement(s) to be filed with the Commission and
the rules and regulations of the Commission) (each such additional Registration Statement, a &ldquo;<B><I>New Registration Statement</I></B>&rdquo;),
but in no event later than the applicable Filing Deadline for such New Registration Statement(s). The Company shall use its commercially
reasonable efforts to cause each such New Registration Statement to become effective as soon as reasonably practicable following the filing
thereof with the Commission, but in no event later than the applicable Effectiveness Deadline for such New Registration Statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</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; text-indent: 0.5in; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Inclusion of Other Securities</U>. In no event shall the Company include any securities other than Registrable Securities on any Registration
Statement pursuant to Section 2(a) or Section 2(c).</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">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Offering</U>.
If the Staff or the Commission seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement
as constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales
by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed prices), or if after the
filing of any Registration Statement pursuant to Section 2(a) or Section 2(c), the Company is otherwise required by the Staff or the Commission
to reduce the number of Registrable Securities included in such Registration Statement, then the Company shall reduce the number of Registrable
Securities to be included in such Registration Statement (after consultation with the Investor and Legal Counsel as to the specific Registrable
Securities to be removed therefrom) until such time as the Staff and the Commission shall so permit such Registration Statement to become
effective and be used as aforesaid. Notwithstanding anything in this Agreement to the contrary, if after giving effect to the actions
referred to in the immediately preceding sentence, the Staff or the Commission does not permit such Registration Statement to become effective
and be used for resales by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed
prices), the Company shall not request acceleration of the Effective Date of such Registration Statement, the Company shall promptly (but
in no event later than 48 hours) request the withdrawal of such Registration Statement pursuant to Rule 477 under the Securities Act,
and the Effectiveness Deadline shall automatically be deemed to have elapsed with respect to such Registration Statement at such time
as the Staff or the Commission has made a final and non-appealable determination that the Commission will not permit such Registration
Statement to be so utilized (unless prior to such time the Company has received assurances from the Staff or the Commission that a New
Registration Statement filed by the Company with the Commission promptly thereafter may be so utilized). In the event of any reduction
in Registrable Securities pursuant to this paragraph, the Company shall use its commercially reasonable efforts to file one or more New
Registration Statements with the Commission in accordance with Section 2(c) until such time as all Registrable Securities have been included
in Registration Statements that have been declared effective and the Prospectuses contained therein are available for use by the Investor.</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">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Registrable
Security shall cease to be a &ldquo;Registrable Security&rdquo; at the earliest of the following: (i)&nbsp;when a Registration Statement
covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has been sold
or disposed of pursuant to such effective Registration Statement; and (ii)&nbsp;the date that is the later of (A)&nbsp;the first anniversary
of the effective date of termination of the Purchase Agreement in accordance with Article VIII of the Purchase Agreement and (B)&nbsp;the
first anniversary of the date of the last sale of any Registrable Securities by the Company to the Investor pursuant to the Purchase Agreement.</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Related Obligations</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Company shall use its commercially reasonable efforts
to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof, and, pursuant
thereto, during the term of this Agreement, the Company shall have the following obligations:</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">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall promptly prepare and file with the Commission the Initial Registration Statement pursuant to Section 2(a) hereof and one or more
New Registration Statements pursuant to Section 2(c) hereof with respect to the Registrable Securities, but in no event later than the
applicable Filing Deadline therefor, and the Company shall use its commercially reasonable efforts to cause each such Registration Statement
to become effective as soon as practicable after such filing, but in no event later than the applicable Effectiveness Deadline therefor.
Subject to Allowable Grace Periods, the Company shall keep each Registration Statement effective (and the Prospectus contained therein
available for use) pursuant to Rule 415 for resales by the Investor on a continuous basis at then-prevailing market prices (and not fixed
prices) at all times until the earlier of (i)&nbsp;the date on which the Investor shall have sold all of the Registrable Securities covered
by such Registration Statement and (ii)&nbsp;the date of termination of the Purchase Agreement if as of such termination date the Investor
holds no Registrable Securities (or, if applicable, the date on which such securities cease to be Registrable Securities after the date
of termination of the Purchase Agreement) (the &ldquo;<B><I>Registration Period</I></B>&rdquo;). Notwithstanding anything to the contrary
contained in this Agreement (but subject to the provisions of Section 3(p) hereof), the Company shall ensure that, when filed and at all
times while effective, each Registration Statement (including, without limitation, all amendments and supplements thereto) and the Prospectus
(including, without limitation, all amendments and supplements thereto) used in connection with such Registration Statement shall not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the
statements therein (in the case of Prospectuses, in the light of the circumstances in which they were made) not misleading. The Company
shall submit to the Commission, as soon as reasonably practicable after the date that the Company learns that no review of a particular
Registration Statement will be made by the Staff or that the Staff has no further comments on a particular Registration Statement (as
the case may be), a request for acceleration of effectiveness of such Registration Statement to a time and date prior to the applicable
Effectiveness Deadline in accordance with Rule 461 under the Securities Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 3(p) of this Agreement, the Company shall use its commercially reasonable efforts to prepare and file with the Commission
such amendments (including, without limitation, post-effective amendments) and supplements to each Registration Statement and the
Prospectus used in connection with each such Registration Statement, which Prospectus is to be filed pursuant to Rule 424
promulgated under the Securities Act, as may be necessary to keep each such Registration Statement effective (and the Prospectus
contained therein current and available for use) at all times during the Registration Period for such Registration Statement, and,
during such period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
of the Company required to be covered by such Registration Statement until such time as all of such Registrable Securities shall
have been disposed of in accordance with the intended methods of disposition by the Investor. Without limiting the generality of the
foregoing, the Company covenants and agrees that (i)&nbsp;on or before the second Trading Day immediately following the Effective
Date of the Initial Registration Statement and any New Registration Statement (or any post-effective amendment thereto), the Company
shall file with the Commission in accordance with Rule 424(b) under the Securities Act the final Prospectus to be used in connection
with sales pursuant to such Registration Statement (or post-effective amendment thereto), and (ii)&nbsp;if the transactions
contemplated by any one or more VWAP Purchases and/or any one or more Intraday VWAP Purchases are material to the Company
(individually or collectively), the material terms of which have not previously been described in the Prospectus or any Prospectus
Supplement filed with the Commission under Rule 424(b) under the Securities Act (or in any periodic report, statement, schedule or
other document filed by the Company with the Commission under the Exchange Act and incorporated by reference in the Registration
Statement and the Prospectus), or if otherwise required under the Securities Act (or the public written interpretive guidance of the
Staff of the Commission relating thereto), in each case as reasonably and mutually determined by the Company and the Investor, then,
no later than (i)&nbsp;9:00 a.m., New York City time, on the Purchase Date for such VWAP Purchase and (ii)&nbsp;as soon as
reasonably practicable on the Purchase Date for such Intraday VWAP Purchase(s), the Company shall file with the Commission a
Prospectus Supplement pursuant to Rule 424(b) under the Securities Act with respect to such VWAP Purchase(s) and such Intraday VWAP
Purchase(s) (as applicable) requiring such filing, disclosing the total number of Shares that are to be issued and sold to the
Investor pursuant to such VWAP Purchase(s) and Intraday VWAP Purchase(s) (as applicable), the total purchase price for the Shares
subject thereto, the applicable purchase price(s) for such Shares and the estimated net proceeds to be received by the Company from
the sale of such Shares. To the extent not previously disclosed in the Prospectus or a Prospectus Supplement, the Company shall
disclose in its quarterly or semi-annual financial statements on Form 6-K and in its Annual Reports on Form 20-F the information
described in the immediately preceding sentence relating to all VWAP Purchase(s) and all Intraday VWAP Purchase(s) (as applicable)
effected and settled during the relevant fiscal quarter and shall file such quarterly or semi-annual financial statements on Form
6-K and Annual Reports on Form 20-F with the Commission within the applicable time period prescribed for such report under the
Exchange Act. In the case of amendments and supplements to any Registration Statement on Form F-1 or Prospectus related thereto
which are required to be filed pursuant to this Agreement (including, without limitation, pursuant to this Section 3(b)) by reason
of the Company filing a report on Form 6-K or Form 20-F or any analogous report under the Exchange Act, the Company shall have
incorporated such report by reference into such Registration Statement and Prospectus, if applicable, or shall promptly file such
amendments or supplements to the Registration Statement or Prospectus with the Commission, for the purpose of including or
incorporating such report into such Registration Statement and Prospectus. The Company consents to the use of the Prospectus
(including, without limitation, any supplement thereto) included in each Registration Statement in accordance with the provisions of
the Securities Act and with the securities or &ldquo;Blue Sky&rdquo; laws of the jurisdictions in which the Registrable Securities
may be sold by the Investor, in connection with the resale of the Registrable Securities and for such period of time thereafter as
such Prospectus (including, without limitation, any supplement thereto) (or in lieu thereof, the notice referred to in Rule 173(a)
under the Securities Act) is required by the Securities Act to be delivered in connection with resales of Registrable
Securities.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall (A)&nbsp;permit Legal Counsel an opportunity to review and comment upon (i)&nbsp;each Registration Statement at least two Business
Days prior to its filing with the Commission and (ii)&nbsp;all amendments and supplements to each Registration Statement (including, without
limitation, the Prospectus contained therein) (except for Annual Reports on Form 20-F and reports on Form 6-K, and any similar or successor
reports or Prospectus Supplements the contents of which is limited to that set forth in such reports) within a reasonable number of days
prior to their filing with the Commission, and (B)&nbsp;shall reasonably consider any comments of the Investor and Legal Counsel on any
such Registration Statement or amendment or supplement thereto or to any Prospectus contained therein. The Company shall promptly furnish
to Legal Counsel, without charge, (i)&nbsp;electronic copies of any correspondence from the Commission or the Staff to the Company or
its representatives relating to each Registration Statement (which correspondence shall be redacted to exclude any material, nonpublic
information regarding the Company or any of its Subsidiaries), (ii)&nbsp;after the same is prepared and filed with the Commission, one
electronic copy of each Registration Statement and any amendment(s) and supplement(s) thereto, including, without limitation, financial
statements and schedules, all documents incorporated therein by reference, if requested by the Investor, and all exhibits and (iii)&nbsp;upon
the effectiveness of each Registration Statement, one electronic copy of the Prospectus included in such Registration Statement and all
amendments and supplements thereto; <U>provided</U>, <U>however</U>, the Company shall not be required to furnish any document (other
than the Prospectus, which may be provided in .PDF format) to Legal Counsel to the extent such document is available on EDGAR.</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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting any obligation of the Company under the Purchase Agreement, the Company shall promptly furnish to the Investor, without charge,
(i)&nbsp;after the same is prepared and filed with the Commission, at least one electronic copy of each Registration Statement and any
amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated
therein by reference, if requested by the Investor, all exhibits thereto, (ii)&nbsp;upon the effectiveness of each Registration Statement,
one electronic copy of the Prospectus included in such Registration Statement and all amendments and supplements thereto (or such other
number of copies as the Investor may reasonably request from time to time) and (iii)&nbsp;such other documents, including, without limitation,
copies of any final Prospectus and any Prospectus Supplement thereto, as the Investor may reasonably request from time to time in order
to facilitate the disposition of the Registrable Securities owned by the Investor; <U>provided</U>, <U>however</U>, the Company shall
not be required to furnish any document (other than the Prospectus, which may be provided in .PDF format) to the Investor to the extent
such document is available on EDGAR.</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">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall take such action as is reasonably necessary to (i)&nbsp;register and qualify, unless an exemption from registration and qualification
applies, the resale by the Investor of the Registrable Securities covered by a Registration Statement under such other securities or &ldquo;Blue
Sky&rdquo; laws of all applicable jurisdictions in the United States, (ii)&nbsp;prepare and file in those jurisdictions, such amendments
(including, without limitation, post-effective amendments) and supplements to such registrations and qualifications as may be necessary
to maintain the effectiveness thereof during the Registration Period, (iii)&nbsp;take such other actions as may be reasonably necessary
to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv)&nbsp;take all other
actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; <U>provided</U>, <U>however</U>,
the Company shall not be required in connection therewith or as a condition thereto to (x)&nbsp;qualify to do business in any jurisdiction
where it would not otherwise be required to qualify but for this Section 3(e), (y)&nbsp;subject itself to general taxation in any such
jurisdiction, or (z)&nbsp;file a general consent to service of process in any such jurisdiction. The Company shall promptly notify Legal
Counsel and the Investor of the receipt by the Company of any notification with respect to the suspension of the registration or qualification
of any of the Registrable Securities for sale under the securities or &ldquo;Blue Sky&rdquo; laws of any jurisdiction in the United States
or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall notify Legal Counsel and the Investor in writing of the happening of any event, as promptly as reasonably practicable after becoming
aware of such event, as a result of which the Prospectus included in a Registration Statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material,
non-public information regarding the Company or any of its Subsidiaries), and, subject to Section 3(p), promptly prepare a supplement
or amendment to such Registration Statement and such Prospectus contained therein to correct such untrue statement or omission and deliver
one electronic copy of such supplement or amendment to Legal Counsel and the Investor (or such other number of copies as Legal Counsel
or the Investor may reasonably request). The Company shall also promptly notify Legal Counsel and the Investor in writing (i)&nbsp;when
a Prospectus or any Prospectus Supplement or post-effective amendment has been filed, when a Registration Statement or any post-effective
amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and the Investor by e-mail on the
same day of such effectiveness), and when the Company receives written notice from the Commission that a Registration Statement or any
post-effective amendment will be reviewed by the Commission, (ii)&nbsp;of any request by the Commission for amendments or supplements
to a Registration Statement or related Prospectus or related information, (iii)&nbsp;of the Company&rsquo;s reasonable determination that
a post-effective amendment to a Registration Statement would be appropriate and (iv)&nbsp;of the receipt of any request by the Commission
or any other federal or state governmental authority for any additional information relating to the Registration Statement or any amendment
or supplement thereto or any related Prospectus. The Company shall also advise the Investor promptly (but in no event later than 24 hours)
and shall confirm such advice in writing of the Company becoming aware of the happening of any event, which makes any statement made in
the FINRA Filing untrue or which requires the making of any additions to or changes to the statements then made in the FINRA Filing in
order to comply with FINRA Rules 5110 and 5121. The Company shall respond as promptly as reasonably practicable to any comments received
from the Commission with respect to a Registration Statement or any amendment thereto. Nothing in this Section 3(f) shall limit any obligation
of the Company under the Purchase Agreement.</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">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall (i)&nbsp;use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness
of a Registration Statement or the use of any Prospectus contained therein, or the suspension of the qualification, or the loss of an
exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is
issued, to obtain the withdrawal of such order or suspension at the earliest possible time and (ii)&nbsp;notify Legal Counsel and the
Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless (i)&nbsp;disclosure
of such information is necessary to comply with federal or state securities laws, (ii)&nbsp;the disclosure of such information is necessary
to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required to be disclosed in such Registration
Statement pursuant to the Securities Act, (iii)&nbsp;the release of such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent jurisdiction, or (iv)&nbsp;such information has been made generally
available to the public other than by disclosure in violation of this Agreement or any other Transaction Document. The Company agrees
that it shall, upon learning that disclosure of such information concerning the Investor is sought in or by a court or governmental body
of competent jurisdiction or through other means, give prompt written notice to the Investor and allow the Investor, at the Investor&rsquo;s
expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.</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">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting any obligation of the Company under the Purchase Agreement, the Company shall use its commercially reasonable efforts either
to (i)&nbsp;cause all of the Registrable Securities covered by each Registration Statement to be listed on the Trading Market, or (ii)&nbsp;secure
designation and quotation of all of the Registrable Securities covered by each Registration Statement on another Eligible Market. The
Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(i).</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">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall cooperate with the Investor and, to the extent applicable, facilitate the timely preparation and delivery of Registrable Securities,
as DWAC Shares, to be offered pursuant to a Registration Statement and enable such DWAC Shares to be in such denominations or amounts
(as the case may be) as the Investor may reasonably request from time to time and registered in such names as the Investor may request.
Investor hereby agrees that it shall cooperate with the Company, its counsel and its transfer agent in connection with any issuances of
DWAC Shares, and hereby represents, warrants and covenants to the Company that it will resell such DWAC Shares only pursuant to the Registration
Statement in which such DWAC Shares are included, in a manner described under the caption &ldquo;Plan of Distribution&rdquo; in such Registration
Statement, and in a manner in compliance with all applicable U.S. federal and state securities laws, rules and regulations, including,
without limitation, any applicable prospectus delivery requirements of the Securities Act. At the time such DWAC Shares are offered and
sold pursuant to the Registration Statement, such DWAC Shares shall be free from all restrictive legends and may be transmitted by the
Company&rsquo;s transfer agent to the Investor by crediting an account at DTC as directed in writing by the Investor.</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"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the
written request of the Investor, the Company shall as soon as reasonably practicable after receipt of notice from the Investor and subject
to Section 3(p) hereof, (i)&nbsp;incorporate in a Prospectus Supplement or post-effective amendment such information as the Investor reasonably
requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information
with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms
of the offering of the Registrable Securities to be sold in such offering; (ii)&nbsp;make all required filings of such Prospectus Supplement
or post-effective amendment after being notified of the matters to be incorporated in such Prospectus Supplement or post-effective amendment;
and (iii)&nbsp;supplement or make amendments to any Registration Statement or Prospectus contained therein if reasonably requested by
the Investor.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall use its commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable
Securities.</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">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall make generally available to its security holders (which may be satisfied by making such information available on EDGAR) as soon
as practical, but not later than 90 days after the close of the period covered thereby, an earnings statement (in form complying with,
and in the manner provided by, the provisions of Rule 158 under the Securities Act) covering a twelve-month period beginning not later
than the first day of the Company&rsquo;s fiscal quarter next following the applicable Effective Date of each 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">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission in connection
with any registration hereunder.</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">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
one Business Day after each Registration Statement which covers Registrable Securities is declared effective by the Commission, the Company
shall deliver to the transfer agent for such Registrable Securities (with copies to the Investor) an opinion of the Company&rsquo;s legal
counsel advising the transfer agent that such Registration Statement has been declared effective by the Commission, in such form as shall
be acceptable to the transfer agent.</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">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained herein (but subject to the last sentence of this Section 3(p)), at any time after the Effective Date
of a particular Registration Statement, the Company may, upon written notice to Investor, suspend Investor&rsquo;s use of any prospectus
that is a part of any Registration Statement (in which event the Investor shall discontinue sales of the Registrable Securities pursuant
to such Registration Statement contemplated by this Agreement, but shall settle any previously made sales of Registrable Securities) if
the Company (x)&nbsp;is pursuing an acquisition, merger, tender offer, reorganization, disposition or other similar transaction and the
Company determines in good faith that (A)&nbsp;the Company&rsquo;s ability to pursue or consummate such a transaction would be materially
adversely affected by any required disclosure of such transaction in such Registration Statement or other registration statement or (B)&nbsp;such
transaction renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical
or inadvisable to cause any Registration Statement (or such filings) to be used by Investor or to promptly amend or supplement any Registration
Statement contemplated by this Agreement on a post effective basis, as applicable, or (y)&nbsp;has experienced some other material non-public
event the disclosure of which at such time, in the good faith judgment of the Company, would materially adversely affect the Company (each,
an &ldquo;<B><I>Allowable Grace Period</I></B>&rdquo;); <U>provided</U><I>, </I><U>however</U>, that in no event shall the Investor be
suspended from selling Registrable Securities pursuant to any Registration Statement for a period that exceeds 30 consecutive Trading
Days or an aggregate of 90 Trading Days in any 365-day period; and <U>provided</U><I>, </I><U>further</U>, the Company shall not effect
any such suspension during (A)&nbsp;the first ten consecutive Trading Days after the Effective Date of the particular Registration Statement
or (B)&nbsp;the five-Trading Day period commencing on the Purchase Date for each VWAP Purchase and for each Intraday VWAP Purchase (as
applicable). Upon disclosure of such information or the termination of the condition described above, the Company shall provide prompt
notice, but in any event within one Business Day of such disclosure or termination, to the Investor and shall promptly terminate any suspension
of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated
in this Agreement (including as set forth in the first sentence of Section 3(f) with respect to the information giving rise thereto unless
such material, non-public information is no longer applicable). Notwithstanding anything to the contrary contained in this Section 3(p),
the Company shall cause its transfer agent to deliver DWAC Shares to a transferee of the Investor in accordance with the terms of the
Purchase Agreement in connection with any sale of Registrable Securities with respect to which (i)&nbsp;the Company has made a sale to
Investor and (ii)&nbsp;the Investor has entered into a contract for sale, and delivered a copy of the Prospectus included as part of the
particular Registration Statement to the extent applicable, in each case prior to the Investor&rsquo;s receipt of the notice of an Allowable
Grace Period and for which the Investor has not yet settled.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Obligations of the Investor</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least
five Business Days prior to the first anticipated filing date of each Registration Statement (or such shorter period to which the parties
agree), the Company shall notify the Investor in writing of the information the Company requires from the Investor with respect to such
Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this
Agreement with respect to the Registrable Securities of the Investor that the Investor shall furnish to the Company such information regarding
itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall
be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities and shall execute such
documents in connection with such registration as the Company may reasonably request.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investor,
by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection
with the preparation and filing of each Registration Statement hereunder, unless the Investor has notified the Company in writing of the
Investor&rsquo;s election to exclude all of the Investor&rsquo;s Registrable Securities from such 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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investor
agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(p) or the first
sentence of 3(f), the Investor shall immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s)
covering such Registrable Securities until the Investor&rsquo;s receipt of the copies of the supplemented or amended Prospectus contemplated
by Section 3(p) or the first sentence of Section 3(f) or receipt of notice that no supplement or amendment is required. Notwithstanding
anything to the contrary in this Section 4(c), the Company shall cause its transfer agent to deliver DWAC Shares to a transferee of the
Investor in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to
which the Investor has entered into a contract for sale prior to the Investor&rsquo;s receipt of a notice from the Company of the happening
of any event of the kind described in Section 3(p) or the first sentence of Section 3(f) and for which the Investor has not yet settled.</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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investor
covenants and agrees that it shall comply with the prospectus delivery and other requirements of the Securities Act as applicable to it
in connection with sales of Registrable Securities pursuant to a Registration Statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses of Registration</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Each party shall bear its own fees and expenses related
to the transactions contemplated by this Agreement. For the avoidance of doubt, the Company shall pay for all registration, listing and
qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the Company; and the Investor shall pay any
sales or brokerage commissions and fees and disbursements of counsel for, and other expenses of, the Investor incurred in connection with
the registrations, filings or qualifications pursuant to Section 2 and 3, and all U.S. federal, state and local stamp and other similar
transfer and other taxes and duties levied in connection with the sale of the Securities pursuant hereto.</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">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the
event any Registrable Securities are included in any Registration Statement under this Agreement, to the fullest extent permitted by law,
the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each of its directors, officers, stockholders, members,
partners, employees, agents, advisors, representatives (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding the lack of such title or any other title) and each Person, if any, who controls the Investor within the meaning
of the Securities Act or the Exchange Act and each of the directors, officers, stockholders, members, partners, employees, agents, advisors,
representatives (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of
such title or any other title) of such controlling Persons (each, an &ldquo;<B><I>Investor Party</I></B>&rdquo; and collectively, the
&ldquo;<B><I>Investor Partie</I></B>s&rdquo;), against any losses, obligations, claims, damages, liabilities, contingencies, judgments,
fines, penalties, charges, costs (including, without limitation, court costs, reasonable attorneys&rsquo; fees, costs of defense and investigation),
amounts paid in settlement or expenses, joint or several, (collectively, &ldquo;<B><I>Claims</I></B>&rdquo;) reasonably incurred in investigating,
preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any
court or governmental, administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether or not
an Investor Party is or may be a party thereto (&ldquo;<B><I>Indemnified Damages</I></B>&rdquo;), to which any of them may become subject
insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon:
(i)&nbsp;any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment
thereto or in any filing made in connection with the qualification of the offering under the securities or other &ldquo;Blue Sky&rdquo;
laws of any jurisdiction in which Registrable Securities are offered (&ldquo;<B><I>Blue Sky Filing</I></B>&rdquo;), or the omission or
alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading or
(ii)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (as amended or supplemented)
or in any Prospectus Supplement or the omission or alleged omission to state therein any material fact necessary to make the statements
made therein, in the light of the circumstances under which the statements therein were made, not misleading (the matters in the foregoing
clauses (i) and (ii) being, collectively, &ldquo;<B><I>Violations</I></B>&rdquo;). Subject to Section 6(e), the Company shall reimburse
the Investor Parties, promptly as such expenses are incurred and are due and payable, for any reasonable and documented legal fees or
other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the
contrary contained herein, the indemnification agreement contained in this Section 6(a): (i)&nbsp;shall not apply to a Claim by an Investor
Party arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to
the Company by such Investor Party for such Investor Party expressly for use in connection with the preparation of such Registration Statement,
Prospectus or Prospectus Supplement or any such amendment thereof or supplement thereto (it being hereby acknowledged and agreed that
the written information set forth on <U>Exhibit B</U> attached hereto is the only written information furnished to the Company by or on
behalf of the Investor expressly for use in any Registration Statement, Prospectus or Prospectus Supplement); (ii)&nbsp;shall not be available
to the Investor to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the Prospectus (as
amended or supplemented) made available by the Company (to the extent applicable), including, without limitation, a corrected Prospectus,
if such Prospectus (as amended or supplemented) or corrected Prospectus was timely made available by the Company pursuant to Section 3(d)
and then only if, and to the extent that, following the receipt of the corrected Prospectus no grounds for such Claim would have existed;
and (iii)&nbsp;shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent
of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Investor Party and shall survive the transfer of any of the Registrable Securities by
the Investor pursuant to Section 9.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection
with any Registration Statement in which the Investor is participating, the Investor agrees to severally and not jointly indemnify, hold
harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each
of its officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of the Securities
Act or the Exchange Act (each, a &ldquo;<B><I>Company Party</I></B>&rdquo;), against any Claim or Indemnified Damages to which any of
them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out
of or are based upon any Violation, in each case, to the extent, and only to the extent, that such Violation occurs in reliance upon and
in conformity with written information relating to the Investor furnished to the Company by the Investor expressly for use in connection
with such Registration Statement, the Prospectus included therein or any Prospectus Supplement thereto (it being hereby acknowledged and
agreed that the written information set forth on <U>Exhibit B</U> attached hereto is the only written information furnished to the Company
by or on behalf of the Investor expressly for use in any Registration Statement, Prospectus or Prospectus Supplement); and, subject to
Section 6(e) and the below provisos in this Section 6(b), the Investor shall reimburse a Company Party any legal or other expenses reasonably
incurred by such Company Party in connection with investigating or defending any such Claim; <U>provided</U>, <U>however</U>, the indemnity
agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall
not be unreasonably withheld or delayed; and <U>provided, further</U> that the Investor shall be liable under this Section 6(b) for only
that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the applicable sale of
Registrable Securities pursuant to such Registration Statement, Prospectus or Prospectus Supplement. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of such Company Party and shall survive the transfer of any of the
Registrable Securities by the Investor pursuant to Section 9.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</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; text-indent: 0.5in; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after receipt by an Investor Party or Company Party (as the case may be) under this Section 6 of notice of the commencement of any action
or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Investor Party or Company
Party (as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver
to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate
in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control
of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Investor Party or the Company Party (as the
case may be); <U>provided</U>, <U>however</U>, an Investor Party or Company Party (as the case may be) shall have the right to retain
its own counsel with the reasonable and documented fees and expenses of such counsel to be paid by the indemnifying party if: (i)&nbsp;the
indemnifying party has agreed in writing to pay such fees and expenses; (ii)&nbsp;the indemnifying party shall have failed promptly to
assume the defense of such Claim and to employ counsel reasonably satisfactory to such Investor Party or Company Party (as the case may
be) in any such Claim; or (iii)&nbsp;the named parties to any such Claim (including, without limitation, any impleaded parties) include
both such Investor Party or Company Party (as the case may be) and the indemnifying party, and such Investor Party or such Company Party
(as the case may be) shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent
such Investor Party or such Company Party and the indemnifying party (in which case, if such Investor Party or such Company Party (as
the case may be) notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying
party, then the indemnifying party shall not have the right to assume the defense thereof on behalf of the indemnified party and such
counsel shall be at the expense of the indemnifying party, <U>provided further</U> that in the case of clause (iii)&nbsp;above the indemnifying
party shall not be responsible for the reasonable fees and expenses of more than one separate legal counsel for all Investor Parties or
Company Parties (as the case may be). The Company Party or Investor Party (as the case may be) shall reasonably cooperate with the indemnifying
party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying
party all information reasonably available to the Company Party or Investor Party (as the case may be) which relates to such action or
Claim. The indemnifying party shall keep the Company Party or Investor Party (as the case may be) reasonably apprised at all times as
to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement
of any action, claim or proceeding effected without its prior written consent; <U>provided</U>, <U>however</U>, the indemnifying party
shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the
Company Party or Investor Party (as the case may be), which consent shall not be unreasonably withheld, conditioned or delayed, consent
to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Company Party or Investor Party (as the case may be) of a release from all liability in respect
to such Claim or litigation, and such settlement shall not include any admission as to fault on the part of the Company Party. For the
avoidance of doubt, the immediately preceding sentence shall apply to Sections 6(a) and 6(b) hereof. Following indemnification as provided
for hereunder, the indemnifying party shall be subrogated to all rights of the Company Party or Investor Party (as the case may be) with
respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver
written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying
party of any liability to the Investor Party or Company Party (as the case may be) under this Section 6, except to the extent that the
indemnifying party is materially and adversely prejudiced in its ability to defend such action.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</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; text-indent: 0.5in; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Person
involved in the sale of Registrable Securities who is guilty of bad faith, gross negligence, willful or reckless misconduct or fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection with such sale shall be entitled to indemnification
from any Person involved in such sale of Registrable Securities who is not guilty of fraudulent misrepresentation.</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">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification
required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
as and when bills are received or Indemnified Damages are incurred; <U>provided</U>, that any Person receiving any payment pursuant to
this Section 6 shall promptly reimburse the Person making such payment for the amount of such payment to the extent a court of competent
jurisdiction determines that such Person receiving such payment was not entitled to such payment.</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">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnity
and contribution agreements contained herein shall be in addition to (i)&nbsp;any cause of action or similar right of the Company Party
or Investor Party against the indemnifying party or others, and (ii)&nbsp;any liabilities the indemnifying party may be subject to pursuant
to the law.</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">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">To the extent any indemnification by an indemnifying
party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for
which it would otherwise be liable under Section 6 to the fullest extent permitted by law; <U>provided</U>, <U>however</U>: (i)&nbsp;no
contribution shall be made under circumstances where the maker would not have been liable for indemnification under the fault standards
set forth in Section 6 of this Agreement, (ii)&nbsp;no Person involved in the sale of Registrable Securities which Person is guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection with such sale shall be entitled
to contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and
(iii)&nbsp;contribution by any seller of Registrable Securities shall be limited in amount to the amount of net proceeds received by such
seller from the applicable sale of such Registrable Securities pursuant to such Registration Statement. Notwithstanding the provisions
of this Section 7, the Investor shall not be required to contribute, in the aggregate, any amount in excess of the amount by which the
net proceeds actually received by the Investor from the applicable sale of the Registrable Securities subject to the Claim exceeds the
amount of any damages that the Investor has otherwise been required to pay, or would otherwise be required to pay under Section 6(b),
by reason of such untrue or alleged untrue statement or omission or alleged omission.</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">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports Under the Exchange Act</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">With a view to making available to the Investor the
benefits of Rule 144, the Company agrees to:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</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; text-indent: 0.5in; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use its
commercially reasonable efforts to make and keep public information available, as those terms are understood and defined in Rule 144;</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use its
commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents required of the Company
under the Securities Act and the Exchange Act (taking into account any additional time afforded the Company by its filing of a Form 12b-25
in respect of such a report) so long as the Company remains subject to such requirements (it being understood that nothing herein shall
limit any of the Company&rsquo;s obligations under the Purchase Agreement) and the filing of such reports and other documents is required
for the applicable provisions of Rule 144;</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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;furnish
to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i)&nbsp;a written statement by the Company,
if true, that it has complied with the reporting, submission and posting requirements of Rule 144 and the Exchange Act, (ii)&nbsp;a copy
of the most recent annual report of the Company and such other reports and documents so filed by the Company with the Commission if such
reports are not publicly available via EDGAR, and (iii)&nbsp;such other information as may be reasonably requested to permit the Investor
to sell such securities pursuant to Rule 144 without registration; and</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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take such
additional action as is reasonably requested by the Investor to enable the Investor to sell the Registrable Securities pursuant to Rule
144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to the Company&rsquo;s
transfer agent as may be reasonably requested from time to time by the Investor and otherwise fully cooperate with Investor and Investor&rsquo;s
broker to effect such sale of securities pursuant to Rule 144.</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">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment of Registration Rights</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Neither the Company nor the Investor shall assign this
Agreement or any of their respective rights or obligations hereunder; <U>provided</U>, <U>however</U>, that any transaction, whether by
merger, reorganization, restructuring, consolidation, financing or otherwise, whereby the Company remains the surviving entity immediately
after such transaction shall not be deemed an assignment.</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">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment or Waiver</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">No provision of this Agreement may be amended or waived
by the parties from and after the date that is one Trading Day immediately preceding the date on which the Initial Registration Statement
is initially filed with the Commission; <U>provided</U>, <U>however</U>, that an amendment or waiver will be permitted under this Agreement
if such amendment or waiver would not preclude the sale of the Shares being considered a valid private placement that had been completed
prior to the date on which the Initial Registration Statement is initially filed with the Commission. Subject to the immediately preceding
sentence, no provision of this Agreement may be (i)&nbsp;amended other than by a written instrument signed by both parties hereto or (ii)&nbsp;waived
other than in a written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise
any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a
waiver thereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solely
for purposes of this Agreement, a Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to
own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons
with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from
such record owner of such Registrable Securities.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notices,
consents, waivers or other communications required or permitted to be given under the terms of this Agreement shall be given in accordance
with Section 10.4 of the Purchase Agreement.</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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy,
shall not operate as a waiver thereof. The Company and the Investor acknowledge and agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It
is accordingly agreed that either party shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions
of this Agreement by the other party and to enforce specifically the terms and provisions hereof (without the necessity of showing economic
loss and without any bond or other security being required), this being in addition to any other remedy to which either party may be entitled
by law or equity.</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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All questions
concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the
State of New York, without giving effect to any law or rule (whether of the State of New York or any other jurisdictions) that would cause
the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any
right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction,
such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.</P>

<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"></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: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transaction
Documents set forth the entire agreement and understanding of the parties solely with respect to the subject matter thereof and supersedes
all prior and contemporaneous agreements, negotiations and understandings between the parties, both oral and written, solely with respect
to such matters. There are no promises, undertakings, representations or warranties by either party relative to subject matter hereof
not expressly set forth in the Transaction Documents. Notwithstanding anything in this Agreement to the contrary and without implication
that the contrary would otherwise be true, nothing contained in this Agreement shall limit, modify or affect in any manner whatsoever
(i)&nbsp;the conditions precedent to a VWAP Purchase and an Intraday VWAP Purchase contained in Article VII of the Purchase Agreement
or (ii)&nbsp;any of the Company&rsquo;s obligations under the Purchase Agreement.</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">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement
shall inure to the benefit of and be binding upon the parties hereto and their respective successors. This Agreement is not for the benefit
of, nor may any provision hereof be enforced by, any Person, other than the parties hereto, their respective successors and the Persons
referred to in Sections 6 and 7 hereof.</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">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The headings
in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. Unless the context
clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms
thereof. The terms &ldquo;including,&rdquo; &ldquo;includes,&rdquo; &ldquo;include&rdquo; and words of like import shall be construed
broadly as if followed by the words &ldquo;without limitation.&rdquo; The terms &ldquo;herein,&rdquo; &ldquo;hereunder,&rdquo; &ldquo;hereof&rdquo;
and words of like import refer to this entire Agreement instead of just the provision in which they are found.</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">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement
may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature or signature delivered
by e-mail in a &ldquo;.pdf&rdquo; format data file, including any electronic signature complying with the U.S. federal ESIGN Act of 2000,
e.g., www.docusign.com, www.echosign.adobe.com, etc., shall be considered due execution and shall be binding upon the signatory thereto
with the same force and effect as if the signature were an original signature.</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">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each party
shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents as any other party may reasonably request in order to carry out the intent and accomplish
the purposes of this Agreement and the consummation of the transactions contemplated hereby.</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">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The language
used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction
will be applied against any party.</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: center; margin: 0pt 0">[S<I>ignature Pages Follow</I>]</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, Investor and the Company
have caused their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="margin: 0pt 0; font-size: 10pt"><B><U>THE COMPANY</U>:</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>RUBICO INC.</B></P>

</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">
    <P STYLE="font-size: 10pt; text-indent: -25.9pt; margin: 0pt 0 0pt 25.9pt"></P>
    <P STYLE="font-size: 10pt; text-indent: -25.9pt; margin: 0pt 0 0pt 25.9pt">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">/s/Nikolaos Papastratis</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Nikolaos Papastratis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: CFO</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">&nbsp;</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">&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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    <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">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, Investor and the Company
have caused their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B><U>THE INVESTOR</U>:</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>B. RILEY PRINCIPAL CAPITAL II, LLC</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">
    <P STYLE="font-size: 10pt; text-indent: -25.9pt; margin: 0pt 0 0pt 25.9pt"></P>
    <P STYLE="font-size: 10pt; text-indent: -25.9pt; margin: 0pt 0 0pt 25.9pt">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">/s/ Jimmy Baker
</TD>
    <TD STYLE="width: 10%"><P STYLE="margin: 0pt 0 0pt 25.9pt; font-size: 10pt; text-indent: -25.9pt">&nbsp;<U><BR></U></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Name: Jimmy Baker</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Title: co-CEO</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></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">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>EXHIBIT A</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">SELLING STOCKHOLDER</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">This prospectus relates to the possible offer and resale from time to time
by the Selling Shareholder of up to 15,000,000 Common Shares that we may issue to the Selling Shareholder pursuant to the Purchase Agreement.
For additional information regarding the issuance of the Common Shares to be offered by the Selling Shareholder pursuant to this prospectus,
see the section titled &ldquo;Committed Equity Financing.&rdquo; We are registering the Common Shares pursuant to the provisions of the
Registration Rights Agreement in order to permit the Selling Shareholder to offer the Common Shares for resale from time to time. Except
for the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement and as set forth in the section titled
&ldquo;Plan of Distribution (Conflict of Interest)&rdquo; in this prospectus, the Selling Shareholder has not had any material relationship
with us or any of our affiliates within the past three years. All of the data in the following table are as of [_____], 2025.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The table below presents information regarding the Selling Shareholder and
the Common Shares that may be resold by the Selling Shareholder from time to time under this prospectus. This table is prepared based
on information supplied to us by the Selling Shareholder, and reflects holdings as of [_____], 2025. The number of shares in the column
&ldquo;Maximum Number of Common Shares to be Offered Pursuant to this Prospectus&rdquo; represents all of the Common Shares being offered
for resale by the Selling Shareholder under this prospectus. The Selling Shareholder may sell some, all or none of the shares being offered
for resale in this offering. We do not know how long the Selling Shareholder will hold the shares before selling them and, except as set
forth in the section titled &ldquo;Plan of Distribution (Conflict of Interest)&rdquo; in this prospectus, we are not aware of any existing
arrangements between the Selling Shareholder and any other shareholder, broker, dealer, underwriter or agent relating to the sale or distribution
of the Common Shares being offered for resale by this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Beneficial ownership in the table has been determined in accordance with
Rule 13d-3(d) promulgated by the SEC under the Exchange Act and includes Common Shares with respect to which the Selling Shareholder has
sole or shared voting and investment power. Because the purchase price to be paid by the Selling Shareholder for Common Shares that we
may elect to sell to the Selling Shareholder will be determined on the applicable Purchase Dates therefor, the actual number of Common
Shares that we may sell to the Selling Shareholder under the Purchase Agreement may be fewer than the number of shares being offered for
resale under this prospectus. The fourth column assumes the resale by the Selling Shareholder of all of the Common Shares being offered
for resale</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">pursuant to this prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: bottom">
    <P STYLE="margin: 0pt 0; font-size: 10pt"></P>
    <P STYLE="margin: 0pt 0; font-size: 10pt"><B><U><BR>
Name of Selling Stockholder</U></B></P></TD>
    <TD COLSPAN="2">
    <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>Number of Shares of Common Stock Beneficially Owned Prior to <U>Offering</U></B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum Number of Common Shares to be Offered Pursuant to this Prospectus</B></FONT></TD>
    <TD COLSPAN="2">
    <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>Number of Shares of Common Stock Beneficially <U></U></B></P>
    <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B><U>Owned After Offering</U><SUP>(3)</SUP></B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Number</U><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Percent</U><SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 22%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>15,000,000</U></B></FONT></TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Number</U></B></FONT></TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Percent</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">B. Riley Principal Capital II, LLC<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">[&bull;]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">[--][*]</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">--</FONT></TD></TR>
  </TABLE>



<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 10%; color: black">

<P STYLE="font-size: 10pt; margin: 0pt 0">* Represents beneficial ownership of less than 1.0% of the outstanding shares of our Common
Stock.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 4%">(1) </TD>
  <TD STYLE="width: 96%">In accordance with Rule 13d-3(d) under
the Exchange Act, we have excluded from the number of shares beneficially owned prior to the offering all of the Common Shares that the
Selling Shareholder may be required to purchase under the Purchase Agreement, because the issuance of such shares is solely at our discretion
and is subject to conditions contained in the Purchase Agreement, the satisfaction of which are entirely outside of the Selling Shareholder&rsquo;s
control, including the registration statement that includes this prospectus becoming and remaining effective. Furthermore, the Purchases
and the Intraday Purchases of Common Shares under the Purchase Agreement are subject to certain agreed upon maximum amount limitations
set forth in the Purchase Agreement. Also, the Purchase Agreement prohibits us from issuing and selling any Common Shares to the Selling
Shareholder to the extent such shares would cause the Selling Shareholder&rsquo;s beneficial ownership of our Common Shares to (i) require
a Regulatory Approval or (ii) exceed the Beneficial Ownership Limitation. The Beneficial Ownership Limitation may not be amended or waived
under the Purchase Agreement.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>(2)</TD>
  <TD>Applicable percentage ownership is
based on 3,132,337 Common Shares outstanding upon consummation of the Spin-Off.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>(3) </TD>
  <TD>Assumes the sale of all Common Shares
being offered for resale pursuant to this prospectus.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>(4) </TD>
  <TD>The business address of B. Riley Principal
Capital II, LLC is 11100 Santa Monica Blvd., Suite 800, Los Angeles, California 90025. BRPC II&rsquo;s principal business is that of a
private investor. BRPC II is a wholly-owned subsidiary of B. Riley Principal Investments, LLC (&ldquo;BRPI&rdquo;). As a result, BRPI
may be deemed to indirectly beneficially own the securities of the company held of record by BRPC II. B. Riley Financial, Inc. (&ldquo;BRF&rdquo;)
is the parent company of BRPC II and BRPI. As a result, BRF may be deemed to indirectly beneficially own the securities of the company
held of record by BRPC II and indirectly beneficially owned by BRPI. Bryant R. Riley is the Co-Chief Executive Officer and Chairman of
the Board of Directors of BRF. As a result, Bryant R. Riley may be deemed to indirectly beneficially own the securities of the company
held of record by BRPC II and indirectly beneficially owned by BRPI. Each of BRF, BRPI and Bryant R. Riley expressly disclaims beneficial
ownership of the securities of the company held of record by BRPC II, except to the extent of its/his pecuniary interest therein. We have
been advised that none of BRF, BRPI or BRPC II is a member of FINRA or an independent broker-dealer; however, each of BRF, BRPI, BRPC
II and Bryant R. Riley is an affiliate of B. Riley Securities, Inc., a registered broker-dealer and FINRA member, and Bryant R. Riley
is an associated person of BRS. BRS will act as an executing broker that will effectuate resales of our Common Stock that have been and
may be acquired by BRPC II from us pursuant to the Purchase Agreement to the public in this offering. See &ldquo;Plan of Distribution
(Conflict of Interest)&rdquo; for more information about the relationship between BRPC II and BRS.</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center">PLAN OF DISTRIBUTION (CONFLICT
OF INTEREST)</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Common Shares offered by this prospectus are being offered by the Selling
Shareholder. The shares may be sold or distributed from time to time by the Selling Shareholder directly to one or more purchasers or
through brokers, dealers, or underwriters who may act solely as agents at market prices prevailing at the time of sale, at prices related
to the prevailing market prices, at negotiated prices, or at fixed prices, which may be changed. The sale of the Common Shares offered
by this prospectus could be effected in one or more of the following methods:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; width: 6%">&bull;</TD>
  <TD STYLE="width: 94%">ordinary brokers&rsquo; transactions;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center">&bull;</TD>
  <TD>transactions involving cross or block trades;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center">&bull;</TD>
  <TD>through brokers, dealers, or underwriters who may act solely as agents;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center">&bull;</TD>
  <TD>&ldquo;at the market&rdquo; into an existing market for our Common Shares;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center">&bull;</TD>
  <TD>in other ways not involving market makers or established business markets, including direct sales to purchasers or sales effected
through agents;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center">&bull;</TD>
  <TD>
in privately negotiated transactions; or</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center">&bull;</TD>
  <TD>any combination of the foregoing.</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In order to comply with the securities laws of certain states, if applicable,
the shares may be sold only through registered or licensed brokers or dealers. In addition, in certain states, the shares may not be sold
unless they have been registered or qualified for sale in the state or an exemption from the state&rsquo;s registration or qualification
requirement is available and complied with.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Selling Shareholder is an &ldquo;underwriter&rdquo; within the meaning
of Section 2(a)(11) of the Securities Act.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">BRPC II has informed us that it presently anticipates using, but is not
required to use, BRS, a registered broker-dealer and FINRA member and an affiliate of BRPC II, as a broker to effectuate resales, if any,
of our Common Shares that it may acquire from us pursuant to the Purchase Agreement, and that it may also engage one or more other registered
broker-dealers to effectuate resales, if any, of such Common Shares that it may acquire from us. Such resales will be made at prices and
at terms then prevailing or at prices related to the then current market price. Each such registered broker-dealer will be an underwriter
within the meaning of Section 2(a)(11) of the Securities Act. BRPC II has informed us that each such broker-dealer it engages to effectuate
resales of our Common Shares on its behalf, excluding BRS, may receive commissions from BRPC II for executing such resales for BRPC II
and, if so, such commissions will not exceed customary brokerage commissions.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">BRPC II is an affiliate of BRS, a registered broker-dealer and FINRA member,
which will act as an executing broker that will effectuate resales of our Common Shares that may be acquired by BRPC II from us pursuant
to the Purchase Agreement to the public in this offering. Because BRPC II will receive all the net proceeds from such resales of our Common
Shares made to the public through BRS, BRS is deemed to have a &ldquo;conflict of interest&rdquo; within the meaning of FINRA Rule 5121.
Consequently, this offering will be conducted in compliance with the provisions of FINRA Rule 5121, which requires that a &ldquo;qualified
independent underwriter,&rdquo; as defined in FINRA Rule 5121, participate in the preparation of the registration statement that includes
this prospectus and exercise the usual standards of &ldquo;due diligence&rdquo; with respect thereto. Accordingly, we have engaged the
QIU to be the qualified independent underwriter in this offering and, in such capacity, participate in the preparation of the registration
statement that includes this prospectus and exercise the usual standards of &ldquo;due diligence&rdquo; with respect thereto. BRPC II
shall pay the QIU a cash fee of upon the initial filing of the registration statement that includes this prospectus with the SEC as consideration
for its services and to reimburse certain expenses incurred in connection with acting as the qualified independent underwriter in this
offering. In accordance with FINRA Rule 5110, the cash fee and expense reimbursement to be paid to the QIU for acting as the qualified
independent underwriter in this offering are deemed to be underwriting compensation in connection with sales of our Common Stock by BRPC
II to the public. The QIU will receive no other compensation for acting as the qualified independent underwriter in this offering. In
accordance with FINRA Rule 5121, BRS is not permitted to sell shares of our Common Stock in this offering to an account over which it
exercises discretionary authority without the prior specific written approval of the account holder.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Except as set forth above, we know of no existing arrangements between the
Selling Shareholder and any other shareholder, broker, dealer, underwriter or agent relating to the sale or distribution of the Common
Shares offered by this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Brokers, dealers, underwriters or agents participating in the distribution
of the Common Shares offered by this prospectus may receive compensation in the form of commissions, discounts, or concessions from the
purchasers, for whom the broker-dealers may act as agent, of the shares sold by the Selling Shareholder through this prospectus. The compensation
paid to any such particular broker-dealer by any such purchasers of Common Shares sold by the Selling Shareholder may be less than or
in excess of customary commissions. Neither we nor the Selling Shareholder can presently estimate the amount of compensation that any
agent will receive from any purchasers of Common Shares sold by the Selling Shareholder.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">We may from time to time file with the SEC one or more supplements to this
prospectus or amendments to the registration statement of which this prospectus forms a part to amend, supplement or update information
contained in this prospectus, including, if and when required under the Securities Act, to disclose certain information relating to a
particular sale of shares offered by this prospectus by the Selling Shareholder, including with respect to any compensation paid or payable
by the Selling Shareholder to any brokers, dealers, underwriters or agents that participate in the distribution of such shares by the
Selling Shareholder, and any other related information required to be disclosed under the Securities Act.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">We will pay the expenses incident to the registration under the Securities
Act of the offer and sale of the Common Shares covered by this prospectus by the Selling Shareholder.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">As consideration for the Selling Shareholder&rsquo;s irrevocable commitment
to purchase our Common Shares at our direction under the Purchase Agreement, we agreed to pay a Commitment Fee to the Selling Shareholder
of $300,000, equal to 1% of the full amount of the maximum gross proceeds under the Purchase Agreement. The Commitment Fee shall be payable
to the Selling Shareholder upon the earlier of (i) the settlement of the first purchase, if any, that we direct the Selling Shareholder
to make under the Purchase Agreement or (ii) 90 days after the Closing Date. Notwithstanding the foregoing, if we do not direct the Selling
Shareholder to make any purchases under the Purchase Agreement, or if the Commencement does not occur, then we have agreed to pay the
Commitment Fee to the Selling Shareholder within three trading days following the termination of the Purchase Agreement in accordance
with its terms. In accordance with FINRA Rule 5110, the $300,000 Commitment Fee is deemed to be underwriting compensation in connection
with sales of our shares of Common Shares by the Selling Shareholder to the public.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>



<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Furthermore, we have agreed to reimburse the Selling Shareholder for
the reasonable legal fees and disbursements of the Selling Shareholder&rsquo;s legal counsel in an amount not to exceed $240,000 in
connection with the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement, consisting of
$150,000 paid prior to the filing of this registration statement and $7,500 per fiscal quarter, for a maximum three-year term, in
which we direct the Selling Shareholder to purchase our Common Shares, as contemplated by the Purchase Agreement and the
Registration Rights Agreement. In accordance with FINRA Rule 5110, these reimbursed fees and expenses are deemed to be underwriting
compensation in connection with sales of our Common Shares by the Selling Shareholder to the public. Moreover, in accordance with
FINRA Rule 5110, the 3% fixed discount to current market prices of our Common Shares reflected in the purchase prices payable by the
Selling Shareholder for our Common Shares that we may require it to purchase from us from time to time under the Purchase Agreement
is deemed to be underwriting compensation in connection with sales of our Common Shares by the Selling Shareholder to the
public.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">We also have agreed to indemnify the Selling Shareholder and certain other
persons against certain liabilities in connection with the offering of Common Shares offered hereby, including liabilities arising under
the Securities Act or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. The
Selling Shareholder has agreed to indemnify us against liabilities under the Securities Act that may arise from certain written information
furnished to us by the Selling Shareholder specifically for use in this prospectus or, if such indemnity is unavailable, to contribute
amounts required to be paid in respect of such liabilities. Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to our directors, officers, and controlling persons, we have been advised that in the opinion of the SEC this indemnification
is against public policy as expressed in the Securities Act and is therefore, unenforceable.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">We estimate that the total expenses for the offering will be approximately
$0.5 million.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Selling Shareholder has represented to us that at no time prior to the
date of the Purchase Agreement has the Selling Shareholder, its sole member, any of their respective officers, or any entity managed or
controlled by the Selling Shareholder or its sole member, engaged in or effected, in any manner whatsoever, directly or indirectly, for
its own account or for the account of any of its affiliates, any short sale (as such term is defined in Rule 200 of Regulation SHO of
the Exchange Act) of our Common Shares or any hedging transaction, which establishes a net short position with respect to our Common&nbsp;Shares.
The Selling Shareholder has agreed that during the term of the Purchase Agreement, none of the Selling Shareholder, its sole member or
any of their respective officers, or any entity managed or controlled by the Selling Shareholder or its sole member, will enter into or
effect, directly or indirectly, any of the foregoing transactions for its own account or for the account of any other such person or entity.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">We have advised the Selling Shareholder that it is required to comply with
Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation M precludes the Selling Shareholder, any affiliated
purchasers, and any broker-dealer or other person who participates in the distribution from bidding for or purchasing, or attempting to
induce any person to bid for or purchase any security which is the subject of the distribution until the entire distribution is complete.
Regulation M also prohibits any bids or purchases made in order to stabilize the price of a security in connection with the distribution
of that security. All of the foregoing may affect the marketability of the securities offered by this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">This offering will terminate on the date that all Common Shares offered
by this prospectus have been sold by the Selling Shareholder.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Our Common Shares are currently listed on Nasdaq under the symbol &ldquo;RUBI&rdquo;.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Selling Shareholder and/or one or more of its affiliates has provided,
currently provides and/or from time to time in the future may provide various investment banking and other financial services for us and/or
one or more of our affiliates that are unrelated to the transactions contemplated by the Purchase Agreement and the offering of shares
for resale by the Selling Shareholder to which this prospectus relates, for which investment banking and other financial services they
have received and may continue to receive customary fees, commissions and other compensation from us, aside from any discounts, fees and
other compensation that the Selling Shareholder has received and may receive in connection with the transactions contemplated by the Purchase
Agreement, including the $300,000 Commitment Fee we have agreed to pay to the Selling Shareholder, (ii) the 3% fixed discount to current
market prices of our Common Shares reflected in the purchase prices payable by the Selling Shareholder for our Common Shares that we may
require it to purchase from us from time to time under the Purchase Agreement, and (iii) our reimbursement of up to an aggregate of $240,000
of the Selling Shareholder&rsquo;s legal fees ($150,000 paid prior to the filing of this registration statement and $7,500 per fiscal
quarter for the maximum three year term of the Purchase Agreement) in connection with the transactions contemplated by the Purchase Agreement
and the Registration Rights Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>EXHIBIT B</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The business address of B. Riley Principal Capital II, LLC (&ldquo;BRPC
II&rdquo;) is 11100 Santa Monica Blvd., Suite 800, Los Angeles, California 90025. BRPC II&rsquo;s principal business is that of a private
investor. BRPC II is a wholly owned subsidiary of B. Riley Principal Investments, LLC (&ldquo;BRPI&rdquo;). As a result, BRPI may be deemed
to indirectly beneficially own the securities of the company held of record by BRPC II. B. Riley Financial, Inc. (&ldquo;BRF&rdquo;) is
the parent company of BRPC II and BRPI. As a result, BRF may be deemed to indirectly beneficially own the securities of the company held
of record by BRPC II and indirectly beneficially owned by BRPI. Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the
Board of Directors of BRF. As a result, Bryant R. Riley may be deemed to indirectly beneficially own the securities of the company held
of record by BRPC II and indirectly beneficially owned by BRPI. Each of BRF, BRPI and Bryant R. Riley expressly disclaims beneficial ownership
of the securities of the company held of record by BRPC II, except to the extent of its/his pecuniary interest therein. None of BRF, BRPI
or BRPC II is a member of the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;) or an independent broker-dealer; however,
each of BRF, BRPI, BRPC II and Bryant R. Riley is an affiliate of B. Riley Securities, Inc. (&ldquo;BRS&rdquo;), a registered broker-dealer
and FINRA member, and Bryant R. Riley is an associated person of BRS. BRS <FONT STYLE="background-color: white">will act as an executing
broker that will effectuate resales</FONT> of <FONT STYLE="background-color: white">Common Stock</FONT> that have been and may be acquired
by BRPC II from the company pursuant to the Purchase Agreement to the public in this offering.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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<TYPE>EX-14.1
<SEQUENCE>8
<FILENAME>exh_141.htm
<DESCRIPTION>EXHIBIT 14.1
<TEXT>
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<P STYLE="text-align: right; font: 24pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
14.1</B></FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 19.7pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt">&nbsp;</FONT></P>

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt">RUBICO
<FONT STYLE="letter-spacing: -0.2pt">INC.</FONT></FONT></P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center; font: 24pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;<IMG SRC="exh141logo.jpg" ALT="" STYLE="height: 67px; width: 286px"></B></FONT></P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 22.85pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 20pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 24pt/150% Arial, Helvetica, Sans-Serif; margin: 0 2.05pt 0 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 20pt">CORPORATE
CODE OF BUSINESS ETHICS</FONT></P>

<P STYLE="font: bold 24pt/150% Arial, Helvetica, Sans-Serif; margin: 0 2.05pt 0 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 20pt">AND CONDUCT</FONT></P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 58.55pt 0 56.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,
VASILISSIS SOFIAS STR. &amp; MEGALOU ALEXANDROU STR., GR 15124 ATHENS, GREECE</FONT></P>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 58.55pt 0 56.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEL: +30-210-8128107 FAX: +30-210-8056-441</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.2pt 0 0 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF <FONT STYLE="letter-spacing: -0.1pt">CONTENTS</FONT></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.2pt 0 0 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TITLE</FONT></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAGE</FONT></TD></TR>
                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                <TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
with Laws, Rules and <FONT STYLE="letter-spacing: -0.1pt">Regulations</FONT></FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Honest
and Fair <FONT STYLE="letter-spacing: -0.1pt">Dealing</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict
of Interest and Corporate <FONT STYLE="letter-spacing: -0.1pt">Opportunity</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Confidentiality
and Privacy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proper
Use of Company <FONT STYLE="letter-spacing: -0.1pt">Assets</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Corporate
communications policy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Securities
Trading</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drugs
and <FONT STYLE="letter-spacing: -0.1pt">Alcohol</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diversity
<FONT STYLE="letter-spacing: -0.1pt">Policy</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Electronic
communication</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Integrity
of Corporate <FONT STYLE="letter-spacing: -0.1pt">Records</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entertainment,
Gifts, Payments and <FONT STYLE="letter-spacing: -0.1pt">Bribery</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
with Anti-Trust <FONT STYLE="letter-spacing: -0.2pt">Laws</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Health,
Safety and Environmental <FONT STYLE="letter-spacing: -0.1pt">Protection</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 3.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
                                            with Laws, Rules and <FONT STYLE="letter-spacing: -0.1pt">Regulations</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.9pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Employees are responsible for complying with the various laws, rules and regulations of the countries and regulatory authorities that
affect the Company&#8217;s business. Questions with respect to your duties under the law should be directed to your manager.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Honest
                                            and Fair <FONT STYLE="letter-spacing: -0.1pt">Dealing</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
must endeavor to deal honestly, ethically and fairly with the Company&#8217;s customers, suppliers, competitors and employees. No Employee
should take unfair advantage of anyone through manipulation, concealment, abuse of privilege information, misrepresentation of material
facts, or any other unfair- dealing practice.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.3pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict
                                            of Interest and Corporate <FONT STYLE="letter-spacing: -0.1pt">Opportunity</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0pt 6.65pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
must (a) avoid any interest that conflicts or appears to conflict with the interests of the Company or that could reasonably be determined
to harm the Company&#8217;s reputation and (b) report any actual or potential conflict of interest (including any material transaction
or relationship that reasonably could be expected to give rise to such conflict) immediately to a manager or an Audit Committee member
and adhere to instructions concerning how to address such conflict of interest. A conflict of interest exists if actions by any Employee
are, or could reasonably appear to be, influenced directly or indirectly by personal considerations, duties owed to persons or entities
other than the Company, or by actual or potential personal benefit or gain.&nbsp;</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.85pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
owe a duty to advance the legitimate interests of the Company when the opportunities to do so arise. Employees may not take for themselves
personally opportunities that are discovered through the use of corporate property, information or position.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.3pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Confidentiality
                                            and Privacy</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.6pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is important that you protect the confidentiality of Company information. Employees may have access to proprietary and confidential information
concerning the Company&#8217;s business, clients and suppliers. Confidential information includes such items as non-public information
concerning the Company&#8217;s business, financial results and prospects and potential corporate transactions. Employees are required
to keep such information confidential during employment as well as thereafter, and not to use, disclose, or communicate that confidential
information other than in the course of employment. The consequences to the Company and the Employee concerned can be severe where there
is unauthorized disclosure of any non-public, privileged or proprietary information.</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.6pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin-right: 6.85pt; margin-bottom: 10pt; margin-left: 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
ensure the confidentiality of any personal information collected and to comply with applicable laws, any Employee in possession of non-public,
personal information about the Company&#8217;s customers, potential customers, or Employees, must maintain the highest degree of confidentiality
and must not disclose any personal information.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proper
                                            Use of Company <FONT STYLE="letter-spacing: -0.1pt">Assets</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.55pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s assets are only to be used for legitimate business purposes and only by authorized Employees or their designees. This
applies to tangible assets (such as office equipment, telephone, copy machines, etc.) and intangible assets (such as trade secrets and
confidential information). Employees have a responsibility to protect the Company&#8217;s assets from theft and loss and to ensure their
efficient use. Theft, carelessness and waste have a direct impact on the Company&#8217;s profitability. If you become aware of theft,
waste or misuse of the Company&#8217;s assets you should report this to your manager.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Corporate
                                            communications policy</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.75pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Only
certain designated Employees may discuss the Company with the news media, securities analysts and investors. All inquiries from regulatory
authorities or government representatives should be referred to the appropriate manager. Employees exposed to media contact when in the
course of employment must not comment on rumors or speculation regarding the Company&#8217;s activities.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Securities
                                            Trading</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.55pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we are a public company we are subject to a number of laws concerning the purchase of our shares and other publicly traded securities.
Company policy prohibits Employees and their family members from trading securities while in possession of material, non-public information
relating to the Company or any other company, including a customer or supplier that has a significant relationship with the Company.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.55pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
is &#8220;material&#8221; when there is a substantial likelihood that a reasonable investor would consider the information important
in deciding whether to buy, hold or sell securities. In short, any information that could reasonably affect the price of securities is
material. Information is considered to be &#8220;public&#8221; only when it has been released to the public through appropriate channels
and enough time has elapsed to permit the investment market to absorb and evaluate the information. If you have any doubt as to whether
you possess material nonpublic information, you should contact a manager and the advice of legal counsel may be sought.</FONT></P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 3.2pt 0pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
by Employees in Rubico Inc securities is encouraged. In order to protect the Company and its Employees from liability that could result
from a violation of legal requirements, the Company requires Employees to engage in purchases or sales of the Company&#8217;s stock only
during &#8220;Window Periods&#8221;. Window Periods begin at the opening of trading on the second full trading day following the public
release of quarterly or annual financial results. In case the release is announced before the opening of the market, then this day to
be accounted for. Window Periods end three (3) calendar weeks prior to the public release of quarterly or annual financial results. No
person may buy or sell Rubico Inc securities, even during Window Periods, if such person is in possession of material, non-public <FONT STYLE="letter-spacing: -0.1pt">information.</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.5pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time, the Board of Directors has authority to designate a &#8220;blackout period&#8221; over all trading in Rubico Inc securities
(even during a Window Period). A blackout period compels all trading in the securities affected to cease immediately for the period designated
by the Board of Directors. A blackout period may be exercised over securities of companies with which the Company does or may do business
or in which the Company invests or may invest. No one may disclose to any outside third party that a blackout period has been designated.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
to comply with the Company&#8217;s securities trading policy may subject Employees or Employees&#8217; family members to criminal or
civil penalties, as well as to disciplinary action by the Company up to and including termination for cause. Responsibility for complying
with applicable laws as well as the Company&#8217;s policy rests with Employees individually.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.3pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drugs
                                            and <FONT STYLE="letter-spacing: -0.1pt">Alcohol</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0pt 6.5pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
policy prohibits the illegal use, sale, purchase, transfer, possession or consumption of controlled substances, other than medically
prescribed drugs, while on the Company premises. Company policy also prohibits the use, sale, purchase, transfer or possession of alcoholic
beverages by Employees while on Company premises, except as authorized by the Company. This policy requires that the company must abide
by applicable laws and regulations relative to the use of alcohol or other controlled substances. The Company, in its discretion, reserves
the right to randomly test Employees for the use of alcohol or other controlled substances unless prohibited by prevailing local law.</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.5pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diversity
                                            <FONT STYLE="letter-spacing: -0.1pt">Policy</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 1.2pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0pt 6.45pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
Rubico Inc, we are committed to fostering an inclusive and diverse workplace environment that respects and values individuals from all
backgrounds, cultures, perspectives, and abilities. We believe that embracing diversity enriches our company and enhances our ability
to innovate, adapt, and succeed in an ever-changing global marketplace. This section of our Corporate Code of Business Ethics outlines
our dedication to promoting diversity, preventing discrimination, and ensuring equal opportunities for all <FONT STYLE="letter-spacing: -0.1pt">employees.</FONT></FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 3.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 82.7pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Non-Discrimination
                                            Policy:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 6.3pt 6.9pt 0 28.7pt; text-align: justify; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
strictly prohibit discrimination and harassment based on race, color, religion, gender, gender identity or expression, sexual orientation,
national origin, genetics, age, disability, veteran status, or any other protected characteristic under applicable laws. All employees,
regardless of their position or level within the company, are expected to treat one another with respect and dignity, fostering an inclusive
work environment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 82.7pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equal
                                            Employment <FONT STYLE="letter-spacing: -0.1pt">Opportunity:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 6.3pt 6.55pt 10pt 28.7pt; text-align: justify; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are committed to providing equal employment opportunities to all individuals. Our hiring, promotion, training, compensation, and other
employment-related decisions are based on merit, qualifications, and abilities. We ensure that every employee has an equal opportunity
to contribute to our success and advance within the organization.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 82.7pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">c.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inclusive
                                            Workplace <FONT STYLE="letter-spacing: -0.1pt">Culture:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 6.3pt 6.7pt 0 28.7pt; text-align: justify; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
promote a culture of inclusivity where every employee feels valued, respected, and empowered to voice their ideas and perspectives. We
strive to create an environment that encourages open dialogue, collaboration, and the free exchange of diverse opinions. We encourage
the participation and engagement of employees from all backgrounds, fostering an inclusive and diverse workforce.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.3pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 82.7pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">d.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accommodation
                                            for <FONT STYLE="letter-spacing: -0.1pt">Disabilities:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 6.3pt 6.8pt 0 28.7pt; text-align: justify; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are committed to providing reasonable accommodations to employees with disabilities, ensuring that they can fully participate in all
aspects of their employment. We comply with all applicable disability laws and regulations, and we encourage employees to communicate
their needs so that we can provide appropriate accommodations.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 82.7pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">e.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplier
                                            and Partner <FONT STYLE="letter-spacing: -0.1pt">Diversity:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0pt 6.7pt 10pt 28.7pt; text-align: justify; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
actively seek to engage and support diverse suppliers, vendors, and business partners. We value the benefits of working with a wide range
of suppliers and partners who bring unique perspectives and experiences to our business relationships. We aim to create a supply chain
that reflects the diversity of the communities in which we operate.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 82.7pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">f.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diversity
                                            Training and <FONT STYLE="letter-spacing: -0.1pt">Education:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 6.3pt 6.9pt 0 28.7pt; text-align: justify; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide regular training and educational programs to foster awareness, understanding, and appreciation for diversity among our employees.
We aim to develop cultural competency and provide resources that promote diversity, inclusion, and equity within our workplace.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.3pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 82.7pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">g.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reporting
                                            and <FONT STYLE="letter-spacing: -0.1pt">Compliance:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.3pt 0 0 40.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain a system for employees to report any concerns or incidents related to <FONT STYLE="letter-spacing: -0.1pt">discrimination, </FONT></FONT></P>




<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 3.85pt 0pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">harassment,
or any violations of our diversity policies. We investigate all reported incidents promptly and impartially, taking appropriate disciplinary
action when necessary. We ensure confidentiality and non- retaliation for individuals who come forward with concerns or reports.</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 3.85pt 0pt 0pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 3.85pt 0pt 0pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.9pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
adhering to this Diversity Section of our Corporate Code of Business Ethics, we demonstrate our commitment to creating an inclusive and
diverse workplace that celebrates and harnesses the power of individual differences. We believe that embracing diversity strengthens
our organization, fosters innovation, and positions us for long-term success.</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 11.55pt 6.65pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
Rubico Inc, we are committed to fostering an inclusive and diverse workplace environment that respects and values individuals from all
backgrounds, cultures, perspectives, and abilities. We believe that embracing diversity enriches our company and enhances our ability
to innovate, adapt, and succeed in an ever-changing global marketplace. This section of our Corporate Code of Business Ethics outlines
our dedication to promoting diversity, preventing discrimination, and ensuring equal opportunities for all employees.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 9.6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Electronic
                                            communication</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0pt 6.5pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic
communications include all aspects of voice, video, and data communications, such as voice mail, e-mail, fax, and Internet. Employees
should use electronic communications for business purposes and refrain from personal use. Among other things, you should not participate
in any online forum where the business of the Company or its customers or suppliers is discussed: this may give rise to a violation of
the Company&#8217;s confidentiality policy or subject the Company to legal action for defamation. The Company reserves the right to inspect
all electronic communications involving the use of the Company&#8217;s equipment, software, systems, or other facilities (&#8220;Systems&#8221;)
within the confines of applicable local law and Employees should not have an expectation of privacy when using Company Systems.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Integrity
                                            of Corporate <FONT STYLE="letter-spacing: -0.1pt">Records</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.55pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
business records, expense accounts, vouchers, bills, payrolls, service records, reports to government agencies and other reports must
accurately reflect the facts. Without limiting the foregoing, all reports and documents filed with the U.S. Securities and Exchange Commission,
as well as other public communications should be full, fair, accurate and understandable.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.85pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
books and records of Rubico Inc. must be prepared with care and honesty and must accurately reflect our transactions. All corporate funds
and assets must be recorded in accordance with Company procedures. No undisclosed or unrecorded funds or assets shall be established
for any purpose.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.75pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s accounting personnel must provide the independent public accountants and the Audit Committee with all information
they request. Employees must not, and must not direct others to, take any action to fraudulently influence, coerce, manipulate or
mislead independent public accountants engaged in the audit or review of the Company&#8217;s financial statements for the purpose of
rendering those financial statements materially misleading.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entertainment,
                                            Gifts, Payments and <FONT STYLE="letter-spacing: -0.1pt">Bribery</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.6pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
by the Company and its agents relating to the procurement and provision of goods and services should always be free from even a perception
that favorable treatment was sought, received or given as the result of furnishing or receiving gift, favors, hospitality, entertainment
or other similar gratuity. The giving or receiving of anything of value to induce such decisions is prohibited. You should never solicit
a gift or favor from those with whom we do business. Providing or receiving gifts or entertainment of nominal value motivated by commonly
accepted business courtesies is permissible, but not if such gifts or entertainment would reasonably be expect to cause favoritism or
a sense of obligation.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.8pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
bribes or other similar payments and benefits, directly or indirectly, shall be paid to employees of suppliers or customers.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
                                            with Anti-Trust <FONT STYLE="letter-spacing: -0.2pt">Laws</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.5pt 10pt 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s business may be subject to United States, European Union and other foreign government anti-trust and similar laws. All
Employees must comply with such laws and you should confer with your manager whenever you have a question with respect to the possible
anti-competitive effect of particular transactions.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.05pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Health,
                                            Safety and Environmental <FONT STYLE="letter-spacing: -0.1pt">Protection</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12.6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.6pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will conduct its business in a manner designed to protect the health and safety of its Employees, its customers, the public,
and the environment. The Company&#8217;s policy is to operate its business and its vessels in accordance with all applicable safety,
environmental and safety laws and regulations so as to ensure the protection of the environment and the Company&#8217;s personnel and
property. All Employees should conduct themselves in a manner that is consistent with this policy. Any departure or suspected departure
from this policy must be reported promptly.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.8pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Employees are expected to comply with the Company&#8217;s policy and ethical requirements as hereinabove described. Failure to do so
shall result in the Company imposing such disciplinary measures as it, in its sole discretion, may deem fit, up to and including termination
of employment for cause, in accordance with the applicable local laws.</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 6.8pt 0 28.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Page
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<TYPE>EX-23.1
<SEQUENCE>9
<FILENAME>exh_231.htm
<DESCRIPTION>EXHIBIT 23.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="width: 100%; font-weight: normal; font-size: 12pt; color: #2E74B5">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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<P STYLE="font-size: 10pt; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Consent of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We consent to the use in this Registration Statement on Form F-1 of our report dated April 4,
2025, relating to the combined carve-out financial statements of Rubico Inc. Predecessor. We also consent to the reference to us under
the heading &ldquo;Experts&rdquo; in such Registration Statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">/s/ Deloitte Certified Public Accountants S.A.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Athens, Greece</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">July 21, 2025</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-FILING FEES
<SEQUENCE>10
<FILENAME>exh_107.htm
<DESCRIPTION>CALCULATION OF FILING FEE TABLE
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 107&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF FILING FEE TABLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM F-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RUBICO INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of Registrant&#8217;s Name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Table 1: Newly Registered Securities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security Type</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Class Title</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Calculation Rule</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount Registered</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; padding: 1.5pt 2.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proposed Maximum Offering Price Per</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Unit</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum Aggregate Offering Price</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; width: 9%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of Registration Fee</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 2.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares of common stock,</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">par value US$0.01 per
    share</FONT><FONT STYLE="font-size: 8.5pt">(1)</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Rule 457(o)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8.5pt">(2)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8.5pt">(3)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">US$30,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">.00015310</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">US$4,593</FONT><FONT STYLE="font-size: 8.5pt">(4)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>US$30,000,000</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>US$4,593</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>US$4,593</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 10pt">Including related preferred stock purchase rights. Preferred stock purchase rights are not currently separable from the shares of common stock and are not currently exercisable. The value attributable to the preferred stock purchase rights, if any, will be reflected in the market price of the shares of common stock.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 10pt">There are being registered hereunder such indeterminate number of shares of common stock of the registrant (the &#8220;Common Shares&#8221;) as may be sold by the registrant from time to time at indeterminate prices. The maximum aggregate offering price of all Common Shares sold shall not exceed $30,000,000. Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) the Common Shares being registered hereunder include such indeterminate number of Common Shares as may be issuable with respect to the Common Shares being registered hereunder as a result of share splits, share dividends or similar transactions.</FONT></TD></TR>
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    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 10pt">The proposed maximum offering price per Common Shares will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 10pt">Calculated pursuant to Rule 457(o)under the Securities Act of 1933, as amended, based on an estimate of the proposed maximum aggregate offering price.</FONT></TD></TR>
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end
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</DOCUMENT>
</SEC-DOCUMENT>
