<SEC-DOCUMENT>0001553350-22-000921.txt : 20221118
<SEC-HEADER>0001553350-22-000921.hdr.sgml : 20221118
<ACCEPTANCE-DATETIME>20221118092801
ACCESSION NUMBER:		0001553350-22-000921
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20221118
DATE AS OF CHANGE:		20221118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA NATURAL RESOURCES INC
		CENTRAL INDEX KEY:			0000793628
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-268454
		FILM NUMBER:		221400735

	BUSINESS ADDRESS:	
		STREET 1:		RM 2205 22F WEST TOWER SHUN TAK CENTRE
		STREET 2:		168-200 CONNAUGHT ROAD C
		CITY:			SHEUNG WAN, HONG KONG
		STATE:			F4
		ZIP:			-
		BUSINESS PHONE:		01185228107205

	MAIL ADDRESS:	
		STREET 1:		RM 2205 22F WEST TOWER SHUN TAK CENTRE
		STREET 2:		168-200 CONNAUGHT ROAD C
		CITY:			SHEUNG WAN, HONG KONG
		STATE:			F4
		ZIP:			-

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA RESOURCES DEVELOPMENT INC
		DATE OF NAME CHANGE:	19950104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAGENTA CORP
		DATE OF NAME CHANGE:	19940217
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>chnr_f3.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: center">As Filed With the Securities and Exchange Commission
on November 18, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 1.4pc; text-align: right">Registration No. 333-</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 22.25pt 0 0; text-align: center"><B>UNITED STATES SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 6.5pt 0 0.5pc; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 6.5pt 0 0.5pc; text-align: center"><B>FORM F-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.1pt 0 0.5pc; text-align: center"><FONT STYLE="letter-spacing: 0.5pt"><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 6.7pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.65pt"><B><U>CHINA
NATURAL RESOURCES, INC. </U></B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.35pt 0 0.5pc; text-align: center"><I>(Exact name of registrant as specified
in its charter)</I></P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: center"><B><U>British Virgin Islands</U></B></TD>
    <TD STYLE="width: 50%; text-align: center"><B><U>Not Applicable</U></B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><I>(State or other jurisdiction of</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><I>(I.R.S. Employer Identification</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><I>incorporation or organization)</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><I>Number)</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.05pt 0 0; text-align: center"><B>Room 2205, 22/F, West Tower, Shun Tak Centre<BR>
168-200 Connaught Road Central<BR>
Sheung Wan, Hong Kong<BR>
+852-2810-7205</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: center"><I>(Address and telephone number of Registrant's
principal executive offices)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0.5pc; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: center"><B>Puglisi &amp; Associates<BR>
850 Library Avenue, Suite 204<BR>
Newark, Delaware 19711<BR>
(302) 738-6680</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: center"><I>(Name, address and telephone number of agent
for service)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 0.5pc; text-align: center">Copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 1pc; text-align: center"><B>Leland S. Benton<BR>
Morgan, Lewis &amp; Bockius LLP<BR>
1111 Pennsylvania Avenue NW<BR>
Washington, DC 20004<BR>
(202) 739-3000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Approximate date of commencement of proposed
sale to the public: From time to time after the effective date of this registration statement, as determined by market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify">If any of the securities being registered
on this Form to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following
box. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify">If this Form is a registration statement
pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif"><B>&#9744;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif"><B>&#9744;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: right">Emerging Growth Company <FONT STYLE="font-family: Segoe UI Symbol,sans-serif"><B>&#9744;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">If an emerging growth company that prepares its
financial statements in accordance with U. S. GAAP, indicate by check mark if the registration has elected not to use the extended transition
period for complying with any new or revised financial accounting standards* provided pursuant to Section 7(a)(2)(B) of the Securities
Act. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">* The term &#8220;new or revised financial accounting
standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after
April 5, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance
with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as
the Securities and Exchange Commission acting pursuant to said Section 8(a), may determine.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 1.5pc 0.5pc 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 1.5pc 0.5pc 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0.5pc; text-align: justify; color: red">The information in this prospectus
is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities
in any state where the offer or sale is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0.5pc; text-align: center; color: red">PRELIMINARY PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0.5pc; text-align: center; color: red">Subject to Completion, dated
November 18, 2022</P>

<P STYLE="font: 17.5pt Times New Roman, Times, Serif; margin: 12.95pt 0 0.5pc; text-align: center"><FONT STYLE="letter-spacing: 0.2pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.95pt 0 0.5pc; text-align: center"><IMG SRC="image_001.gif" ALT="" STYLE="height: 73px; width: 393px"></P>

<P STYLE="font: 17.5pt Times New Roman, Times, Serif; margin: 12.95pt 0 0.5pc; text-align: center"><FONT STYLE="letter-spacing: 0.2pt"><B>CHINA
NATURAL RESOURCES, INC.</B></FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12.5pt 0 0.5pc; text-align: center"><FONT STYLE="letter-spacing: -0.45pt">$</FONT>92,674,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Common
Shares, Preferred Shares, Debt Securities, Warrants, and Units</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.1pt">China
Natural Resources, Inc. (&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or the &#8220;Company&#8221;) may offer and sell from
time to time any combination of our common shares, no par value (&#8220;common shares&#8221;), preferred shares, no par value (&#8220;preferred
shares&#8221;), debt securities, and warrants, either individually or in units up to an aggregate initial offering price of $92,674,000.
We may also offer common shares upon conversion of preferred shares, common shares or preferred shares upon conversion of debt securities,
or common shares, preferred shares or debt securities upon the exercise of warrants. Our common shares, no par value, are listed on the
Nasdaq Capital Market (&#8220;Nasdaq&#8221;) under the symbol &#8220;CHNR.&#8221; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify; text-indent: 3pc">This prospectus describes
some of the general terms that may apply to the securities and the general manner in which they may be offered. Each time we sell securities,
we will provide a prospectus supplement that will contain specific information about the terms of the securities we are offering and the
specific manner in which we will offer the securities. The net proceeds we expect to receive from any such sale will also be included
in the applicable prospectus supplement. The prospectus supplement may add to, update or change the information in this prospectus. You
should read this prospectus and any prospectus supplement carefully before you invest in our securities. <B>This prospectus may not be
used to sell securities unless accompanied by the applicable prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify; text-indent: 3pc">We may offer and sell
the securities directly to or through one or more underwriters, dealers, agents, or directly to purchasers, or through any combination
of these methods. If any underwriters, dealers or agents are involved in the sale of any of the securities, their names and any applicable
purchase price, fee, commission or discount arrangement between or among them will be set forth, or will be calculable from the information
set forth, in the applicable prospectus supplement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt">The
amount of securities that we may sell under this prospectus during any 12-month period is limited by General Instruction I.B.5. of Form
F-3 to one-third of the aggregate market value of our outstanding voting and non-voting common equity held by non-affiliates (our &ldquo;Public
Float&rdquo;). The aggregate market value of our Public Float as of November 16, 2022, was $5,765,610.71 (calculated by multiplying the
13,408,397 shares in our Public Float by the $0.43 market price of our common shares on such date). During the period of 12 calendar
months immediately prior to and including the date of this prospectus, we did not offer any securities pursuant to General Instruction
I.B.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt">We
are not a Chinese operating company but a British Virgin Islands (&#8220;BVI&#8221;) holding company with operations conducted by our
subsidiaries established in the People&#8217;s Republic of China (for purposes of this prospectus only, and excluding Taiwan, Hong Kong
and Macao, &#8220;China&#8221; or the &#8220;PRC&#8221;), and which owns equity interests, directly or indirectly, of the operating subsidiaries.
We are subject to legal and operational risks associated with being based in the PRC and Hong Kong and having all of our operations in
the PRC, discussed in greater detail below. The Chinese government may intervene in or influence the operation of PRC subsidiaries and
exercise significant oversight and discretion over the conduct of their business or may exert more control over offerings conducted overseas
by and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of our
common shares. Further, rules and regulations in China can change quickly with little advance notice, and any actions by the Chinese government
to exert more oversight and control over offerings that are conducted overseas by and/or foreign investment in China-based issuers could
significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such
securities to significantly decline or be worthless.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify; text-indent: 3pc"><A NAME="a_Hlk118298143"></A><FONT STYLE="letter-spacing: -0.05pt">The
PRC government has recently initiated a series of regulatory actions and public statements on the regulation of business operations in
China, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed
overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement. There
have not yet been comparable developments in Hong Kong, but such developments may occur. Since these statements and regulatory actions
by the PRC government are relatively newly published and official guidance and related implementation rules have not been issued, it is
highly uncertain what potential impacts such modified or new laws and regulations will have on our daily business operations, ability
to accept foreign investments, or maintain our listing on the Nasdaq or list on another U.S. or foreign exchange, although they have had
no impacts to date. The Standing Committee of the PRC National People&#8217;s Congress or other PRC regulatory authorities may in the
future promulgate laws, regulations or implementing rules that require our company or any of our subsidiaries to obtain regulatory approval
from Chinese authorities before offering securities in the U.S. Any future Chinese, U.S., BVI or other laws, rules and regulations that
place restrictions on capital raising or other activities by companies with extensive operations in China could adversely affect our business
and results of operations. See &#8220;Risk Factors &#8211; Risks Relating to Our PRC Operations and Doing Business in the PRC&#8221; beginning
on page 9 for a detailed description of various risks related to doing business in China and other information that should be considered
before making a decision to purchase any of our securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify; text-indent: 3pc"><A NAME="a_Hlk118298349"></A><FONT STYLE="letter-spacing: -0.05pt">The
Public Company Accounting Oversight Board (&#8220;PCAOB&#8221;) has yet to determine that it may inspect our auditor in relation to its
audit work to its satisfaction, and our common shares will be prohibited from trading in the United States under the Holding Foreign Companies
Accountable Act (&#8220;HFCAA&#8221;) in 2024 if the PCAOB is unable to inspect or fully investigate auditors located in China, or in
2023 if proposed changes to the HFCAA are enacted. We have been identified by the Securities and Exchange Commission (&#8220;SEC&#8221;)
in its &#8220;conclusive list of issuers identified under the HFCAA,&#8221; indicating that we are among those companies formally subject
to the delisting provisions of the HFCAA. While the PCAOB, the China Securities Regulatory Commission (&#8220;CSRC&#8221;) and PRC Ministry
of Finance entered into a Statement of Protocol on August 26, 2022, designed to allow the PCAOB to fully investigate auditors located
in China, it remains unclear whether the PCAOB will determine that it is able to do so.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.6pc 1pc 0; text-align: justify; text-indent: 3pc"><B>Transfers of Cash
and Assets Between Our Company and Our Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt">Cash
and asset transfers through the Company and our subsidiaries are primarily attributed to shareholder loans from us to our subsidiaries.
Under PRC laws and regulations, we are subject to various restrictions on intercompany fund transfers and foreign exchange controls. Our
subsidiaries receive substantially all revenue in Renminbi (&#8220;RMB&#8221;), and the PRC government could prevent the RMB maintained
in the PRC or Hong Kong from leaving, impose controls on its conversion into foreign currencies, restrict deployment of the RMB into the
business of our subsidiaries and restrict the ability to pay dividends. We cannot assure you that the PRC government will not intervene
in or impose restrictions on our ability to make intercompany cash transfers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt">All
cash or asset transfers between us and our subsidiaries during the three years ended December 31, 2021, are set forth in the table below.
There were no cash or asset transfers between us and our subsidiaries during the six months ended June 30, 2022. The purpose of the outbound
transfers, in the form of shareholder loans, was to pay off the subsidiaries&#8217; expenses. The purpose of the inbound transfers, in
the form of loan repayments, was to centralize the treasury function of the Company and our subsidiaries. There are no fixed repayment
terms and no tax implication for these transfers. We did not make any capital contributions to, or receive any dividends from, our subsidiaries
during in these periods. PRC laws and regulations may restrict our ability to make dividends and distributions to investors, including
U.S. investors. For more information, see &#8220;Risk Factors &#8211; Risks Relating to Our PRC Operations and Doing Business in the PRC
&#8211; Our PRC subsidiaries are subject to restrictions on paying dividends and making other payments to us,&#8221; on page 11.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center">Year ended December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Six Months ended June 30,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Transferor</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Transferee</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">HK$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">HK$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">HK$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">HK$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="27" STYLE="font-weight: bold; text-align: center">Outbound Transfers</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 12%; text-align: justify">China Natural Resources, Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: justify; padding-left: 5.25pt">Feishang Mining</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</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: 10%; text-align: right">&mdash;</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: 10%; text-align: right">50,000</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: 9%; text-align: right">6,410</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: 9%; text-align: right">&mdash;</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: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 5.25pt">China Coal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 5.25pt">Feishang Yongfu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.25pt">Feishang Dayun</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.25pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">74,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,488</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="27" STYLE="font-weight: bold; text-align: center">Inbound Transfers</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: justify">Feishang Mining</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 5.25pt">China Natural Resources, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">China Coal</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: justify">Feishang Yongfu</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Feishang Dayun</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,846</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.25pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">280,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">60,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,692</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.75pc">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><B><I>Investing in our securities
involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page 9 of this prospectus and in the documents that we file
with the SEC that are incorporated into this prospectus by reference, and the risks we describe in any accompanying supplement, for factors
you should consider before buying our securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 1pc; margin-left: 0pt; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt"><B><I>Neither
the SEC 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.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">The date of this prospectus is ____________________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 35.8pt 0 0.5pc; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR STYLE="font-size: 10pt"><TD STYLE="text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="TOC" TITLE="Table of Contents"></A>Table
of Contents</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96%; text-align: left; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: black 1pt solid; text-align: center; text-transform: uppercase"><FONT STYLE="font-size: 8pt"><B>P<FONT STYLE="text-transform: none">age</FONT></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#about_prospectus">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#cautionary_statement">CAUTIONARY STATEMENT ON FORWARD LOOKING INFORMATION</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#prospectus_summary">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#risk_factors">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#information_offering">INFORMATION ABOUT THE OFFERING</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#description_share_capital">DESCRIPTION OF SHARE CAPITAL</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#description_debt_securities">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">29</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#description_warrants">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">31</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#description_units">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">33</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#plan_distribution">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">34</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#our_charter">OUR CHARTER AND CERTAIN PROVISIONS OF BVI LAW</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">36</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#validity">VALIDITY OF THE SECURITIES</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">43</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#experts">EXPERTS</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">43</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#enforceability">ENFORCEABILITY OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">43</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#where_information">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">44</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#information_incorporated">INFORMATION INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; text-transform: uppercase">44</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify">&nbsp;</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994618"></A>ABOUT THIS
PROSPECTUS<A NAME="about_prospectus"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In this prospectus, unless
the context otherwise requires, &#8220;CHNR,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221;
are references to China Natural Resources, Inc. and its consolidated subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">This prospectus is part of
a registration statement on Form F-3 that we filed with the SEC utilizing a &#8220;shelf&#8221; registration process. Under the shelf
registration process, subject to certain limitations depending on the market value of our Public Float, we may issue and sell any combination
of the securities described in this prospectus, for cash, in one or more offerings with a maximum offering price of up to $92,674,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">This prospectus provides you
with a general description of the securities we may offer. Each time we offer securities, we will provide a prospectus supplement that
will contain specific information about the terms of the offering. A prospectus supplement may include a discussion of risks or other
special considerations applicable to us or the securities being offered. A prospectus supplement may also add, update or change information
contained in this prospectus. If there is any inconsistency between the information in this prospectus and any related prospectus supplement,
you must rely on the information in the prospectus supplement. Please carefully read both this prospectus and any related prospectus supplement
in their entirety together with additional information described under the heading &#8220;Where You Can Find More Information&#8221; in
this prospectus. <B>This prospectus may not be used to sell any securities unless accompanied by a prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We have not authorized anyone
to provide you with information different from that contained or incorporated by reference in this prospectus or any accompanying prospectus
supplement, and we take no responsibility for any information that others may give you. This prospectus is not an offer to sell, nor is
it a solicitation of any offer to buy, these securities in any jurisdiction where the offer or sale is not permitted. You should not assume
that the information contained in this prospectus or any prospectus supplement is accurate as of any date other than the date on the front
cover of those documents, or that information contained in any document incorporated by reference is accurate as of any date other than
the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any sale of a security. Our
business, financial condition, results of operations and prospects may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994619"></A>CAUTIONARY
STATEMENT ON FORWARD LOOKING INFORMATION<A NAME="cautionary_statement"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">This prospectus contains statements
that constitute forward-looking statements within the meaning of the U.S. federal securities laws. Any statements contained herein that
are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as &#8220;may,&#8221; &#8220;will,&#8221;
&#8220;should,&#8221; &#8220;estimates,&#8221; &#8220;predicts,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221;
&#8220;strategy,&#8221; &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;plans,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221;
and similar expressions are intended to identify forward-looking statements. These statements appear in a number of places in this prospectus
and include, without limitation, statements regarding the belief and current expectations of the Company, its directors or its officers
with respect to the Company&#8217;s policies regarding its business development, investments, dispositions, financings, conflicts of interest
and trends affecting the Company&#8217;s financial condition or results of operations. Forward-looking statements are not a guarantee
of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statement
as a result of various factors. Among the risks and uncertainties that could cause our actual results to differ from our forward-looking
statements are:</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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties regarding governmental, economic and political circumstances in the PRC;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the impact on the Company&#8217;s financial position, growth potential and business of an investment in
the wastewater treatment sector of the PRC generally and in Precise Space-Time Technology Limited (&#8220;PST Technology&#8221;) and Shanghai
Onway Environmental Development Co., Limited (&#8220;Shanghai Onway&#8221;) specifically;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the experience, supply chain and customer relationships and market insights of the PST Technology team;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties regarding our ability to successfully operate and compete within the wastewater treatment
industry in the PRC;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the growth potential of the wastewater treatment and environmental protection industries in the PRC;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to successfully integrate the operations of PST Technology and realize the expected benefits
of its acquisition;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">possible downturns in the PRC wastewater treatment industry or other sectors that the Company may invest
in;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties related to the Company&#8217;s ability to identify potential partners or acquisition targets
as it considers strategic alternatives, including in the healthcare and other non-natural resources sectors;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties associated with metal price volatility;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties concerning the viability of mining and estimates of reserves at the Company&#8217;s Wulatehouqi
Moruogu Tong Mine (the &#8220;Moruogu Tong Mine&#8221;) in Inner Mongolia;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties regarding our ability to acquire a mining permit and to extract mineral reserves located
in the Moruogu Tong Mine in an economically feasible manner;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties related to our ability to fund operations and capital expenditures;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties related to geopolitical events and conflicts, such as the conflict between Russia and Ukraine;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties regarding the impact of the COVID-19 pandemic on domestic PRC and global economic conditions,
demand for the mineral reserves that we may locate or extract, our workforce, whether due to illness or restrictions on movement, and
on the price of our securities;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties related to possible future increases in operating expenses;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the fluctuations of interest rates and foreign exchange rates;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the results of the next assessment by the Staff of the Nasdaq Listing Qualifications department of the
Company&#8217;s compliance with the Nasdaq Listing Rules;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties related to the political situation between the PRC and the United States, the ability of
the PCAOB to inspect auditors located in the PRC, the implementation by the SEC of more stringent disclosure and/or other requirements
for companies located in the PRC, potential negative impacts on companies with operations in the PRC that are listed on exchanges in the
United States, and increasing regulation by PRC government agencies of companies located in the PRC but listed elsewhere; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other risks detailed from time to time in the Company&#8217;s filings with the SEC, including without
limitation the information set forth in &#8220;Item 3. Key Information &#8211; 3.D. Risk Factors&#8221; in our annual report on Form 20-F
for the fiscal year ended December 31, 2021 (the &#8220;2021 Annual Report&#8221;).</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A NAME="a_Toc118994620"></A><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">PROSPECTUS SUMMARY<A NAME="prospectus_summary"></A></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We are not a Chinese
operating company but a BVI holding company with operations conducted by our subsidiaries established in the PRC, and which owns the equity
interests, directly or indirectly, of our operating subsidiaries. See &#8220;Organizational Structure&#8221; on page 4 for further information
regarding our subsidiaries&#8217; names, places of incorporation, and equity ownership. We are subject to legal and operational risks
associated with being based in the PRC and Hong Kong and having all of our operations in the PRC, discussed in greater detail below. The
Chinese government may intervene in or influence the operation of our PRC subsidiaries and exercise significant oversight and discretion
over the conduct of their business or may exert more control over offerings conducted overseas by and/or foreign investment in China-based
issuers, which could result in a material change in our operations and/or the value of our common shares or other securities. Further,
rules and regulations in China can change quickly with little advance notice, and any actions by the Chinese government to exert more
oversight and control over offerings that are conducted overseas by and/or foreign investment in China-based issuers could significantly
limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to
significantly decline or be worthless. See &#8220;Risk Factors&#8221; beginning on page 9 of this prospectus and in the documents that
we file with the SEC that are incorporated into this prospectus by reference, and the risks we describe in any accompanying supplement,
for factors you should consider before buying our securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Business Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company operates in two
reportable operating segments: wastewater treatment and exploration and mining. During 2021, the Company entered the rural wastewater
treatment industry in the PRC by indirectly acquiring a 51% equity interest in its operating subsidiary Shanghai Onway. Additionally,
the Company is engaged in metal exploration and mining activities in the Inner Mongolia Autonomous Region of the PRC, including exploring
for lead, silver and other nonferrous metals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Shanghai Onway is a PRC company
principally engaged in the development of rural wastewater treatment technologies, the provision of equipment and materials for rural
wastewater treatment, undertaking engineering, procurement and construction (&#8220;EPC&#8221;) and public-private partnership projects
in relation to rural wastewater treatment, and the provision of consulting and professional technical services. Shanghai Onway has a team
of well-regarded experts with deep industry experience in the field of wastewater treatment and carries out its rural wastewater treatment
business using proprietary wastewater treatment technologies. With Shanghai Onway&#8217;s core biological filtration technology, a series
of optimized and integrated processes are formed to provide advanced and practicable solutions to decentralized rural wastewater treatment
and resource recycling in the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company&#8217;s subsidiary
Bayannaoer City Feishang Mining Company Limited (&#8220;Bayannaoer Mining&#8221;) holds an exploration permit issued by the Land and Resources
Department of Inner Mongolia Autonomous Region covering the Moruogu Tong Mine, located in Wulatehouqi, Bayannaoer City, Inner Mongolia.
Based upon preliminary geologic surveys, it is believed that the Moruogu Tong Mine contains lead and silver, with the prospect that further
surveying and exploration may indicate the presence of other ores such as copper. In 2019 and 2020, Bayannaoer Mining was involved in
the trade of copper ore in the PRC. We ceased trading copper ore in the second half of 2020, due to volatile fluctuations in the price
of copper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company is also actively
exploring business opportunities in the healthcare and other non-natural resource sectors.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Organizational Structure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0.5pc; text-align: justify; text-indent: 3pc">Below is a chart of our organizational
structure as of the date of this prospectus: All current operations are conducted by Bayannaoer Mining and Shanghai Onway, and its subsidiaries
Zhejiang Xinyu Environmental Technology Co., Limited and Shaoguan Angrui Environmental Technology Development Co., Limited.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 337px; width: 650px"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Regulatory Risks Relating to Our Operations
in China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Although they have had no
impacts on our business to date, recent statements and regulatory actions by the Chinese government, such as those related to data security
or anti-monopoly concerns, could have a significant impact on our ability to conduct our business, accept foreign investments, or maintain
our listing on Nasdaq or list on another U.S. or foreign exchange. There have not been comparable developments in Hong Kong yet, but such
developments may occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">For example, on June 10, 2021,
the Standing Committee of the PRC National People&#8217;s Congress promulgated the PRC Data Security Law, which took effect in September
2021. The PRC Data Security Law imposes data security and privacy obligations on entities and individuals carrying out data activities
(e.g., collection, storage, usage, reorganization, transmission, provision, disclosure and deletion) and introduces a data classification
and hierarchical protection system based on the importance of data in economic and social development, and the degree of harm it will
cause to national security, public interests, or legitimate rights and interests of individuals or organizations when such data is tampered
with, destroyed, leaked, illegally acquired or used. The PRC Data Security Law also provides for a national security review procedure
for data activities that may affect national security and imposes export restrictions on certain data and information. We believe that
our business is not in an industry related to national security, but we cannot preclude the possibility that PRC government authorities
may publish explanations contrary to our understanding or broaden the scope of such reviews in the future, in which case our future activities
may be closely scrutinized or prohibited. Moreover, given the PRC authorities have significant discretion in interpreting and applying
their laws, rules and regulations, if we undertake a transaction in the PRC that involves data security or an industry that the PRC government
is focusing on, we could be subject to review by the CSRC, Cyberspace Administration of China (&#8220;CAC&#8221;) or other applicable
governmental agency. Such review could be time consuming, could cause us to incur significant costs in responding to such agencies and/or
rectifying any potential issues noted by such agencies or completely abandon a potential transaction.</P>


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<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 0 1pc; text-align: justify; text-indent: 3pc">Further, on July 6, 2021,
the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued
the Opinions on Strictly Cracking Down on Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need
to strengthen the administration over illegal securities activities and supervision of overseas listings by China-based companies and
proposed to take effective measures, such as promoting the construction of regulatory systems. On December 24, 2021, the State Council
issued a draft of the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies
(the &#8220;Draft Provisions&#8221;) and the CSRC issued a draft of the Administrative Measures for the Filing of Overseas Securities
Offering and Listing by Domestic Companies (the &#8220;Draft Administrative Measures&#8221;) for public comment. The Draft Provisions
and the Draft Administrative Measures propose to establish a new filing-based regime to regulate overseas offerings of stock, depository
receipts, convertible corporate bonds, or other equity securities, and overseas listing of these securities for trading, by PRC companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If it is determined in the
future that approval from or filing with the CSRC or other regulatory authorities or other procedures are required for our offshore offerings
and/or listings, it is uncertain whether we can or how long it will take us to obtain such approval or complete such filing procedures
and any such approval or filing could be rescinded or rejected. Any failure to obtain or delay in obtaining such approval or completing
such filing procedures for our offshore offerings, including by our inadvertent conclusion that such approval or filing was not required
when in fact it was, or a rescission of any such approval or filing if obtained by us, could subject us to sanctions by the CSRC or other
PRC regulatory authorities. These regulatory authorities may impose fines and penalties on our operations in China, limit our ability
to pay dividends outside of China, limit our operating privileges in China, delay or restrict the repatriation of the proceeds from our
offshore offerings into China or take other actions that could materially and adversely affect our business, financial condition, results
of operations, and prospects, as well as the trading price of our listed securities. The CSRC or other PRC regulatory authorities also
may take actions requiring us, or making it advisable for us, to halt our offshore offerings before settlement and delivery of the securities
offered. Additionally, the PRC government has issued a series of anti-monopoly laws and regulations since 2021, paying more attention
to corporate compliance, which have not impacted our business to date but may in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We believe that these regulations
currently have and will have little impact on us, but we cannot guarantee that regulators will agree with us or that these regulations
will not affect our business operations in the future.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Transfers of Cash and Assets Between Our
Company and Our Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Cash and asset transfers through
the Company and our subsidiaries are primarily attributed to shareholder loans from us to our subsidiaries. Under PRC laws and regulations,
we are subject to various restrictions on intercompany fund transfers and foreign exchange controls. To the extent our cash is in the
PRC or a PRC entity, the funds may not be available for the distribution of dividends to our investors, including our U.S. investors,
or for other use outside of the PRC, due to the interventions in or the imposition of restrictions and limitations by the PRC government
on our ability to transfer cash. The PRC government imposes controls on the convertibility of RMB into foreign currencies and, in certain
cases, the remittance of currency out of mainland China. Our PRC subsidiaries receive substantially all revenue in RMB. Our PRC subsidiaries
may pay dividends, if any, only out of their accumulated after-tax profits determined in accordance with Chinese accounting standards
and regulations, only after satisfaction of relevant statutory conditions and procedures, and would be subject to the PRC dividend withholding
tax at a tax rate of 10% for any dividends paid by our PRC subsidiaries from their earnings derived after January 1, 2008, to our Hong
Kong subsidiaries, or a reduced rate of 5% if certain conditions are met. If the PRC foreign exchange control system prevents us from
obtaining sufficient foreign currency to satisfy foreign currency demands, we may not be able to pay dividends in foreign currencies to
our shareholders, including U.S. shareholders. PRC regulation of loans to and direct investment in PRC entities by offshore holding companies
and governmental control of currency conversion may delay or prevent us from using our funds to make loans or additional capital contributions
to our PRC subsidiaries, which could materially and adversely affect the liquidity of our PRC subsidiaries and our ability to fund and
expand our business in the PRC and cause the value of our securities to significantly decline or become worthless. We cannot assure you
that the PRC government will not intervene in or impose restrictions on our ability to make intercompany cash transfers or dividends to
investors, including U.S. investors.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR STYLE="font-size: 10pt"><TD STYLE="text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt">All
cash or asset transfers between us and our subsidiaries during the three years ended December 31, 2021, are set forth in the table below.
There were no cash or asset transfers between us and our subsidiaries during the six months ended June 30, 2022. </FONT>The purpose of
the outbound transfers, in the form of shareholder loans, was to pay off the subsidiaries&#8217; expenses. The purpose of the inbound
transfers, in the form of loan repayments, was to centralize the treasury function of the Company and our subsidiaries. There are no fixed
repayment terms and no tax implication for these transfers. <FONT STYLE="letter-spacing: -0.05pt">We did not make any capital contributions
to, or receive any dividends from, our subsidiaries during these periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center">Year ended December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Six Months ended June 30,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Transferor</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Transferee</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">HK$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">HK$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">HK$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">HK$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="27" STYLE="font-weight: bold; text-align: center">Outbound Transfers</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 12%; text-align: justify">China Natural Resources, Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: justify; padding-left: 5.25pt">Feishang Mining</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</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: 10%; text-align: right">&mdash;</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: 10%; text-align: right">50,000</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: 9%; text-align: right">6,410</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: 9%; text-align: right">&mdash;</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: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 5.25pt">China Coal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 5.25pt">Feishang Yongfu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 5.25pt">Feishang Dayun</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 5.25pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">74,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,488</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="27" STYLE="font-weight: bold; text-align: center">Inbound Transfers</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: justify">Feishang Mining</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 5.25pt">China Natural Resources, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">China Coal</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: justify">Feishang Yongfu</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Feishang Dayun</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,846</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.25pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">280,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">60,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,692</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Permits and Approvals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our PRC subsidiaries mainly
carry out rural wastewater treatment and metal exploration activities in the PRC, which are subject to a series of PRC laws and regulations.
In order to carry out such business, licenses, permits, and approvals are required from different PRC authorities, including an exploration
permit with regards to our metal exploration activity, received from the Land and Resources Department of the Inner Mongolia Autonomous
Region, construction permits in relation to our EPC activities, and business licenses from local industry and commercial bureaus as required
upon company registration. As of the date of this prospectus, as far as we are aware and in the judgment of management, we have obtained
all necessary licenses, permits and approvals to operate our business in the PRC, and we have not been denied any requisite approvals
or permits. If we or our PRC subsidiaries fail to maintain or renew such licenses, permits and approvals in a timely manner in the future,
our business may be materially affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">As of the date of this prospectus,
we do not believe that we need to apply for the cybersecurity review required by the CAC, and we have received all requisite permissions
or approvals in connection with our offshore offerings under PRC law. For more information regarding licensing, approval and permit requirements
of the CSRC, CAC, or other PRC governmental agencies, see the risk factors titled &#8220;<I>Failure to comply with PRC regulations and
other legal obligations concerning data protection and cybersecurity may materially and adversely affect our business, as we routinely
collect, store and use data during the conduct of our business</I>&#8221; and &#8220;<I>The approval of or filing with the CSRC or other
PRC government authorities may be required in connection with our offshore offerings under PRC law, and, if required, we cannot predict
whether or for how long we will be able to obtain such approval or complete such filing</I>.&#8221;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Holding Foreign Companies Accountable Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><A NAME="a_Hlk119345676"></A>The
PCAOB <FONT STYLE="letter-spacing: -0.05pt">has yet to determine that it may inspect our auditor in relation to its audit work to its
satisfaction</FONT>, and our common shares will be prohibited from trading in the United States under the HFCAA in 2024 if the PCAOB is
unable to inspect or fully investigate auditors located in China, or in 2023 if proposed changes to the HFCAA are enacted. We have been
identified by the SEC in its &#8220;conclusive list of issuers identified under the HFCAA,&#8221; indicating that we are among those companies
formally subject to the delisting provisions of the HFCAA. While the PCAOB, the CSRC and PRC Ministry of Finance entered into a Statement
of Protocol on August 26, 2022, designed to allow the PCAOB to fully investigate auditors located in China, it remains unclear whether
the PCAOB will determine that it is able to do so.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><B>Share Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our common shares are listed
on Nasdaq under the symbol &#8220;CHNR.&#8221; A description of the securities we are authorized to issue is contained elsewhere in this
prospectus.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Exchange Rates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company&rsquo;s reporting
currency is RMB. Translations of amounts from RMB to U.S. Dollars are for the convenience of the reader. Translations from RMB to U.S.
Dollars or from U.S. Dollars to RMB have been made at the single rate of exchange (the &ldquo;RMB Exchange Rate&rdquo;) as quoted by www.ofx.com
on June 30, 2022, which was US$1.00 = RMB6.6995. Translations from Hong Kong dollars to U.S. Dollars have been made at the official pegged
exchange rate of US$1.00 = HK$7.80 as of June 30, 2022. The RMB is not freely convertible into foreign currencies and no representation
is made that the RMB or U.S. Dollar amounts referred to herein could have been or could be converted into U.S. Dollars or RMB, as the
case may be, at the RMB Exchange Rate or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">All foreign exchange transactions
take place either through the Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted
by the People&#8217;s Bank of China, the PRC&#8217;s central bank. No representation is made that the RMB or U.S. Dollar amounts referred
to herein could have been or could be converted into U.S. Dollars or RMB, as the case may be, at the RMB Exchange Rate or at all.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Risk Factor Summary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Investing in our Company involves
significant risks. You should carefully consider all of the information in this prospectus before making an investment in our Company.
Below please find a summary of the risks and challenges we face organized under relevant headings. These risks are discussed more fully
in the section titled &#8220;Item 3. Key Information &#8211; Item 3.D. Risk Factors&#8221; in our 2021 Annual Report, which is incorporated
in this prospectus by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><I>Risks Relating to Our PRC Operations and
Doing Business in the PRC</I></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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Changes in China&#8217;s economic, political or social conditions or government policies could have a
material and adverse effect on our business and operations.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Uncertainties with respect to the PRC legal system could adversely affect us.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">PRC laws and regulations governing our current business operations are sometimes vague and uncertain.
Any changes in such laws and regulations may have a material and adverse effect on our business.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">PRC regulation of loans to and direct investment in PRC entities by offshore holding companies may delay
or prevent us from making loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect
our ability to fund and expand our business.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Inflation in the PRC, or a slowing PRC economy, could negatively affect our profitability and growth.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our PRC subsidiaries are subject to restrictions on paying dividends and making other payments to us.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Governmental control of currency conversion may affect payment of any dividends or foreign currency denominated
obligations, and it may adversely affect the value of your investment.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The fluctuation of the RMB may materially and adversely affect your investment.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The PRC State Administration of Foreign Exchange (&ldquo;SAFE&rdquo;) regulations regarding offshore financing activities by PRC residents have undergone changes which
may increase the administrative burden we face and create regulatory uncertainties that could adversely affect us, and a failure by our
shareholders who are PRC residents to make any required applications and filings pursuant to such regulations may prevent us from being
able to distribute profits and could expose us and our PRC resident shareholders to liability under PRC law.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The PCAOB has yet to determine that it can inspect our auditor in relation to its audit work performed
for our financial statements to its satisfaction, and the inability of the PCAOB to conduct inspections over our auditor may affect our
investors&#8217; ability to benefit from such inspections.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our common shares will be prohibited from trading in the United States under the HFCAA in 2024 if the
PCAOB is unable to inspect or fully investigate auditors located in China, or 2023 if proposed changes to the HFCAA are enacted. The delisting
of our common shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.</TD></TR></TABLE>


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<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 0 0 3pc; text-align: justify; text-indent: 0pc">&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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Proceedings instituted by the SEC against Chinese affiliates of the &#8220;Big Four&#8221; accounting
firms, including our independent registered public accounting firm, could result in a determination that our financial statements are
not in compliance with the SEC&#8217;s requirements.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">It may be difficult for overseas regulators to conduct investigations or collect evidence within China.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If we fail to protect our intellectual property rights, it could harm our business and competitive position.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">PRC regulations establish complex procedures for some acquisitions conducted by foreign investors, which
could make it more difficult for us to pursue growth through acquisitions in China.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We and our PRC subsidiaries are required to maintain a series of licenses, permits and approvals from
PRC authorities to operate our business in the PRC, and failure to maintain or renew such licenses, permits or approvals in a timely manner
could materially affect our business.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The approval of or filing with the CSRC or other PRC government authorities may be required in connection
with our offshore offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such
approval or complete such filing.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Failure to comply with PRC regulations and other legal obligations concerning data protection and cybersecurity
may materially and adversely affect our business, as we routinely collect, store and use data during the conduct of our business.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We may be classified as a &#8220;resident enterprise&#8221; for PRC enterprise income tax purposes; such
classification could result in unfavorable tax consequences to us and our non-PRC shareholders.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Any failure to comply with PRC regulations regarding the registration requirements for employee stock
incentive plans may subject the PRC plan participants or us to fines and other legal or administrative sanctions.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Failure to make adequate contributions to various mandatory social security plans as required by PRC regulations
may subject us to penalties.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Enforcement of stricter labor laws and regulations may increase our labor costs.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If the chops of our PRC subsidiaries are not kept safely, are stolen or are used by unauthorized persons
or for unauthorized purposes, the corporate governance of these entities could be severely and adversely compromised.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Risks Relating
to Our Securities</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If we fail to regain compliance with the continued listing requirements of Nasdaq, we would face possible
delisting, which would result in a limited public market for our common shares and make obtaining future debt or equity financing more
difficult for us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><B>Principal Executive Office</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our principal executive office
is located at Room 2205, 22/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. Our telephone number
at this address is +852-2810-7205. Our principal website is www.chnr.net. Information contained on our website is not part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994621"></A>RISK FACTORS<A NAME="risk_factors"></A></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">An investment in our
securities involves a high degree of risk and should be considered speculative. You should carefully consider the following risks set
out below and other information before investing in our securities. If any event arising from these risks occurs, our business, prospects,
financial condition, results of operations or cash flows could be adversely affected, the trading price of our securities could decline
and all or part of your investment may be lost.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118733056"></A><U>Risks Relating
to Our PRC Operations and Doing Business in the PRC</U></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Changes in China&#8217;s economic,
political or social conditions or government policies could have a material and adverse effect on our business and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">All of our business operations
are conducted in China. Accordingly, our business, results of operations, financial condition and prospects are affected by economic,
political and social conditions in China generally and by continued economic growth in China as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">China&#8217;s economy differs
from the economies of most developed countries in many respects, including the extent of government involvement, level of development,
growth rate, control of foreign exchange and allocation of resources. In recent decades, the Chinese government has implemented a series
of reform measures, including, among others, the utilization of market forces for economic reform and the establishment of improved corporate
governance in business enterprises. However, a considerable portion of productive assets in China is still owned by the government. In
addition, the Chinese government also plays a significant role in regulating industry development and has extensive influence over China&#8217;s
economic growth through allocating resources, foreign exchange control and setting monetary and fiscal policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The growth of China&#8217;s
economy has been uneven, both geographically and among various sectors of the economy, and the growth of the Chinese economy has slowed
down in recent years for various reasons, including due to the impacts of the COVID-19 pandemic. Some of the government measures may benefit
the overall Chinese economy but may have a negative effect on us. For example, our financial condition and results of operations may be
adversely affected by government control over capital investments or changes in tax regulations. Any stimulus measures designed to boost
the Chinese economy may contribute to higher inflation, which could adversely affect our results of operations and financial condition.
For example, certain operating costs and expenses, such as employee compensation and office operating expenses, may increase as a result
of higher inflation.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118733047"></A>Uncertainties
with respect to the PRC legal system could adversely affect us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We conduct our business through
our subsidiaries in China. Our operations in China are governed by PRC laws and regulations. Our subsidiaries are generally subject to
laws and regulations applicable to foreign investments in China. The PRC legal system is based on written statutes. Prior court decisions
may be cited for reference but have limited precedential value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">PRC laws and regulations have
significantly enhanced the protections afforded to various forms of foreign investments in China over the past several decades. However,
China has not developed a fully integrated legal system and recently enacted laws and regulations may not sufficiently cover all aspects
of economic activities in China. In particular, because these laws and regulations are relatively new, and because of the limited volume
of published decisions and their nonbinding nature, the interpretation and enforcement of these laws and regulations involve uncertainties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Furthermore, the PRC legal
system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all. As a result,
we may not be aware of our potential violation of these policies and rules. In addition, any administrative and court proceedings in China
may be protracted and result in substantial costs and diversion of resources and management attention.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The PRC government has significant
oversight over the conduct of our business, and it has recently indicated an intent to exert more oversight over offerings that are conducted
overseas and foreign investment in China-based issuers. Any such action could significantly limit or completely hinder our ability to
offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118733037"></A>PRC
laws and regulations governing our current business operations are sometimes vague and uncertain. Any changes in such laws and regulations
may have a material and adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">There are substantial uncertainties
regarding the interpretation and application of PRC laws and regulations, including, but not limited to, the laws and regulations governing
our business, or the enforcement and performance of our arrangements with customers in the event of the imposition of statutory liens,
death, bankruptcy and criminal proceedings. We and our current subsidiaries are, and any future subsidiaries will be, considered foreign
persons or foreign-invested enterprises under PRC laws, and as a result, we are and will be required to comply with PRC laws and regulations
applicable to foreign persons or foreign-invested enterprises. These laws and regulations are sometimes vague and may be subject to future
changes, and their official interpretation and enforcement may involve substantial uncertainty. Exploration and mining operations and
wastewater treatment operations in the PRC are subject to environmental laws and regulations, and the imposition of more stringent environmental
regulations may affect our ability to comply with, or our costs to comply with, such regulations. Such changes, if implemented, may adversely
affect our business operations and may reduce our profitability. The effectiveness of newly enacted laws, regulations or amendments may
be delayed, resulting in detrimental reliance by foreign investors. New laws and regulations that affect existing and proposed future
businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations
may have on our businesses.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118733022"></A>PRC
regulation of loans to and direct investment in PRC entities by offshore holding companies may delay or prevent us from making loans or
additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our ability to fund and expand our
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We are an offshore holding
company conducting our operations in China. We may make loans to our PRC subsidiaries, or we may make additional capital contributions
to our wholly foreign-owned subsidiaries in China. Any loans to our wholly foreign-owned subsidiaries in China, which are treated as foreign-invested
enterprises under PRC law, are subject to PRC regulations and foreign exchange loan registration requirements. In addition, a foreign-invested
PRC enterprise has limitations upon its uses of capital, including restrictions on such capital being: (i)&nbsp;directly or indirectly
used for payments beyond the business scope of the enterprise or payments prohibited by relevant laws and regulations; (ii)&nbsp;used
for the granting of loans to non-affiliated enterprises, except where expressly permitted in the foreign-invested PRC enterprise&#8217;s
business license; and (iii)&nbsp;used for paying expenses related to the purchase of real estate that is not for self-use, except for
foreign-invested real estate enterprises. We may also decide to finance our PRC subsidiaries by means of capital contributions, in which
case the PRC subsidiary is required to register the details of the capital contribution with the local branch of the State Administration
for Market Regulation (&#8220;SAMR&#8221;) and submit a report on the capital contribution via the online enterprise registration system
to the Ministry of Commerce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc; color: #212529">In light of
the various requirements imposed by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies, we
cannot assure you that we will be able to complete the necessary government registrations or obtain the necessary government approvals
or filings on a timely basis, if at all, with respect to future loans or capital contributions by us to our PRC operating subsidiaries.
If we fail to complete such registrations or obtain such approvals, our ability to fund our PRC operations may be negatively affected,
which could materially and adversely affect our liquidity and our ability to fund and expand our business.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left"><A NAME="a_Hlk118733014"></A><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Inflation in the PRC, or a slowing
PRC economy, could negatively affect our profitability and growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">While the PRC economy has
experienced rapid growth, such growth has been uneven among various sectors of the economy and in different geographical areas of the
country. Rapid economic growth can lead to growth in the money supply and rising inflation. If prices for our products and services rise
at a rate that is insufficient to compensate for the rise in the costs of supplies and services, it may have an adverse effect on our
profitability. In order to control inflation in the past, the PRC government has imposed controls on bank credit, limits on loans for
fixed assets and restrictions on bank lending. Such an austere policy can lead to a slowing of economic growth, and recent statistics
have, indeed, suggested that China&#8217;s high annual economic growth has slowed down. In addition, the global outbreak of COVID-19 and
the efforts to contain it have negatively impacted economic development in the PRC and around the world. Despite targeted fiscal and monetary
stabilizing policies implemented by the PRC government, the PRC economy has experienced a significant slowdown since the outbreak of COVID-19.
As a result, domestic and global economic conditions may improve, and the markets we intend to serve may grow, at a lower-than-expected
rate or even experience a downturn, adversely affecting our future profitability and growth.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118733007"></A>Our
PRC subsidiaries are subject to restrictions on paying dividends and making other payments to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We are a holding company incorporated
in the BVI. Under BVI law, we may only pay dividends to investors, including U.S. investors, from surplus (the excess, if any, at the
time of the determination of the total assets of our company over the sum of our liabilities, as shown in our books of account, plus our
capital), and we must be solvent before and after the dividend payment in the sense that we will be able to satisfy our liabilities as
they become due in the ordinary course of business, and the realizable value of assets of our company will not be less than the sum of
our total liabilities, other than deferred taxes as shown in our books of account, and our capital. As a result of our holding company
structure, dividends and other distributions to our shareholders, including U.S. investors, will depend primarily upon dividend payments
from our subsidiaries. However, PRC regulations currently permit the payment of dividends only out of accumulated profits, as determined
in accordance with PRC accounting standards and regulations. Our subsidiaries in China are also required to set aside a portion of their
after-tax profits as certain reserve funds according to PRC accounting standards and regulations. The PRC government also imposes controls
on the conversion of RMB into foreign currencies and the remittance of currency out of China. We may experience difficulties in completing
the administrative procedures necessary to obtain and remit foreign currency. Furthermore, if our subsidiaries in China incur further
debt in the future, debt covenants may restrict their ability to pay dividends or make other payments. If we or our subsidiaries are unable
to receive dividends from our operating companies, Bayannaoer Mining and Shanghai Onway, due to contractual or other limitations on the
payment of dividends, we may be unable to pay dividends or make other distributions on our common shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118733000"></A>Governmental
control of currency conversion may affect payment of any dividends or foreign currency denominated obligations, and it may adversely affect
the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The PRC government imposes
controls on the convertibility of RMB into foreign currencies and, in certain cases, the remittance of currency out of the PRC. Shortages
in the availability of foreign currency may restrict our ability to remit sufficient foreign currency to pay dividends, or otherwise satisfy
foreign currency denominated obligations. Under existing PRC foreign exchange regulations, the RMB is currently convertible under the
&ldquo;current account,&rdquo; which includes dividends, trade and service-related foreign exchange transactions, but not under the &ldquo;capital
account,&rdquo; which includes foreign direct investment and loans, including loans we may secure from our onshore subsidiaries. Currently,
our PRC subsidiaries may purchase foreign currency for settlement of &ldquo;current account transactions,&rdquo; including payment of
dividends to us, without prior approval from SAFE by complying with certain procedural requirements. However, approval from appropriate
governmental authorities is required where RMB is to be converted into foreign currency and remitted out of the PRC to pay capital expenses
such as the repayment of bank loans denominated in foreign currencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The PRC government may also
at its discretion restrict access to foreign currencies for current account transactions in the future. If the foreign exchange control
system prevents us from obtaining sufficient foreign currency to satisfy our currency demands, we may not be able to pay certain of our
expenses as they come due, or pay dividends or make other distributions to investors, including U.S. investors.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left"><A NAME="a_Hlk118732993"></A><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">The fluctuation of the RMB may materially
and adversely affect your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The exchange rate of the RMB
against the U.S. Dollar and other currencies may fluctuate and is affected by, among other things, changes in the PRC&#8217;s political
and economic conditions. As most of our operating expenses are denominated in RMB, any significant revaluation of the RMB may materially
and adversely affect our cash flows and financial condition. Additionally, if we convert our RMB into U.S. Dollars, to pay dividends on
our common shares or for other business purposes, depreciation of the RMB against the U.S. Dollar would negatively affect the amount of
U.S. Dollars we convert our RMB into. Conversely, to the extent that we need to convert U.S. Dollars we receive from an offering of our
securities or otherwise into RMB for our operations, the appreciation of the RMB against the U.S. Dollar could have an adverse effect
on our financial condition and result in a charge to our income statement and a reduction in the value of these U.S. Dollar denominated
assets.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In 2021, the U.S. Dollar depreciated
against the RMB by 2.55% over the course of the year. Since the beginning of 2022 to October 31, 2022, the U.S. Dollar appreciated against
the RMB by 14.95%.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118732985"></A>PRC
SAFE regulations regarding offshore financing activities by PRC residents have undergone changes which may increase the administrative
burden we face and create regulatory uncertainties that could adversely affect us, and a failure by our shareholders who are PRC residents
to make any required applications and filings pursuant to such regulations may prevent us from being able to distribute profits and could
expose us and our PRC resident shareholders to liability under PRC law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In July&nbsp;2014, SAFE promulgated
the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents&#8217; Offshore Investment and Financing and
Roundtrip Investment Through Special Purpose Vehicles (&#8220;SAFE Circular 37&#8221;). SAFE Circular 37 requires PRC residents (including
PRC individuals and PRC corporate entities as well as foreign individuals that are deemed PRC residents for foreign exchange administration
purposes) to register with SAFE or its local branches in connection with their direct or indirect offshore investment activities. SAFE
Circular 37 further requires an amendment to a SAFE registration in the event of any changes with respect to the basic information of
the offshore special purpose vehicle, such as a change in the PRC shareholders, the names of such special purpose vehicle, and the operation
term of such special purpose vehicle, or any significant changes with respect to the offshore special purpose vehicle, such as an increase
or decrease of capital, a share transfer or exchange, or mergers or divisions. SAFE Circular 37 is applicable to our shareholders who
are PRC residents and may be applicable to any offshore acquisitions that we make in the future.&nbsp;If our shareholders who are PRC
residents fail to make the required SAFE registration or to update a previously filed registration, our PRC subsidiaries may be prohibited
from distributing their profits or the proceeds from any capital reduction, share transfer or liquidation to us, and we accordingly would
be unable to distribute to our investors, including U.S. investors, and we may also be prohibited from making additional capital contributions
to our PRC subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In February&nbsp;2015, SAFE
promulgated a Notice on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment (&ldquo;SAFE Notice
13&rdquo;), effective June&nbsp;2015. Under SAFE Notice 13, applications for foreign exchange registration of inbound foreign direct investments
and outbound overseas direct investments, including those required under SAFE Circular 37, shall be filed with qualified banks instead
of SAFE. The qualified banks directly examine the applications and accept registrations under the supervision of SAFE.&nbsp;To date, no
registration has been filed with SAFE regarding us, and accordingly, SAFE may prohibit distributions from our PRC subsidiaries, which
would prevent us from paying dividends, including to our U.S. investors, and may adversely affect our financial condition and potentially
expose us to liability under PRC law.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118732970"></A><A NAME="a_Hlk118732977"></A>The
PCAOB has yet to determine that it can inspect our auditor in relation to its audit work performed for our financial statements to its
satisfaction, and any inability of the PCAOB to conduct inspections over our auditor may affect our investors&#8217; ability to benefit
from such inspections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our auditor, the independent
registered public accounting firm that issues the audit report included in our annual reports, as an auditor of companies that are traded
publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB
conducts regular inspections to assess its compliance with applicable professional standards. Since our auditor is located in China, a
jurisdiction where the PCAOB has been unable to conduct inspections without the approval of the Chinese authorities, our auditor is not
currently inspected by the PCAOB. As a result, the benefits of such PCAOB inspections to our investors and us are affected. Any inability
of the PCAOB to conduct inspections of auditors in China makes it more difficult to evaluate the effectiveness of our independent registered
public accounting firm&#8217;s audit procedures or quality control procedures as compared to auditors outside of China that are subject
to the PCAOB inspections, which could cause investors and potential investors in our securities to lose confidence in our audit procedures,
reported financial information, and the quality of our financial statements.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Our common shares will be prohibited
from trading in the United States under the HFCAA in 2024 if the PCAOB is unable to inspect or fully investigate auditors located in China,
or 2023 if proposed changes to the HFCAA are enacted. The delisting of our common shares, or the threat of their being delisted, may materially
and adversely affect the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The HFCAA was signed into
law on December&nbsp;18, 2020. Pursuant to the HFCAA, the SEC will identify an issuer as a &#8220;Commission-Identified Issuer&#8221;
if the issuer has filed an annual report containing an audit report issued by a registered public accounting firm that the PCAOB has determined
it is unable to inspect or investigate completely, and will then impose a trading prohibition on an issuer after it is identified as a
Commission-Identified Issuer for three consecutive years. On December&nbsp;16, 2021, the PCAOB issued a report to notify the SEC of its
determination that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in mainland
China and Hong Kong. The PCAOB identified our auditor as one of the registered public accounting firms that the PCAOB is unable to inspect
or investigate completely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Whether the PCAOB will be
able to conduct inspections of our auditor before the issuance of our financial statements for the year ending December&nbsp;31, 2023,
which is due by April&nbsp;30, 2024, or at all, is subject to substantial uncertainty and depends on a number of factors out of our, and
our auditor&#8217;s, control. A trading prohibition would substantially impair your ability to sell or purchase our common shares when
you wish to do so, and the risk and uncertainty associated with delisting would have a negative impact on the price of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">On June&nbsp;22, 2021, the
U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would reduce the number of consecutive
non-inspection years required for triggering the prohibitions under the HFCAA from three years to two, and thus, would reduce the time
before our securities may be prohibited from trading or delisted. On February&nbsp;4, 2022, the U.S. House of Representatives passed a
bill which contained, among other things, an identical provision. If this provision is enacted into law and the number of consecutive
non-inspection years required for triggering the prohibitions under the HFCAA is reduced from three years to two, then our common shares
could be prohibited from trading in the United States in 2023.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118732844"></A>It
may be difficult for overseas regulators to conduct investigations or collect evidence within China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Shareholder claims or regulatory
investigations that are common in the United States generally are difficult to pursue as a matter of law or practicality in China. For
example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations or litigation
initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities regulatory
authorities of another country or region to implement cross-border supervision and administration, such cooperation with the securities
regulatory authorities in the Unities States may not be efficient in the absence of a mutual and practical cooperation mechanism. Furthermore,
according to Article 177 of the PRC Securities Law (&#8220;Article 177&#8221;), which became effective in March 2020, no overseas securities
regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. While detailed
interpretation of or implementing rules under Article 177 have yet to be promulgated, the inability for an overseas securities regulator
to directly conduct investigation or evidence collection activities within China may further increase difficulties faced by you in protecting
your interests.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118732837"></A>If
we fail to protect our intellectual property rights, it could harm our business and competitive position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We own five patents in China
covering our wastewater treatment technology, and we rely on a combination of patent protection, trade secret laws and other methods to
protect our intellectual property rights. The process of seeking patent protection on future patents can be lengthy and expensive, our
patent applications may be rejected and our existing and future patents may be insufficient to provide us with sufficient protection or
commercial advantage. Our patents and patent applications may also be challenged, invalidated or circumvented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Implementation of Chinese
intellectual property-related laws has historically been ineffective, primarily due to ambiguities in Chinese laws and enforcement difficulties.
Accordingly, intellectual property rights and confidentiality protections in China may not be as effective as those in the United States
or other developed countries. Furthermore, we may need to resort to litigation to enforce or defend our patents. Such litigation and its
results could cause substantial costs and diversion of resources and management attention, which could harm our business and growth.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A NAME="a_Hlk118732831"></A><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">PRC regulations establish complex
procedures for some acquisitions conducted by foreign investors, which could make it more difficult for us to pursue growth through acquisitions
in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Regulations on Mergers
and Acquisitions of Domestic Enterprises by Foreign Investors (the &#8220;M&amp;A Rules&#8221;), adopted by six PRC regulatory agencies
in August 2006 and amended in June 2009, among other things, established additional procedures and requirements that could make merger
and acquisition activities by foreign investors more time-consuming and complex. In addition, the Provisions of Ministry of Commerce on
Implementation of Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, issued by the Ministry
of Commerce in August 2011, specify that mergers and acquisitions by foreign investors involved in &#8220;an industry related to national
security&#8221; are subject to strict review by the Ministry of Commerce, and prohibit any activities attempting to bypass such security
review, including by structuring the transaction through a proxy or contractual control arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">On March 15, 2019, the PRC
National People&#8217;s Congress enacted the Foreign Investment Law of the PRC (the &#8220;Foreign Investment Law&#8221;), which became
effective on January 1, 2020. The Foreign Investment Law has replaced the previous major laws and regulations governing foreign investment
in the PRC, including the Sino-foreign Equity Joint Ventures Enterprises Law of the PRC, the Sino-foreign Co-operative Enterprises Law
of the PRC and the Wholly Foreign-invested Enterprise Law of the PRC. According to the Foreign Investment Law, &#8220;foreign-invested
enterprises&#8221; refers to enterprises that are wholly or partly invested by foreign investors and registered under the PRC laws within
China, and &#8220;foreign investment&#8221; refers to any foreign investor&#8217;s direct or indirect investment activities in China,
including: (i) establishing foreign-invested enterprises in China either individually or jointly with other investors; (ii) obtaining
stock shares, equity shares, shares in properties or other similar interests of Chinese domestic enterprises; (iii) investing in new projects
in China either individually or jointly with other investors; and (iv) investing through other methods provided by laws, administrative
regulations or provisions prescribed by the State Council.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">On December 26, 2019, the
State Council issued Implementation Regulations for the Foreign Investment Law of the PRC (the &#8220;Implementation Rules&#8221;) which
came into effect on January 1, 2020, and replaced the Implementing Rules of the Sino-foreign Equity Joint Ventures Enterprises Law of
the PRC, the Implementing Rules of the Sino-foreign Co-operative Enterprises Law of the PRC and the Implementing Rules of the Wholly Foreign-invested
Enterprise Law of the PRC. According to the Implementation Rules, in the event of any discrepancy between the Foreign Investment Law,
the Implementation Rules and the relevant provisions on foreign investment promulgated prior to January 1, 2020, the Foreign Investment
Law and the Implementation Rules shall prevail. The Implementation Rules also set forth that foreign investors that invest in sectors
on the &#8220;Negative List&#8221; in which foreign investment is restricted shall comply with special management measures with respect
to, among others, shareholding and senior management personnel qualification in the Negative List. Pursuant to the Foreign Investment
Law and the Implementation Rules, the existing foreign-invested enterprises established prior to the effective date of the Foreign Investment
Law are allowed to keep their corporate organization forms for five years from the effectiveness of the Foreign Investment Law before
such existing foreign-invested enterprises change their organization forms and organization structures in accordance with the PRC Company
Law, the Partnership Enterprise Law of the PRC and other applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">After the Foreign Investment
Law and the Implementation Rules became effective on January 1, 2020, the provisions of the M&amp;A Rules remained effective to the extent
they are not inconsistent with the Foreign Investment Law and the Implementation Rules. We believe that our business is not in an industry
related to national security, but we cannot preclude the possibility that the competent PRC government authorities may publish explanations
contrary to our understanding or broaden the scope of such security reviews in the future, in which case our future acquisitions and investment
in the PRC, including those by way of entering into contractual control arrangements with target entities, may be closely scrutinized
or prohibited. Moreover, according to the Anti-Monopoly Law of the PRC, the SAMR shall be notified in advance of any concentration of
undertaking if certain filing thresholds are triggered. We may grow our business in part by directly acquiring complementary businesses
in China. Complying with the requirements of the laws and regulations mentioned above and other PRC regulations necessary to complete
such transactions could be time-consuming, and any required approval processes, including obtaining approval from the SAMR, may delay
or inhibit our ability to complete such transactions, which could materially and adversely affect our ability to expand our business or
maintain our market share.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In December 2020, the National
Development and Reform Commission and the Ministry of Commerce promulgated the Measures for the Security Review of Foreign Investment,
which came into effect on January 18, 2021. As these measures are recently promulgated, official guidance has not been issued by the designated
office in charge of such security review yet. At this stage, the interpretation of those measures remains unclear in many aspects. For
example, it is unclear whether these measures may apply to foreign investment that is implemented or completed before the enactment of
these new measures. We cannot assure you that our current or new business operations will remain fully compliant, or that we can adapt
our business operations to new regulatory requirements on a timely basis, or at all.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118732822"></A>We
and our PRC subsidiaries are required to maintain a series of licenses, permits and approvals from PRC authorities to operate our business
in the PRC, and failure to maintain or renew such licenses, permits or approvals in a timely manner could materially affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our PRC subsidiaries mainly
carry out rural wastewater treatment and metal exploration activities in the PRC, which are subject to a series of PRC laws and regulations.
Such business activities require us to obtain licenses, permits and approvals from different PRC authorities, including an exploration
permit from the Land and Resources Department of the Inner Mongolia Autonomous Region with regards to our metal exploration activity,
construction permits in relation to our EPC activities, and business licenses from local industry and commercial bureaus as required upon
company registration. As of the date of this prospectus, as far as we are aware and in the judgment of management, we have obtained all
necessary licenses, permits and approvals to operate our business in the PRC, and have not been denied any such licenses, permits or approvals.
If we or our PRC subsidiaries fail to maintain or renew such licenses, permits and approvals in a timely manner in the future, our business
may be materially affected.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118732813"></A>The
approval of or filing with the CSRC or other PRC government authorities may be required in connection with our offshore offerings under
PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The M&amp;A Rules require
an overseas special purpose vehicle formed for listing purposes through acquisitions of PRC domestic companies and controlled by PRC persons
or entities to obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle&#8217;s securities on
an overseas stock exchange. The interpretation and application of the regulations remain unclear, and our offshore offerings may ultimately
require approval of the CSRC. If the CSRC approval is required, it is uncertain whether we can or how long it will take us to obtain the
approval and, even if we successfully obtain such CSRC approval, the approval could be rescinded. Any failure to obtain or delay in obtaining
the CSRC approval for any of our offshore offerings, or a rescission of any successfully obtained approvals, would subject us to sanctions
imposed by the CSRC or other PRC regulatory authorities. Sanctions could include fines and penalties on our operations in China, restrictions
or limitations on our ability to pay dividends outside of China, and other forms of sanctions that may materially and adversely affect
our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">On July 6, 2021, PRC government
authorities issued the Opinions on Strictly Cracking Down on Illegal Securities Activities in Accordance with the Law. These opinions
emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based
companies. They proposed to take measures such as promoting the construction of relevant regulatory systems to deal with the risks and
incidents faced by China-based overseas listed companies.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">On December 24, 2021, the
State Council issued the Draft Provisions and the CSRC issued the Draft Administrative Measures for public comment. The Draft Provisions
and the Draft Administrative Measures propose to establish a new filing-based regime to regulate overseas offerings of stock, depository
receipts, convertible corporate bonds or other equity securities, and overseas listing of these securities for trading, by PRC companies.
According to the Draft Provisions and the Draft Administrative Measures, an overseas offering and listing by a domestic company, whether
directly or indirectly, shall be filed with the CSRC. Specifically, the examination and determination of an indirect offering and listing
will be conducted on a substance-over-form basis, and an offering and listing shall be considered as an indirect overseas offering and
listing by a domestic company if the issuer meets the following conditions: (i) the operating income, gross profit, total assets, or net
assets of the domestic enterprise in the most recent fiscal year was more than 50% of the relevant line item in the issuer&#8217;s audited
consolidated financial statements for that year; and (ii) senior management personnel responsible for business operations and management
are mostly PRC citizens or are ordinarily resident in the PRC, and the main place of business is in the PRC or business is mainly carried
out in the PRC. According to the Draft Administrative Measures, the issuer or its affiliated domestic company, as the case may be, shall
file with the CSRC for its initial public offering, follow-on offering and other equivalent offering activities. Particularly, the issuer
shall submit the filing with respect to its initial public offering and listing within three business days after its initial filing of
the listing application, and submit the filing with respect to a follow-on offering within three business days after completion of the
follow-on offering. Failure to comply with the filing requirements may result in fines to the relevant domestic companies, suspension
of their businesses, revocation of their business licenses and operation permits and fines on the controlling shareholder and other responsible
persons. The Draft Administrative Measures also sets forth certain regulatory red lines for overseas offerings and listings by domestic
enterprises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">As of the date of this prospectus,
the Draft Provisions and the Draft Administrative Measures have been released for public comment only, and therefore, filing or approval
under the Draft Administrative Measures is not necessary at present. However, there are uncertainties as to whether the Draft Provisions
and the Draft Administrative Measures would be further amended, revised or updated. Substantial uncertainties exist with respect to the
enactment timetable and final content of the Draft Provisions and the Draft Administrative Measures. As the CSRC may formulate and publish
guidelines for filings in the future, the Draft Administrative Measures do not provide for detailed requirements of the substance and
form of the filing documents. In a Q&amp;A released on its official website, the respondent CSRC official indicated that the CSRC will
start applying the filing requirements to new offerings and listings. Only new initial public offerings and refinancing by existing overseas
listed Chinese companies will be required to go through the filing process. As for the filings for the existing companies, the regulator
will grant an adequate transition period to complete their filing procedures. Given the substantial uncertainties surrounding the latest
CSRC filing requirements at this stage, we cannot assure you that we will be able to complete the filings and fully comply with the relevant
new rules on a timely basis, if at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">As of the date of this prospectus,
as far as we are aware and in the judgment of management, we have received all requisite permissions or approvals in connection with our
offshore offerings under PRC law, and have not been denied any such permissions or approvals. However, we cannot assure you that any new
rules or regulations promulgated in the future will not impose additional requirements on us. If it is determined in the future that approval
from and filing with the CSRC or other regulatory authorities or other procedures are required for our offshore offerings, it is uncertain
whether we can or how long it will take us to obtain such approval or complete such filing procedures and any such approval or filing
could be rescinded or rejected. Any failure to obtain or delay in obtaining such approval or completing such filing procedures for our
offshore offerings, including by our inadvertent conclusion that such approval or filing was not required when in fact it was, or a rescission
of any such approval or filing if obtained by us, could subject us to sanctions by the CSRC or other PRC regulatory authorities. These
regulatory authorities may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China,
limit our operating privileges in China, delay or restrict the repatriation of the proceeds from our offshore offerings into China or
take other actions that could materially and adversely affect our business, financial condition, results of operations and prospects,
as well as the trading price of our listed securities. The CSRC or other PRC regulatory authorities also may take actions requiring us,
or making it advisable for us, to halt our offshore offerings before settlement and delivery of the securities offered. Consequently,
if investors engage in market trading or other activities in anticipation of and prior to settlement and delivery, they do so at the risk
that settlement and delivery may not occur. In addition, if the CSRC or other regulatory authorities later promulgate new rules or explanations
requiring that we obtain their approvals or accomplish the required filing or other regulatory procedures for our prior offshore offerings,
we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any
uncertainties or negative publicity regarding such approval requirement could materially and adversely affect our business, prospects,
financial condition, reputation and the trading price of our listed securities.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left"><A NAME="a_Hlk118732803"></A><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Failure to comply with PRC regulations
and other legal obligations concerning data protection and cybersecurity may materially and adversely affect our business, as we routinely
collect, store and use data during the conduct of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">On December&nbsp;28, 2021,
the CAC adopted the Cybersecurity Review Measures, which became effective on February&nbsp;15, 2022. The Cybersecurity Review Measures
require network platform operators possessing personal information of more than one million individual users to undergo a cybersecurity
review by the CAC when they seek a listing on a foreign exchange. The Cybersecurity Review Measures provide that critical information
infrastructure operators purchasing network products and services and network platform operators carrying out data processing activities,
which affect or may affect national security, shall apply for cybersecurity review to the applicable local cyberspace administration in
accordance with the provisions thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">On July&nbsp;30, 2021, the
State Council promulgated the Regulations on Protection of Critical Information Infrastructure, which became effective on September&nbsp;1,
2021. Pursuant to the Regulations on Protection of Critical Information Infrastructure, critical information infrastructure shall mean
any important network facilities or information systems of an important industry or field, such as public communications and information
services, energy, transportation, water conservation, finance, public services, e-government affairs and science and technology and national
defense industries, which may seriously endanger national security, peoples&#8217; livelihoods and the public interest in the event of
damage, function loss or data leakage. In addition, the relevant administrative departments of each critical industry and sector shall
be responsible for formulating eligibility criteria and determining the critical information infrastructure operator in the respective
industry or sector. The operators shall be informed about the final determination as to whether they are categorized as critical information
infrastructure operators. Among these industries, the energy and telecommunications industries are mandated to take measures to provide
key assurances for the safe operation of critical information infrastructure in other industries and fields. We believe our wastewater
treatment activities do not fall under the water conservation industry, although we cannot assure you that local administrative departments
will come to the same interpretation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We and our PRC subsidiaries
do not carry out business in China through any self-owned network platform and hold personal information of less than one million individuals
from PRC operations. We and our PRC subsidiaries have not been identified as critical information infrastructure operators by any PRC
authorities. The data collected from our China operations is mainly information related to our production, customers, suppliers and our
employees. We believe that we and our PRC subsidiaries do not commit any acts that threaten or endanger the national security of the PRC,
and to our knowledge we and our PRC subsidiaries have not received or been subject to any investigation, notice, warning or sanction from
any PRC authority with respect to national security issues arising from our business operations. As of the date of this prospectus, we
do not believe that we need to proactively apply for the cybersecurity review required by the CAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Furthermore, the CAC promulgated
the Security Assessment Measures for Outbound Data Transfers, effective July&nbsp;7, 2022, which require that to provide data abroad under
any of the following circumstances, a data processor shall declare security assessment for its outbound data transfer to the CAC through
the local cyberspace administration at the provincial level: (i) where a data processor provides critical data abroad; (ii) where a key
information infrastructure operator or a data processor processing the personal information of more than one million individuals provides
personal information abroad; (iii) where a data processor has provided personal information of 100,000 individuals or sensitive personal
information of 10,000 individuals in total abroad since January 1 of the previous year; and (iv) in other circumstances prescribed by
the CAC for which declaration of a security assessment for outbound data transfers is required. As we and our PRC subsidiaries do not
provide any data collected from China operations abroad, we do not believe it is necessary for us to declare any security assessments
pursuant to the Security Assessment Measures for Outbound Data Transfers.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">However, there remains uncertainty
as to how these regulations will be interpreted or implemented and whether the PRC regulatory agencies, including the CAC, may adopt new
laws, regulations, rules or detailed implementation and interpretation, and there is no assurance that PRC regulatory agencies, including
the CAC, would take the same view as we do. There have not been comparable developments in Hong Kong, but those could occur, and we believe
are currently in compliance with all Hong Kong laws and regulations regarding data security. If any such new laws, regulations, rules
or implementation and interpretation come into effect, we will take all reasonable measures and actions to comply and to minimize the
adverse effect of such laws on us. However, we cannot assure you that we can fully or timely comply with such laws. In the event that
we are subject to any mandatory cybersecurity reviews and/or other requirements of the CAC, we face uncertainty as to whether any clearance
or other required actions can be timely completed, or at all. Given such uncertainty, it is possible that we may be required to suspend
the relevant business, or face other penalties, which could materially and adversely affect our business, financial condition, results
of operations and/or the value of our securities, or could significantly limit or completely hinder our ability to offer or continue to
offer securities to investors. As of the date of this prospectus, we have not been informed that we have been identified as a critical
information infrastructure operator by any governmental authorities. These laws and regulations are relatively new, and the PRC authorities
continue to promulgate and issue new laws, regulations and rules in this regard. Therefore, there is substantial uncertainty with respect
to the interpretation and implementation of these data security laws and regulations. We will closely monitor the relevant regulatory
environment and will assess and determine whether we are required to apply for the cybersecurity review.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118732793"></A>We
may be classified as a &#8220;resident enterprise&#8221; for PRC enterprise income tax purposes; such classification could result in unfavorable
tax consequences to us and our non-PRC shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Enterprise Income Tax
Law provides that enterprises established outside of China whose &#8220;de facto management bodies&#8221; are located in China are considered
PRC tax resident enterprises and will generally be subject to the uniform 25% PRC enterprise income tax rate on their global income. In
2009, the State Administration of Taxation (&#8220;SAT&#8221;) issued the Circular of the State Administration of Taxation on Issues Concerning
the Identification of Chinese-Controlled Overseas Registered Enterprises as Resident Enterprises in Accordance with the Actual Standards
of Organizational Management (&#8220;SAT Circular 82&#8221;), which was partially amended by the Announcement on Issues concerning the
Determination of Resident Enterprises Based on the Standards of Actual Management Institutions issued by the SAT on January 29, 2014,
and further partially amended by the Decision on Issuing the Lists of Invalid and Abolished Tax Departmental Rules and Taxation Normative
Documents issued by the SAT on December 29, 2017. SAT Circular 82, as amended, provides certain specific criteria for determining whether
the &#8220;de facto management body&#8221; of a Chinese-controlled offshore-incorporated enterprise is located in China, which include
all of the following conditions: (i) the location where senior management members responsible for an enterprise&#8217;s daily operations
discharge their duties; (ii) the location where financial and human resource decisions are made or approved by organizations or persons;
(iii) the location where the major assets and corporate documents are kept; and (iv) the location where more than half (inclusive) of
all directors with voting rights or senior management have their habitual residence. SAT Circular 82 further clarifies that the identification
of the &#8220;de facto management body&#8221; must follow the &#8220;substance over form&#8221; principle. In addition, the SAT issued
the Announcement of State Administration of Taxation on Promulgation of the Administrative Measures on Income Tax on Overseas Registered
Chinese-funded Holding Resident Enterprises (Trial Implementation) (the &#8220;SAT Bulletin 45&#8221;) on July 27, 2011, effective from
September 1, 2011, and partially amended on April 17, 2015, June 28, 2016, and June 15, 2018, providing more guidance on the implementation
of SAT Circular 82. SAT Bulletin 45 clarifies matters including resident status determination, post-determination administration and competent
tax authorities. Although both SAT Circular 82 and SAT Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or
PRC enterprise groups, not those controlled by PRC individuals or foreign individuals, the determining criteria set forth in SAT Circular
82 and SAT Bulletin 45 may reflect the SAT&#8217;s general position on how the &#8220;de facto management body&#8221; test should be applied
in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises or PRC enterprise
groups or by PRC or foreign individuals.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Currently, there are no detailed
rules or precedents governing the procedures and specific criteria for determining &ldquo;de facto management bodies&rdquo; that are applicable to us
or our overseas subsidiaries. We do not believe that CHNR meets all of the conditions for a PRC resident enterprise. The Company is a
company incorporated outside the PRC. As a holding company, its key assets are its ownership interests in its subsidiaries, and its key
assets are located, and its records (including the resolutions of its board of directors and the resolutions of its shareholders) are
maintained, outside the PRC. For the same reasons, we believe our other entities outside of China are not PRC resident enterprises either.
However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities, and uncertainties remain with
respect to the interpretation of the term &#8220;de facto management body.&#8221; There can be no assurance that the PRC government will
ultimately take a view that is consistent with ours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">However, if the PRC tax authorities
determine that CHNR is a PRC resident enterprise for enterprise income tax purposes, we may be required to withhold a 10% withholding
tax from dividends we pay to our shareholders that are non-resident enterprises. Such 10% tax rate could be reduced by applicable tax
treaties or similar arrangements between China and the jurisdiction of our shareholders. For example, for shareholders eligible for the
benefits of the tax treaty between China and Hong Kong, known as the Hong Kong Special Administrative Region for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (the &#8220;Double Taxation Arrangement&#8221;), the tax
rate is reduced to 5% for dividends if relevant conditions are met, including without limitation that (a) the Hong Kong resident enterprise
must be the beneficial owner of the relevant dividends; and (b) the Hong Kong resident enterprise must directly hold no less than 25%
share ownership in the PRC resident enterprise during the 12 consecutive months preceding its receipt of the dividends. In current practice,
a Hong Kong resident enterprise must obtain a tax resident certificate from the Hong Kong tax authority to apply for the 5% lower PRC
withholding tax rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot assure
you that we will be able to obtain a tax resident certificate from the relevant Hong Kong tax authority and enjoy the preferential withholding
tax rate of 5% under the Double Taxation Arrangement with respect to any dividends paid by our PRC subsidiaries to their immediate holding
companies. In addition, non-resident enterprise shareholders may be subject to a 10% PRC tax on gains realized on the sale or other disposition
of common equity if such income is treated as sourced from within the PRC. It is unclear whether our non-PRC individual shareholders would
be subject to any PRC tax on dividends or gains obtained by such non-PRC individual shareholders in the event we are determined to be
a PRC resident enterprise. If any PRC tax were to apply to such dividends or gains, it would generally apply at a rate of 20% unless a
reduced rate is available under an applicable tax treaty. However, it is also unclear whether non-PRC shareholders of the Company would
be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that the Company is
treated as a PRC resident enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Provided that CHNR, as a BVI
holding company, is not deemed to be a PRC resident enterprise, our shareholders who are not PRC residents will not be subject to PRC
income tax on dividends distributed by us or gains realized from the sale or other disposition of our shares. However, under SAT Circular
7, where a non-resident enterprise conducts an &#8220;indirect transfer&#8221; by transferring taxable assets, including, in particular,
equity interests in a PRC resident enterprise, indirectly by disposing of the equity interests of an overseas holding company, the non-resident
enterprise, being the transferor, or the transferee or the PRC entity which directly owned such taxable assets may report to the relevant
tax authority such indirect transfer. Using a &#8220;substance over form&#8221; principle, the PRC tax authority may disregard the existence
of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding
or deferring PRC tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee
would be obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests in a PRC resident
enterprise. We and our non-PRC resident investors may be at risk of being required to file a return and being taxed under SAT Circular
7, and we may be required to expend valuable resources to comply with SAT Bulletin 37, or to establish that we should not be taxed under
SAT Circular 7 and SAT Bulletin 37.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In addition to the uncertainty
in how the new resident enterprise classification could apply, it is also possible that the rules may change in the future, possibly with
retroactive effect. If we are required under the Enterprise Income Tax Law to withhold PRC income tax on our dividends payable to our
foreign shareholders, including U.S. investors, or if you are required to pay PRC income tax on the transfer of our shares under the circumstances
mentioned above, the value of your investment in our shares may be materially and adversely affected. These rates may be reduced by an
applicable tax treaty, but it is unclear whether, if we are considered a PRC resident enterprise, holders of our shares would be able
to claim the benefit of income tax treaties or agreements entered into between China and other countries or areas. Any such tax may reduce
the returns on your investment in our shares.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A NAME="a_Hlk118732779"></A><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Any failure to comply with PRC regulations
regarding the registration requirements for employee stock incentive plans may subject the PRC plan participants or us to fines and other
legal or administrative sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In February 2012, SAFE promulgated
the Notices on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plans of
Overseas Publicly-Listed Companies, replacing earlier rules promulgated in March 2007. Pursuant to these rules, PRC citizens and non-PRC
citizens who reside in China for a continuous period of not less than one year who participate in any stock incentive plan of an overseas
publicly listed company, subject to a few exceptions, are required to register with SAFE through a domestic qualified agent, which could
be the PRC subsidiary of such overseas-listed company, and complete certain other procedures related to account establishment, funds transfer
and remittance. In addition, an overseas-entrusted institution must be retained to handle matters in connection with the exercise or sale
of stock options and the purchase or sale of corresponding shares and interests. We and our executive officers and other employees who
have been PRC citizens or who have resided in the PRC for a continuous period of not less than one year and who are granted options or
other awards under our equity incentive plan will be subject to these regulations. Failure to complete the SAFE registrations may subject
them to fines and legal sanctions and may also limit our ability to contribute additional capital into our PRC subsidiary and limit our
PRC subsidiaries&#8217; ability to distribute dividends to us. As at the date of this prospectus, we have already completed the SAFE registration
and obtained the relevant approval of foreign exchange for our executive officers, consultants and other employees who have been granted
options and are subject to the above regulations. We also face regulatory uncertainties that could restrict our ability to adopt additional
incentive plans for our directors, executive officers and employees under PRC law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">On July 14, 2022, the board
of directors of the Company granted option covering an aggregate of 8,100,000 common shares, without par value, of the Company to fifteen
consultants and employees of the Company under the China Natural Resources, Inc. 2014 Equity Incentive Plan. SAT has issued circulars
concerning employee share options, under which certain of our employees and consultants who are PRC tax residents and exercise share options
will be subject to PRC individual income tax. The individual income tax of consultant grantees and employees shall be paid according to
remuneration for personal services and wages and salaries respectively. Our PRC subsidiaries have obligations to file documents related
to employee share options with relevant tax authorities and to withhold individual income taxes of those employees and consultants who
exercise their share options. If our employees and consultants fail to pay or if we fail to withhold their individual income tax as required
by relevant laws and regulations, we may face sanctions imposed by the PRC tax authorities or other PRC government authorities.<A NAME="a_Hlk118732768"></A></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Failure to make adequate contributions
to various mandatory social security plans as required by PRC regulations may subject us to penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Under the PRC Social Insurance
Law and the Administrative Measures on Housing Fund, our PRC subsidiaries are required to participate in various government sponsored
employee benefit plans, including certain social insurance, housing funds and other welfare-oriented payment obligations, and to contribute
to the plans in amounts equal to certain percentages of salaries, including bonuses and allowances, of the employees up to a maximum amount
specified by the local government from time to time at locations where they operate the businesses. The requirements of employee benefit
plans have not been implemented consistently by the local governments in China given the different levels of economic development in different
locations. If the local governments deem our subsidiaries&#8217; contribution to be insufficient, our subsidiaries may be subject to late
contribution fees or fines in relation to any underpaid employee benefits, and our financial condition and results of operations may be
adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In Hong Kong, employers are
required to select and join a provident fund scheme (&#8220;MPF Scheme&#8221;) in accordance with the statutory requirements of the Mandatory
Provident Fund Schemes Ordinance for all employees in Hong Kong and to make contributions to the MPF Scheme based on the minimum statutory
contribution requirement of 5% of the eligible employees&#8217; relevant aggregate income, subject to a capped amount. Any non-compliance
with statutory requirements with respect to our employees located in Hong Kong may result in enforcement being taken by the relevant authorities,
which could lead to financial penalties or imprisonment.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left"><A NAME="a_Hlk118732760"></A><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Enforcement of stricter labor laws
and regulations may increase our labor costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">China&#8217;s overall economy
and the average wage have grown in recent years and are expected to continue to grow. The average wage level for our employees has also
grown in recent years. We expect that our labor costs, including wages and employee benefits, will continue to increase. Unless we are
able to pass on these increased labor costs to our customers who pay for our services, our profitability and results of operations may
be materially and adversely affected. The PRC Labor Contract Law and its implementing rules impose requirements concerning contracts entered
into between an employer and its employees and establishes time limits for probationary periods and for how long an employee can be placed
in a fixed-term labor contract. We cannot assure you that our or our subsidiaries&#8217; employment policies and practices do not, or
will not, violate the Labor Contract Law or its implementing rules or that we will not be subject to related penalties, fines or legal
fees. If we or our subsidiaries are subject to large penalties or fees related to the Labor Contract Law or its implementing rules, our
business, financial condition and results of operations may be materially and adversely affected<FONT STYLE="font-family: SimSun">.</FONT>
In addition, according to the Labor Contract Law and its implementing rules, if we intend to enforce the non-compete provision with an
employee in a labor contract or non-competition agreement, we have to compensate the employee on a monthly basis during the term of the
restriction period after the termination or ending of the labor contract, which may cause extra expenses to us. Furthermore, the Labor
Contract Law and its implementation rules require certain terminations to be based upon seniority rather than merit, which significantly
affects the cost of reducing workforce for employers. In the event we decide to significantly change or decrease our workforce in the
PRC, the Labor Contract Law could adversely affect our ability to enact such changes in a manner that is most advantageous to our circumstances
or in a timely and cost-effective manner, thus our results of operations could be adversely affected.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><A NAME="a_Hlk118732747"></A>If
the chops of our PRC subsidiaries are not kept safely, are stolen or are used by unauthorized persons or for unauthorized purposes, the
corporate governance of these entities could be severely and adversely compromised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In China, a company chop or
seal serves as the legal representation of the company towards third parties even when unaccompanied by a signature. Each legally registered
company in China is required to maintain a company chop, which must be registered with the local Public Security Bureau. In addition to
this mandatory company chop, companies may have several other chops which can be used for specific purposes. The chops of our PRC subsidiaries
are generally held securely by personnel designated or approved by us in accordance with our internal control procedures. To the extent
those chops are not kept safely, are stolen or are used by unauthorized persons or for unauthorized purposes, the corporate governance
of these entities could be severely and adversely compromised, and those corporate entities may be bound to abide by the terms of any
documents so chopped, even if they were chopped by an individual who lacked the requisite power and authority to do so. In addition, if
the chops are misused by unauthorized persons, our PRC subsidiaries could experience disruption to our normal business operations. We
may have to take corporate or legal action, which could involve significant time and resources to resolve while distracting management
from our operations.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left"><B><A NAME="a_Hlk118732723"></A>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><U>Risks Relating to Our Securities</U></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">If we fail to regain compliance
with the continued listing requirements of Nasdaq, we would face possible delisting, which would result in a limited public market for
our common shares and make obtaining future debt or equity financing more difficult for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our common shares are traded
and listed on Nasdaq under the symbol of &#8220;CHNR.&#8221; As previously announced, we received a notification letter from Nasdaq on
April 27, 2022, advising the Company that we were not in compliance with the&nbsp;minimum&nbsp;bid&nbsp;price&nbsp;requirements set forth
in Nasdaq Listing Rule 5550(a)(2) for continued listing on Nasdaq. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain
a&nbsp;minimum&nbsp;bid&nbsp;price&nbsp;of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the&nbsp;minimum&nbsp;bid&nbsp;price&nbsp;requirement
exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company&#8217;s
common shares for the 30 consecutive business days prior to the date of the notification letter from Nasdaq, the Company no longer satisfied
the&nbsp;minimum&nbsp;bid&nbsp;price&nbsp;requirement. The notification letter provided that the Company had 180 calendar days, or until
October 24, 2022, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company&#8217;s common shares must
have a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days (Nasdaq may monitor the price for as
long as 20 consecutive business days prior to making a final compliance determination).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">On October 25, 2022, we received
a second notice letter from the Nasdaq, in which Nasdaq granted us an additional 180 days, or until April 24, 2023, to regain compliance,
because the Company met the continued listing requirement for market value of publicly held shares and all other applicable requirements,
except the bid price requirement, and the Company had indicated its intention of curing the deficiency by effecting a reverse stock split,
if necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">There is no assurance that
we will be able to regain compliance with the Nasdaq continued listing requirements. If we fail to do so,&nbsp;the Company&#8217;s common
shares may lose their status on Nasdaq and they would likely be traded on the over-the-counter markets. As a result, selling the Company&#8217;s
common shares could be more difficult because smaller quantities of shares would likely be bought and sold, transactions could be delayed,
and security analysts&#8217; coverage of us may be reduced. In addition, in the event&nbsp;the Company&#8217;s&nbsp;common shares are
delisted, broker dealers would bear certain regulatory burdens which may discourage broker dealers from effecting transactions in&nbsp;the
Company&#8217;s&nbsp;common shares and further limit the liquidity of&nbsp;the Company&#8217;s&nbsp;shares. These factors could result
in lower prices and larger spreads in the bid and ask prices for&nbsp;the Company&#8217;s&nbsp;common shares. Such delisting from Nasdaq
and continued or further declines in&nbsp;the Company&#8217;s&nbsp;common share price could also greatly impair our ability to raise additional
necessary capital through equity or debt financing and could significantly increase the ownership dilution to shareholders caused by&nbsp;the
Company&#8217;s&nbsp;issuing equity in financing or other transactions.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994622"></A>INFORMATION
ABOUT THE OFFERING<A NAME="information_offering"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><B>The Offer and Listing; Offer Statistics and
Expected Timetable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The securities we may offer
pursuant to this prospectus are described elsewhere in this prospectus. We may offer the securities described in this prospectus at an
aggregate initial offering price not to exceed $92,674,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt">This
prospectus provides you with a general description of the securities we may offer. Each time we offer securities, we will provide a prospectus
supplement that will contain specific information about the terms of the offering. A prospectus supplement will provide applicable disclosure
about the specific details of any offering of securities including such matters as pricing, terms of the offering, restrictions on transferability
of the securities, subscription rights, pre-emptive rights, the engagement of underwriters and the plan of distributing the securities.
A prospectus supplement may also include a discussion of risks or other special considerations applicable to us or the securities being
offered; and may also add, update or change information contained in this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If there is any inconsistency
between the information in this prospectus and any related prospectus supplement, you must rely on the information in the prospectus supplement.
Please carefully read both this prospectus and the related prospectus supplement in their entirety together with additional information
described under the heading &quot;Where You Can Find More Information&quot; in this prospectus. This prospectus may not be used to sell
any securities unless accompanied by a prospectus supplement. It is anticipated that the securities covered by this prospectus may be
offered for a period of not longer than three years from the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The amount of securities that
we may sell under this prospectus during any 12-month period is limited by General Instruction I.B.5. of Form F-3 to one-third of the
aggregate market value of our Public Float. The aggregate market value of our Public Float as of November 16, 2022 is $5,765,610.71 (calculated
by multiplying the 13,408,397 shares in our Public Float by the $0.43 market price of our common shares on such date). During the 12 calendar
month period that ends on and includes the date of this prospectus, we did not offer any securities pursuant to General Instruction I.B.5.
This limitation will only apply until such time, if any, as our Public Float exceeds $75,000,000.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Capitalization and Indebtedness</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">The following table sets forth as
of June 30, 2022, our capitalization and indebtedness on an actual basis:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As of June 30, 2022</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.2pt"><B>(in thousands</B></FONT><B>)</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-style: italic; text-align: left; text-indent: -0.5pc; padding-left: 1.5pc">Unguaranteed and unsecured</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -0.5pc; padding-left: 2.5pc">Due to related companies</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5,986</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: 10%; text-align: right">893</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.5pc; padding-left: 2.5pc">Due to the Shareholde<FONT STYLE="font-family: SimSun">r</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,097</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.5pc; padding-left: 2.5pc">Dividend payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,048</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">753</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.5pc; padding-left: 2.5pc">Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">613</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-style: italic; text-align: left; text-indent: -0.5pc; padding-left: 1.5pc">Guaranteed and secured:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.5pc; padding-left: 2.5pc">Interest-bearing loans and borrowings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">448</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.5pc; padding-left: 0.5pc">Sub-total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,697</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,282</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -0.5pc; padding-left: 0.5pc">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">NON-CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-style: italic; text-align: left; text-indent: -0.5pc; padding-left: 1.5pc">Unguaranteed and unsecured:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.5pc; padding-left: 2.5pc">Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,033</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-style: italic; text-align: left; text-indent: -0.5pc; padding-left: 1.5pc">Guaranteed and secured:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.5pc; padding-left: 2.5pc">Interest-bearing loans and borrowings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">72,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,822</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.5pc; padding-left: 0.5pc">Sub-total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">73,533</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.5pc; padding-left: 0.5pc">Total Debt</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">102,230</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,259</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.5pc; padding-left: 0.5pc">EQUITY:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.5pc; padding-left: 1.5pc">Issued capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">450,782</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,286</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.5pc; padding-left: 1.5pc">Other capital reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">719,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,338</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.5pc; padding-left: 1.5pc">Accumulated losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,082,438</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(161,570</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.5pc; padding-left: 1.5pc">Other comprehensive losses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,076</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,504</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.5pc; padding-left: 0.5pc">Total Equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">77,378</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,550</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">This table should be read in conjunction with,
and is qualified in its entirety by reference to, our unaudited consolidated financial statements and the notes thereto in our report
on Form 6-K filed with the SEC on November 7, 2022.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Reasons for the Offer and Use of Proceeds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Unless otherwise indicated
in an accompanying prospectus supplement, the net proceeds from the sale of the securities offered hereby will be used for general corporate
purposes. We have not allocated any portion of the net proceeds for any particular use at this time. The net proceeds may be invested
temporarily until they are used for their stated purpose. Specific information concerning the use of proceeds from the sale of any securities
will be included in the prospectus supplement relating to such securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Interests of Experts and Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">No named expert of or counselor
to us was employed on a contingent basis, or, to our knowledge, owns an amount of our shares (or those of our subsidiaries) which is material
to that person, or has a material, direct or indirect economic interest in us or that depends on the success of the offering.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Offer and Listing Details; Markets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The principal United States
market for our common shares, our only class of outstanding equity securities, is Nasdaq. Our common shares have been listed on Nasdaq
since November 22, 2004, under the symbol &#8220;CHNR.&#8221; We are not aware of any principal market for any of our securities outside
of the United States.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Plan of Distribution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">A discussion of the Plan of
Distribution is included elsewhere in this prospectus under the heading &#8220;Plan of Distribution.&#8221; Additional information relating
to the plan of distribution covering a specific offering will be contained in the applicable prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Selling Security Holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">This prospectus does not cover
the resale of securities by selling security holders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Dilution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The specific transaction or
terms upon which shares covered by this prospectus may be issued is not known at this time. Each time we sell securities covered by this
prospectus, we will provide a prospectus supplement that will contain certain specific information about the terms of that issuance. In
the event that there is substantial disparity between the public offering price of the securities to be issued and the effective cost
to directors or senior management or affiliated persons, of equity securities acquired by them during the last five years, or which they
have the right to acquire, a comparison of the public contribution in the proposed public offering and the effective cash contributions
of such persons, as well as the amount and percentage of immediate dilution resulting from the offering, will be contained in the prospectus
supplement.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">The following table sets forth the
estimated costs and expenses payable by us in connection with the registration of the securities being registered hereunder. All of the
amounts shown are estimates, except for the SEC Filing Fee and FINRA Filing Fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Description</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 86%; text-align: justify">SEC Filing Fee</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD>
    <TD STYLE="width: 12%; text-align: right">11,232<SUP>(1)</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">FINRA Filing Fee</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">14,401</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Legal Fees and Expenses</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Accounting Fees and Expenses</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Printing and Filing Expenses</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Transfer Agent and Registrar</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Miscellaneous</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">*</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Total</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify">$</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">*</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2pc; text-align: justify; text-indent: -2pc">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 2pc"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Reflects the registration fee previously paid in connection with unsold securities pursuant to Rule 415(a)(6)
under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Estimated expenses are not
presently known. The foregoing sets forth the general categories of expenses (other than underwriting discounts and commissions) that
the Company anticipates it will incur in connection with the offering of securities under the registration statement. An estimate of the
aggregate expenses in connection with the issuance and distribution of the securities being offered will be included in the applicable
prospectus supplement or a report on Form 6-K that is incorporated by reference into the registration statement of which this prospectus
forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994623"></A>DESCRIPTION
OF SHARE CAPITAL<A NAME="description_share_capital"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The following is a summary
of the terms of our common shares and preferred shares that we may issue from time to time pursuant to this prospectus. We may also create
new classes or series of preferred shares that may be issued pursuant to this prospectus. Common shares and preferred shares may be offered
independently, with each other or together with other securities. When we offer common shares or preferred shares in the future, a prospectus
supplement will explain the terms of any common shares and/or preferred shares to be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The summary descriptions in
this prospectus and any summary descriptions in the applicable prospectus supplement do not purport to be complete descriptions of the
terms and conditions of any class or series of preferred shares and are qualified in their entirety by reference to the designations,
powers, preferences and rights, qualifications, limitations and restrictions which are fixed by our directors at the time of issuing the
relevant preferred shares or class or series of preferred shares, pursuant to which each such class or series was created and issued,
as set out or described or otherwise approved by resolutions of our board of directors, and any other documents referenced in such board
resolutions, including any certificates of designation. We urge you to read the applicable description of the terms of any such preferred
shares, which have been or will be filed with or furnished to the SEC on or before the time of any sale of preferred shares, because they,
and not this description, will define the rights of holders of such securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We are currently authorized
to issue up to 210,000,000 shares consisting of (a) 200,000,000 common shares, without par value, and (b) 10,000,000 preferred shares,
without par value. As of the date of this prospectus, there were 40,948,082 common shares issued and outstanding, all of which are fully
paid and non-assessable, and no preferred shares issued or outstanding. Our common shares are issued in registered form and are issued
when registered in our register of members.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Subject to the dividend rights
of preferred security holders, holders of common shares participate in dividends on a proportionate basis, as may be declared by the board
of directors. Upon liquidation, dissolution or winding up of the Company, after payment to creditors and holders of our outstanding preferred
shares, if any, our remaining assets, if any, will be divided proportionately on a per share basis among the holders of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Each common share has one
vote. Holders of our shares do not have cumulative voting rights. This means that the holders of a majority of the votes which are cast
at any shareholders meeting can pass a resolution of members, including a resolution to appoint directors. In that event, the holders
of the remaining shares will not be able to appoint any directors. Our Amended and Restated Memorandum (our &#8220;Memorandum&#8221;)
and Articles of Association (our &#8220;Articles,&#8221; and together with our Memorandum, our &#8220;Memorandum and Articles&#8221;)
provide that, except in limited circumstances, shareholders (also referred to as &#8220;members&#8221;) entitled to exercise at least
50% of the voting rights of the shares of each class or series of shares entitled to vote as a class or series thereon, and the same proportion
of the votes of the remaining shares entitled to vote thereon, constitutes a quorum to transact business at a meeting of members. However,
in the event a meeting of shareholders is adjourned due to the absence of a quorum, at the adjourned meeting the quorum requirement shall
be reduced to one-third of the votes of shares or each class or series of shares entitled to vote on the resolutions to be considered
by the meeting. Our common shares have no preemptive, subscription or conversion rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Shares may be issued on the
terms that they are redeemable or, at the option of the Company, liable to be redeemed, on such terms and in such manner as the directors
before or at the time of the issue of such shares may determine. The Company may purchase, redeem or acquire its own shares for such consideration
as may be determined by the directors, subject to the written consent of all the members whose shares are to be purchased, redeemed or
otherwise acquired, and such shares may, at the direction of the directors, be cancelled or held as treasury shares; provided, however,
that the Company may not purchase, redeem or acquire its shares unless, immediately following the purchase, redemption or acquisition
(a) the value of the Company's assets exceeds its liabilities and (b) the Company is able to pay its debts as they become due.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our Articles provide that
preferred shares shall carry such designations, powers, preferences and rights, qualifications, limitations and restrictions as shall
be fixed by our board of directors at the time of issuing the relevant preferred shares or class or series of preferred shares, as the
case may be. In the event that our board of directors so designates preferred shares for issuance, we may issue any such preferred shares
that are properly authorized in transactions covered by this prospectus. A description of the terms of any such preferred shares and the
transaction in which the preferred shares are to be issued will be included in a prospectus supplement delivered at the time of the applicable
transaction.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">As of the date of this prospectus,
there are outstanding warrants to purchase up to 1,980,000 common shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The warrants have an exercise
price of $0.623 per common share, are currently exercisable and will expire on July 22, 2024. The exercise price and number of common
shares issuable upon exercise of the warrants is subject to appropriate adjustment upon the occurrence of certain events, including, but
not limited to, stock dividends or splits, business combination, sale of assets, similar recapitalization transactions or other similar
transactions. In addition, the exercise price of the warrants issued to investors in our January 2021 private placement is subject to
an adjustment in the event that we issue common shares for less than the applicable exercise price of the warrant. Holders of those warrants
are eligible to participate in distributions to holders of the common shares to the same extent as if they had exercised their warrants
prior to such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Holders of the warrants may
exercise their warrants to purchase common shares on or before the expiration date of such warrants by delivering an exercise notice,
appropriately completed and duly signed. Following each exercise of the warrants, the holder is required to pay the exercise price for
the number of common shares for which the warrant is being exercised in cash. A holder of the warrants also will have the right to exercise
its warrants on a cashless basis if a registration statement or prospectus contained therein is not available for the resale of the common
shares issuable upon exercise thereof. Warrants may be exercised, in whole or in part, and any portion of a warrant not exercised prior
to the termination date shall be and become void and of no value. The absence of an effective registration statement or applicable exemption
from registration does not alleviate our obligation to deliver common shares issuable upon exercise of a warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Upon the holder&#8217;s exercise
of a warrant, we will issue the common shares issuable upon exercise of the warrant within two trading days of our receipt of notice of
exercise, subject to receipt of payment of the aggregate exercise price therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The common shares issuable
on exercise of the warrants are duly and validly authorized and will be, when issued, delivered and paid for in accordance with the warrants,
validly issued and fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If, at any time a warrant
is outstanding, we consummate any fundamental transaction, as described in the warrants and generally including any consolidation or merger
into another corporation, or the sale of all or substantially all of our assets, or other transaction in which our common shares are converted
into or exchanged for other securities or other consideration, the holder of any warrants will thereafter receive, the securities or other
consideration to which a holder of the number of common shares then deliverable upon the exercise or exchange of such warrants would have
been entitled upon such consolidation or merger or other transaction. Additionally, in the event of a fundamental transaction, each warrant
holder will have the right to require us, or our successor, to repurchase the warrants for an amount equal to the Black-Scholes value
of the remaining unexercised portion of the warrant on the terms set forth in the warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The exercisability of the
warrants may be limited in certain circumstances if, after giving effect to such exercise, the holder or any of its affiliates would beneficially
own (as determined pursuant to Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder) more than 4.99%
or 9.99% of our common shares, at the election of the holder.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Transfer Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The transfer agent for our
common shares is Pacific Stock Transfer Company, 6725 Via Austi Parkway, Suite 300, Las Vegas NV 89119.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">2014 Equity Compensation Plan (the &#8220;Plan&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Plan is administered by
the board of directors or a committee designated by the board (the &ldquo;Plan Committee&rdquo;). The Plan allows the Plan Committee to
grant various incentive equity awards not limited to stock options. The Company has reserved a number of common shares equal to 20% of
the issued and outstanding common shares of the Company, from time-to-time, for issuance pursuant to options granted (&ldquo;Plan Options&rdquo;)
or for restricted stock awarded (&ldquo;Stock Grants&rdquo;) under the Plan. Stock Appreciation Rights may be granted as a means of allowing
participants to pay the exercise price of Plan Options. Stock Grants may be made upon such terms and conditions as the Plan Committee
determines. Stock Grants may include deferred stock awards under which receipt of Stock Grants is deferred, with vesting to occur upon
such terms and conditions as the Plan Committee determines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Plan Committee will determine,
from time to time, those of our officers, directors, employees and consultants to whom Stock Grants and Plan Options will be granted,
the terms and provisions of the respective Stock Grants and Plan Options, the dates such Plan Options will become exercisable, the number
of shares subject to each Plan Option, the purchase price of such shares and the form of payment of such purchase price. Plan Options
and Stock Grants will be awarded based upon the fair market value of our common shares at the time of the award. All questions relating
to the administration of the Plan, and the interpretation of the provisions thereof are to be resolved at the sole discretion of the Plan
Committee. The Plan terminates on June 19, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">A total of 8,189,616 common
shares have been reserved for issuance under the Plan. On July 14, 2022, the Company approved grants of option awards covering an aggregate
of 8,100,000 common shares, without par value, of the Company to fifteen consultants and employees of the Company under the Plan. Woo
Chun Kei Jackie and Li Feiwen, received options exercisable for 3,700,000 and 3,000,000 Shares, respectively. The remaining 13 grant recipients
received option awards exercisable for amounts ranging between 40,000 to 200,000 common shares. The granted options vested immediately
upon granting and became exercisable upon the filing of the Company&#8217;s registration statement on Form S-8 (File No. 333-266219).
The exercise price for the options is $0.623 per common share. The options expire three years from the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994624"></A>DESCRIPTION
OF DEBT SECURITIES<A NAME="description_debt_securities"></A></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">As used in this prospectus,
the term &#8220;debt securities&#8221; means the debentures, notes, bonds and other evidence of indebtedness that we may issue from time
to time. Debt securities will be issued under an indenture between us and a trustee to be named therein. We have filed the form of indenture
as an exhibit to the registration statement of which this prospectus is a part. We may issue debt securities which may or may not be converted
into our common shares. It is likely that convertible debt securities will not be issued under an indenture. We may issue the debt securities
independently or together with any underlying securities, and debt securities may be attached or separate from the underlying securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The following description
is a summary of selected provisions relating to the debt securities that we may issue. The summary is not complete. When debt securities
are offered in the future, a prospectus supplement, information incorporated by reference, or a free writing prospectus, as applicable,
will explain the particular terms of those securities and the extent to which these general provisions may apply. The specific terms of
the debt securities as described in a prospectus supplement, information incorporated by reference or free writing prospectus will supplement
and, if applicable, may modify or replace the general terms described in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">This summary and any description
of debt securities in the applicable prospectus supplement, information incorporated by reference, or free writing prospectus is subject
to and is qualified in its entirety by reference to all the provisions of any specific debt securities document or agreement. We will
file each of these documents, as applicable, with the SEC and incorporate them by reference as an exhibit to the registration statement
of which this prospectus is a part on or before the time we issue a series of debt securities. See &#8220;Where You Can Find More Information&#8221;
and &#8220;Information Incorporated by Reference&#8221; below for information on how to obtain a copy of a debt securities document when
it is filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">When we refer to a series
of debt securities, we mean all debt securities issued as part of the same series under the applicable indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The applicable prospectus
supplement, information incorporated by reference or free writing prospectus may describe the terms of any debt securities that we may
offer, including, but not limited to, the following:</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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title of the debt securities;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the total amount of the debt securities;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount or amounts of the debt securities that will be issued and respective interest rate or interest
rates;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the conversion price at which the debt securities may be converted;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date on which the right to convert the debt securities will commence and the date on which the right
will expire;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the minimum or maximum amount of debt securities that may be converted at any one time;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, a discussion of material federal income tax consideration;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the terms of the payoff of the debt securities;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the identity of the indenture agent, if any;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the procedures and conditions relating to the conversion of the debt securities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other terms of the debt securities, including terms, procedures and limitations relating to the exchange
or conversion of the debt securities.</TD></TR></TABLE>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Form, Exchange and Transfer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may issue the debt securities
in registered form or bearer form. Debt securities issued in registered form, i.e., book-entry form, will be represented by a global security
registered in the name of a depository, which will be the holder of all the debt securities represented by the global security. Those
investors who own beneficial interests in global debt securities will do so through participants in the depository&#8217;s system, and
the rights of these indirect owners will be governed solely by the applicable procedures of the depository and its participants. In addition,
we may issue debt securities in non-global form, i.e., bearer form. If any debt securities are issued in non-global form, debt securities
certificates may be exchanged for new debt securities certificates of different denominations, and holders may exchange, transfer, or
convert their debt securities at the debt securities agent&#8217;s office or any other office indicated in the applicable prospectus supplement,
information incorporated by reference or free writing prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">A debt security may entitle
the holder to purchase, in exchange for the extinguishment of debt, an amount of securities at a conversion price that will be stated
in the debt security. Convertible debt securities may be converted at any time up to the close of business on the expiration date set
forth in the terms of such debt security. After the close of business on the expiration date, convertible debt securities not exercised
will be paid in accordance with their terms. Prior to the conversion of their debt securities, holders of debt securities convertible
for common shares will not have any rights of holders of common shares, and will not be entitled to dividend payments, if any, or voting
rights of the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Debt securities may be converted
as set forth in the applicable prospectus supplement. Upon receipt of a notice of conversion properly completed and duly executed by us
or our agent, as applicable, we will forward, as soon as practicable, the securities purchasable upon such exercise. If less than all
of the debt security represented by such security is converted, a new debt security will be issued for the remaining debt security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994625"></A>DESCRIPTION
OF WARRANTS<A NAME="description_warrants"></A></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may issue warrants to purchase
our securities. We may issue the warrants independently or together with any underlying securities, and the warrants may be attached or
separate from the underlying securities. We may also issue a series of warrants under a separate warrant agreement to be entered into
between us and a warrant agent. The warrant agent will act solely as our agent in connection with the warrants of such series and will
not assume any obligation or relationship of agency for or with holders or beneficial owners of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The following description
is a summary of selected provisions relating to the warrants that we may issue. The summary is not complete. When warrants are offered
in the future, a prospectus supplement, information incorporated by reference, or a free writing prospectus, as applicable, will explain
the particular terms of those securities and the extent to which these general provisions may apply. The specific terms of the warrants
as described in a prospectus supplement, information incorporated by reference, or free writing prospectus will supplement and, if applicable,
may modify or replace the general terms described in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">This summary and any description
of warrants in the applicable prospectus supplement, information incorporated by reference, or free writing prospectus is subject to and
is qualified in its entirety by reference to all the provisions of any specific warrant document or agreement, if applicable. We will
file each of these documents, as applicable, with the SEC and incorporate them by reference as an exhibit to the registration statement
of which this prospectus is a part on or before the time we issue a series of warrants. See &#8220;Where You Can Find Additional Information&#8221;
and &#8220;Incorporation of Documents by Reference&#8221; below for information on how to obtain a copy of a warrant document when it
is filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">When we refer to a series
of warrants, we mean all warrants issued as part of the same series under the applicable warrant agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The applicable prospectus
supplement, information incorporated by reference, or free writing prospectus, may describe the terms of any warrants that we may offer,
including, but not limited to, the following:</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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title of the warrants;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the total number of warrants;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price or prices at which the warrants will be issued;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price or prices at which the warrants may be exercised;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the currency or currencies that investors may use to pay for the warrants;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date on which the right to exercise the warrants will commence and the date on which the right will
expire;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the warrants will be issued in registered form or bearer form;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">information with respect to book-entry procedures, if any;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the minimum or maximum amount of warrants that may be exercised at any one time;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the designation and terms of the underlying securities with which the warrants are issued
and the number of warrants issued with each underlying security;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the date on and after which the warrants and the related underlying securities will be
separately transferable;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, a discussion of material federal income tax considerations;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the terms of redemption of the warrants;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the identity of the warrant agent, if any;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the procedures and conditions relating to the exercise of the warrants; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other terms of the warrants, including terms, procedures, and limitations relating to the exchange
and exercise of the warrants.</TD></TR></TABLE>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Warrant Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may issue the warrants
in one or more series under one or more warrant agreements, each to be entered into between us and a bank, trust company, or other financial
institution as warrant agent. We may add, replace, or terminate warrant agents from time to time. We may also choose to act as our own
warrant agent or may choose one of our subsidiaries to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The warrant agent under a
warrant agreement will act solely as our agent in connection with the warrants issued under that agreement. Any holder of warrants may,
without the consent of any other person, enforce by appropriate legal action, on its own behalf, its right to exercise those warrants
in accordance with their terms.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Form, Exchange, and Transfer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may issue the warrants
in registered form or bearer form. Warrants issued in registered form, i.e., book-entry form, will be represented by a global security
registered in the name of a depository, which will be the holder of all the warrants represented by the global security. Those investors
who own beneficial interests in a global warrant will do so through participants in the depository&#8217;s system, and the rights of these
indirect owners will be governed solely by the applicable procedures of the depository and its participants. In addition, we may issue
warrants in non-global form, i.e., bearer form. If any warrants are issued in non-global form, warrant certificates may be exchanged for
new warrant certificates of different denominations, and holders may exchange, transfer, or exercise their warrants at the warrant agent&#8217;s
office or any other office indicated in the applicable prospectus supplement, information incorporated by reference, or free writing prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Prior to the exercise of their
warrants, holders of warrants exercisable for common shares will not have any rights of holders of common shares and will not be entitled
to dividend payments, if any, or voting rights of the common shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Exercise of Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">A warrant will entitle the
holder to purchase for cash an amount of securities at an exercise price that will be stated in, or that will be determinable as described
in, the applicable prospectus supplement, information incorporated by reference, or free writing prospectus. Warrants may be exercised
at any time up to the close of business on the expiration date set forth in the applicable offering material. After the close of business
on the expiration date, unexercised warrants will become void. Warrants may be redeemed as set forth in the applicable offering material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Warrants may be exercised
as set forth in the applicable offering material. Upon receipt of payment and the warrant certificate properly completed and duly executed
at the corporate trust office of the warrant agent or any other office indicated in the applicable offering material, we will forward,
as soon as practicable, the securities purchasable upon such exercise. If less than all of the warrants represented by such warrant certificate
are exercised, a new warrant certificate will be issued for the remaining warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">&nbsp;</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994626"></A>DESCRIPTION
OF UNITS<A NAME="description_units"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may issue units consisting
of any combination of the other types of securities offered under this prospectus in one or more series. We may evidence each series of
units by unit certificates that we will issue under a separate agreement. We may enter into unit agreements with a unit agent, and if
we do so, each unit agent will be a bank or trust company that we select and we will indicate the name and address of the unit agent in
the applicable prospectus supplement relating to a particular series of units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The following description,
together with the additional information included in any applicable prospectus supplement, summarizes the general features of the units
that we may offer under this prospectus. You should read any prospectus supplement that we authorize to be provided to you related to
the series of units being offered, as well as the complete version of any unit agreement containing the terms of the units that we may
enter into. Specific unit agreements, if any, will contain additional important terms and provisions and we will file as an exhibit to
the registration statement of which this prospectus is a part, or will incorporate by reference from another report that we file with
the SEC, the form of each unit agreement relating to units offered under this prospectus that we enter into.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If we offer any units, certain
terms of that series of units will be described in the applicable prospectus supplement, including, without limitation, the following,
as applicable:</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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title of the series of units;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">identification and description of the separate constituent securities comprising the units;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price or prices at which the units will be issued;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date, if any, on and after which the constituent securities comprising the units will be separately
transferable;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a discussion of certain United States Federal income tax considerations applicable to the units; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other terms of the units and their constituent securities.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Issuance in Series</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may issue units in such
amounts and in such numerous distinct series as we determine.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Enforceability of Rights by Holders of
Units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Each unit agent will act solely
as our agent under the applicable unit agreement and will not assume any obligation or relationship of agency or trust with any holder
of any unit. A single bank or trust company may act as unit agent for more than one series of units. A unit agent will have no duty or
responsibility in case of any default by us under the applicable unit agreement or unit, including any duty or responsibility to initiate
any proceedings at law or otherwise, or to make any demand upon us. Any holder of a unit may, without the consent of the related unit
agent or the holder of any other unit, enforce by appropriate legal action its rights as holder under any security included in the unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We, and any unit agent and
any of their agents, may treat the registered holder of any unit certificate as an absolute owner of the units evidenced by that certificate
for any purpose and as the person entitled to exercise the rights attaching to the units so requested, despite any notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994627"></A>PLAN OF DISTRIBUTION<A NAME="plan_distribution"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may sell the securities
covered by this prospectus from time to time in one or more offerings. Registration of the securities does not mean, however, that those
securities will necessarily be offered or sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may sell the securities
separately or together:</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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through one or more underwriters or dealers in a public offering and sale by them;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">directly to investors, including our affiliates and shareholders, or in a rights offering;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through agents; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through any combination of any of these methods of sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may sell the securities
from time to time:</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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in one or more transactions at a fixed price or prices, which may be changed from time to time;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at market prices prevailing at the times of sale;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in &#8220;at the market offerings,&#8221; within the meaning of Rule 415(a)(4) of the Securities Act,
to or through a sales agent or market maker or into an existing trading market, on an exchange or otherwise;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at prices related to such prevailing market prices; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at negotiated prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Each time we sell securities
covered by this prospectus, we will describe the method of distribution of the securities and the terms of the offering in the prospectus
supplement. Any discounts or concessions allowed or re-allowed or paid to dealers may be changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may engage in at-the-market
offerings into an existing trading market in accordance with Rule 415(a)(4) under the Securities Act, and we may also sell securities
through a rights offering, forward contracts or similar arrangements. In any distribution of subscription rights to shareholders, if all
of the underlying securities are not subscribed for, we may then sell the unsubscribed securities directly to third parties or may engage
the services of one or more underwriters, dealers or agents, including standby underwriters, to sell unsubscribed securities to third
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If underwriters are used in
the sale of any securities, the securities may be acquired by the underwriters for their own account and may be resold from time to time
in one or more transactions described above. The securities may be either offered to the public through underwriting syndicates represented
by managing underwriters, or directly by underwriters. Generally, the underwriters&#8217; obligations to purchase the securities will
be subject to conditions precedent and the underwriters will be obligated to purchase all of the securities if they purchase any of the
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may designate agents to
sell the securities. Unless otherwise specified in connection with any particular sale of securities, the agents will agree to use their
best efforts to solicit purchases for the period of their appointment. We may use underwriters or agents with whom we have a material
relationship. We will describe in the prospectus supplement, naming the underwriter or agent, the nature of any such relationship.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may authorize underwriters,
dealers or agents to solicit offers by certain purchasers to purchase the securities from us at the public offering price set forth in
the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future.
The contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will set
forth any commissions we pay for solicitation of these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may enter into derivative
transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions.
If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered
by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities
pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities
received from us in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions
will be an underwriter and will be identified in the applicable prospectus supplement or in a post-effective amendment.</P>


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<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 0 1pc; text-align: justify; text-indent: 3pc">Underwriters, dealers and
agents may be entitled to indemnification by us against certain civil liabilities, including liabilities under the Securities Act, or
to contribution with respect to payments made by the underwriters, dealers or agents, under agreements between us and the underwriters,
dealers and agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We may grant underwriters
who participate in the distribution of securities an option to purchase additional securities to cover over-allotments, if any, in connection
with the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Underwriters, dealers or agents
may receive compensation in the form of discounts, concessions or commissions from us or our purchasers, as their agents in connection
with the sale of securities. These underwriters, dealers or agents may be considered to be underwriters under the Securities Act. As a
result, discounts, commissions or profits on resale received by the underwriters, dealers or agents may be treated as underwriting discounts
and commissions. The prospectus supplement will identify any such underwriter, dealer or agent and describe any compensation received
by them from us. Any initial public offering price and any discounts or concessions allowed or re-allowed or paid to dealers may be changed
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Any common shares sold pursuant
to a prospectus supplement will be listed for trading on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Any underwriter may engage
in over-allotment transactions, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M
under the Exchange Act. Over-allotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions
permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum. Short covering transactions
involve purchases of the securities in the open market after the distribution is completed to cover short positions. Penalty bids permit
the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a covering
transaction to cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise be.
If commenced, the underwriters may discontinue any of the activities at any time. We make no representation or prediction as to the direction
or magnitude of any effect that such transactions may have on the price of the securities. A description of these activities, if any,
will be contained in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: -0.05pt">Underwriters,
broker-dealers or agents who may become involved in the sale of the common shares may engage in transactions with and perform other services
for us in the ordinary course of their business for which they receive compensation.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A NAME="a_Toc118994628"></A><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">OUR CHARTER AND CERTAIN PROVISIONS OF BVI
LAW<A NAME="our_charter"></A></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Charter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our charter documents consist
of our Memorandum and Articles.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The following is a
summary of some of the key provisions of our Memorandum and Articles. This summary does not purport to be complete and does not address
all of the provisions of our Memorandum and Articles. Readers are urged to review these documents in their entirety for a complete understanding
of the provisions of our charter documents.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Memorandum</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Corporate Powers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We were incorporated in the
BVI on December&nbsp;14, 1993, with company number 102930. Clause 6 of our Memorandum of Association provides that the objects for which
we are established are unrestricted and we shall have full power and authority to carry out any object which is not prohibited by any
laws in force in the BVI.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Authorized Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We are authorized to issue
a maximum of 210 million shares of no par value, of which, 200 million may be common shares and 10 million may be preferred shares. The
directors of the Company or our shareholders may increase or decrease the maximum number of authorized shares by amending the Memorandum
as provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Each common share is entitled
to one vote on each matter submitted to a vote of shareholders. Common shares are subject to redemption, purchase and acquisition by the
Company for fair value. Common shares shall be entitled to receive such dividends and distributions as may be declared by the directors.
Subject to the rights of holders of each class of shares, the directors may declare and pay dividends on any class of shares to the exclusion
of others. All our common shares shall be entitled to share in the surplus assets of the Company available for distribution upon liquidation.
Preferred shares shall carry such designations, powers, preferences and rights, qualifications, limitations and restrictions as may be
determined by the directors at the time of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In December 2004, the board
of directors designated and issued, and thereafter, exchanged (for 320,000 common shares) and retired, 320,000 of the Company&#8217;s
Series B preferred shares. No other preferred shares have been designated or issued by the Company and, on September 19, 2019, the board
of directors adopted a resolution cancelling the designation of the Series B preferred shares, and restoring such shares to the status
of authorized but unissued preferred shares.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Amendments to
Memorandum and Articles</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Subject to the laws of the
BVI and certain limited exceptions contained in the Memorandum, the Memorandum and Articles may each be amended by a resolution of our
members or by a resolution of our directors.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Articles</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Issuance of
Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The unissued shares of the
Company may be issued at the discretion of the directors, who may determine whether to issue shares, grant options over or otherwise dispose
of them, at such times and for such consideration (which may not be less than par value (if any) of the shares) as the directors determine.
Consideration may take any form acceptable to the directors, including money, a promissory note, or other written obligation to contribute
money or property, real property, personal property (including goodwill and know-how), services rendered or a contract for future services;
provided that in the case of consideration other than money, the directors must pass a resolution stating (a) the amount to be credited
for issuance of the shares, (b) their determination of the reasonable present cash value of the non-monetary consideration and (c) that,
in their opinion, the present cash value of the non-monetary consideration is not less the amount to be credited for the share issuance.</P>


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Redemption of
Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Shares may be issued on the
terms that they are redeemable or, at the option of the Company, liable to be redeemed, on such terms and in such manner as the directors
before or at the time of the issue of such shares may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company may purchase,
redeem or otherwise acquire its own shares for such consideration as may be determined by the directors, subject to the written consent
of all the members whose shares are to be purchased, redeemed or otherwise acquired, and such shares may, at the direction of the directors,
be cancelled or held as treasury shares; provided, however, that the Company may not purchase, redeem or acquire its shares unless, immediately
following the purchase, redemption or acquisition (a) the value of the Company&#8217;s assets exceeds its liabilities and (b) the Company
is able to pay its debts as they become due.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Meetings of
Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The directors may convene
meetings of our shareholders at such times and in such manner and places as the directors consider necessary or desirable. In addition,
the directors are required to convene a meeting of our shareholders upon the written request of shareholders holding 30% or more of the
voting rights in respect of the matter for which the meeting is requested. At least seven days&#8217; notice of the meeting is required
to be given to the shareholders whose names appear on the share register. One or more shareholders entitled to exercise at least 50% of
the voting rights of the shares of each class or series of shares entitled to vote as a class or series thereon, and the same proportion
of the votes of the remaining shares entitled to vote thereon, must be present at a meeting of shareholders, in person or by proxy, in
order to constitute a quorum and the affirmative vote of a simple majority of those present and entitled to vote shall be required in
order to approve and pass a resolution of shareholders. However, in the event a meeting of shareholders is adjourned due to the absence
of a quorum, at the adjourned meeting the quorum requirement shall be reduced to one-third of the votes of shares or each class or series
of shares entitled to vote on the resolutions to be considered by the meeting. Our Memorandum and Articles provide that any action that
may be taken at a meeting of shareholders may be taken without a meeting if the action is approved by a resolution consented to in writing
by shareholders, by an absolute majority of the votes of shares entitled to vote thereon, without the need for any notice.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our Articles provides that
our board of directors shall consist of not less than three nor more than 25 directors; and directors, solely for purposes of determining
the term for which they will serve, are classified as Class&nbsp;I, Class&nbsp;II and Class&nbsp;III directors, with approximately one-third
of the total number of directors being allocated to each Class. Each director is to hold office for a three-year term expiring at the
annual meeting of shareholders held in the third year after his or her appointment. Directors may be removed by the shareholders by a
resolution of shareholders, with or without cause, and by the directors by a resolution of directors, only with cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The business of the Company
shall be managed by the directors, who may exercise all such powers of the Company as are necessary for managing and for directing and
supervising, the business and affairs of the Company as are not required to be exercised by the members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">With the prior or subsequent
approval by a resolution of shareholders, the directors may, by a resolution of directors, fix the emoluments of directors with respect
to services to be rendered in any capacity to the Company. At the annual meeting of shareholders held in 2008, the shareholders adopted
resolutions providing that (a) all emoluments to directors previously fixed by the board of directors are approved and ratified and (b)
the board of directors is empowered and authorized to fix all future emoluments to directors, for their services in all capacities to
the Company, without further approval or ratification by shareholders.</P>


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<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 0 1pc; text-align: justify; text-indent: 3pc">The directors may, by a resolution
of directors, exercise all the powers of the Company to borrow money<FONT STYLE="font-size: 12pt">&nbsp;</FONT>and to mortgage or charge
its undertaking and property or any part thereof, to issue debentures, debenture stock and other securities whenever money is borrowed
or as security for any debt, liability or obligation of the Company or any third party. There is no age limit requirement for retirement
or non-retirement of directors. A director shall not require a share qualification. Directors may be natural persons who have attained
the age of 18 years and are not undischarged bankrupts; or companies, in which event the company may designate a person as its representative
as director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">A director may, from time
to time, appoint (and revoke the appointment of) another director or another person who is not a director, but who is not disqualified
from serving as a director, to be his or her alternate to exercise his or her powers and to carry out his or her responsibilities as a
director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Directors are not disqualified
from entering into contracts with the Company, and no such contract shall be void or require the interested director to account for any
profit under any such contract, provided that the fact of the director&#8217;s interest in the transaction is disclosed to the board.
A director who is interested in a contract with the Company may, nevertheless, attend meetings of the board at which the interested transaction
is discussed and/or approved, be counted towards a quorum at any such meeting and vote in respect of such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">At least one-half of the total
number of directors (with a minimum of two) must be present for a duly constituted meeting. Resolutions of directors shall require the
affirmative vote of a simple majority of the directors present in person or by alternate at a duly convened and constituted meeting of
directors and entitled to vote on the resolution. Directors may pass resolutions of directors in writing in lieu of meeting provided that
such written resolution is consented to in writing by all of the directors. Subject to certain limitations set forth in the Articles,
directors may appoint committees and agents. Directors do not have the authority to appoint new auditors &#8211; such appointment must
be made by the shareholders.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Indemnification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company shall indemnify
every officer and director of the Company against any liability, action, proceeding, claim, demand, costs, damages or expenses incurred
as a result of any act or failure to act in carrying out their functions, except those incurred by reason of their own actual fraud or
willful default. No indemnified person shall be liable to the Company for any loss or damage except due to the actual fraud or willful
default of the indemnified person. Actual fraud or willful default may only be found to exist by a court of competent jurisdiction. The
Company must advance reasonable attorney&#8217;s fees and other expenses to an indemnified person provided that the indemnified person
executes an agreement to reimburse the Company if a court of competent jurisdiction determines that indemnification was not available
under the circumstances.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Dividends and
Distribution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The directors may authorize
the payment of dividends or other distributions to shareholders, if the directors are satisfied, on reasonable grounds that, immediately
after the dividend or other distribution (a) the value of the Company&#8217;s assets will exceed its liabilities and (b) the Company will
be able to pay its debts as they fall due. Distributions, including dividends, may be declared and paid in cash, or in specie, in shares
or other assets.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Restrictions
on Rights to Own Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">There are no limitations on
the rights to own our securities.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Disclosure of
Share Ownership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">There are no provisions of
our Memorandum and Articles governing the ownership threshold above which shareholder ownership must be disclosed.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Changes in Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Requirements to effect changes
in capital are not more stringent than is required by law.</P>


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Arbitration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our Articles provide that
any differences between us and our shareholders or their executors, administrators or assigns relating to the intent, construction, incidences
or consequences of our Articles or the BVI Business Companies Act (as amended), including any breach or alleged breach of our Articles
or the BVI Business Companies Act (as amended), or relating to our affairs, shall be resolved by arbitration before two arbitrators (unless
the parties agree to arbitrate before one arbitrator), who shall jointly appoint an umpire.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Certain Anti-Takeover Effects</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">There are no provisions of
our Memorandum and Articles of Association that would have an effect of delaying, deferring or preventing a change in our control and
that would operate only with respect to a merger, acquisition or corporate restructuring involving us. However, certain provisions of
our Memorandum and Articles of Association and the BVI Act could have the effect of delaying, deferring or preventing an acquisition of
control of us by means of a tender offer, a proxy fight, open market purchases or otherwise in a transaction not approved by our board
of directors. The provisions described below may reduce our vulnerability to an unsolicited proposal for the restructuring or sale of
all or substantially all of our assets or an unsolicited takeover attempt which is unfair to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our board of directors has
no present intention to introduce additional measures that might have an anti-takeover effect; however, our board of directors expressly
reserves the right to introduce these measures in the future.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Staggered Board
of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The BVI Act does not contain
statutory provisions that prohibit staggered board arrangements for a BVI company and our Memorandum and Articles of Association provide
for a staggered board, with three classes of directors each holding three year terms.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Blank Check
Preferred</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Under our Memorandum and Articles
of Association, our board of directors is able to issue preferred shares with such designations, powers, preferences and rights, qualifications,
limitations and restrictions as shall be fixed by our directors at the time of issuance, without the prior approval of our shareholders.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Special Meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If our shareholders want us
to hold a meeting of our shareholders, they may requisition the directors to hold one upon the written request of shareholders entitled
to exercise at least 30% of the voting rights in respect of the matter for which the meeting is requested. Under the BVI Act, we may not
increase the required percentage to call a meeting above 30%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Subject to our Memorandum
and Articles of Association, a meeting of shareholders of the Company will be called by not less than seven days&#8217; written notice.
However, the inadvertent failure of the convener or conveners of a meeting of shareholders to give notice of the meeting to a shareholder,
or the fact that a shareholder has not received the notice, does not invalidate the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">A meeting may be called by
shorter notice than that mentioned above, and under our Articles of Association such meeting will be valid, if shareholders holding at
least 90% of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this
purpose, the presence of a shareholder at the meeting shall be deemed to constitute a waiver on the part of that shareholder in relation
to all the shares which that shareholder holds (unless such shareholder objects in writing before the meeting proceeds to business).</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; background-color: white">Mergers and
Similar Arrangements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Under the BVI Act, two or
more companies may merge or consolidate in accordance with the relevant statutory provisions. A merger means the merging of two or more
constituent companies into one of the constituent companies, and a consolidation means the consolidating of two or more constituent companies
into a new company. In order to merge or consolidate, the directors of each constituent company must approve a written plan of merger
or consolidation specifying certain required information, which written plan of merger or consolidation must be authorized by a resolution
of our shareholders (which resolution may be passed either at a duly convened and constituted meeting of our shareholders by the affirmative
vote of a simple majority of the votes of those shareholders who vote at the meeting, or by a written resolution consented to by shareholders
who hold an absolute majority of votes of shares entitled to vote thereon).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The plan of merger or consolidation
must also be authorized by a resolution of the outstanding shares of every class of shares that are entitled to vote on the merger or
consolidation as a class if our Memorandum or our Articles so provide, or if the plan of merger or consolidation contains any provision
which, if proposed as an amendment to our Memorandum and Articles of Association, would entitle the class to vote on the proposed amendment
as a class. As currently drafted, our Memorandum and Articles of Association do not contain provisions which grant such rights to any
class of our shareholders. &nbsp;In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective
of whether they are entitled to vote at the meeting or consent to the written resolution to approve the plan of merger or consolidation.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">Key Differences in Corporate Laws</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><I>The applicable provisions
of BVI corporate law differ from corporate laws generally applicable in the United States in certain material respects. Set forth below
is a summary of certain differences between the provisions of BVI law applicable to us and corporate laws generally in effect in the United
States. Moreover, corporate laws among the various states in the United States may be different from each other and, therefore, BVI law
may be similar to certain state corporate laws but different from others. This summary is not intended to be a complete discussion of
these differences and is qualified in its entirety by reference to the actual laws in effect under U.S. and BVI laws.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><U>Fiduciary Duties and Shareholder
Litigation</U>: Under the laws of most jurisdictions in the United States, majority and controlling shareholders generally have certain
fiduciary responsibilities to the minority shareholders. Shareholder action must be taken in good faith and actions by controlling shareholders
which are obviously unreasonable may be declared null and void. BVI law protecting the interests of minority shareholders may not be as
protective in all circumstances as the law protecting minority shareholders under most jurisdictions in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The BVI Business Companies
Act (as amended) set out the fiduciary duties of directors by stating that &quot;a director of a company, in exercising his or her powers
and performing his or her duties, shall act honestly and in good faith and in what the director believes to be in the best interests of
the company.&quot; This statutory provision essentially imports the appropriate principles of English common law (prior to the enactment
of the Companies Act 2006 of the United Kingdom), which have been substantially confirmed by decisions of the courts of the BVI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">In practical terms, these fiduciary
duties translate into the following:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="width: 3pc">&nbsp;</TD>
    <TD STYLE="width: 1.5pc">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(a)</TD>
    <TD STYLE="text-align: justify">Bona Fides: The directors must act bona fide in what they consider is in the best interests of the company.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(b)</TD>
    <TD STYLE="text-align: justify">Proper Purpose: The directors must exercise the powers that are vested in them for the purpose for which they were conferred and not for a collateral purpose.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify">&nbsp;</P>


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<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 0 0.5pc; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3pc; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2pc; text-align: justify">(c)</TD>
    <TD STYLE="text-align: justify">Unfettered Discretion: Since the powers of the directors are to be exercised by them in trust for the company, they should not improperly fetter the exercise of future discretion.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(d)</TD>
    <TD STYLE="text-align: justify">Conflict of Duty and Interest: Directors must not place themselves in a position in which there is a conflict between their duty to the Company and their personal interests. This means that, strictly speaking, a director should not participate in a decision in circumstances where he has a potential conflict. That is, he should declare his interest and abstain. The BVI Business Companies Act provides that a director &quot;shall, forthwith after becoming aware of the fact that he or she is interested in a transaction entered into or to be entered into by the company, disclose the interest to the board of the company.&quot; The Memorandum of Association and Articles of Association of our Company allow our directors who are interested in a particular transaction to vote on it, attend meetings at which it is considered, and sign documents on behalf of our Company which relate to the transaction.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In addition to the above fiduciary
duties, each director also owes a duty of care, diligence and skill to the company. In exercising powers or performing duties as a director,
each director is required to exercise the care, diligence and skill that a reasonable director would exercise in the same circumstances,
taking into account, without limitation, the nature of the company, the nature of the decision, and the position of the director and the
nature of the responsibilities undertaken by him or her.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The duties of a director are
owed to the company and not to individual shareholders. In the ordinary course, the &quot;interest of the company&quot; may be equated
to the interests of the company's shareholders. Once, however, a company is insolvent or is &quot;doubtfully solvent&quot; the directors
must, when discharging their duties, consider the creditors' interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Under British Virgin Islands
law, our shareholders do not owe any fiduciary duties to our Company or to our minority shareholders. Accordingly, our shareholders may
exercise their powers as shareholders, including the exercise of voting rights in respect of their shares, in such manner as they think
fit, subject only to very limited equitable constraints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">In principle, our Company will normally
be the proper plaintiff to sue for a breach of duty or any other wrong done to us as a company. However, under the BVI Business Companies
Act, a member may bring a derivative action in the name of the company in certain circumstances. The BVI Court may, on the application
of a member of a company, grant leave to that member to (a) bring proceedings in the name and on behalf of that company, or (b) intervene
in proceedings to which the company is a party for the purpose of continuing, defending or discontinuing the proceedings on behalf of
the company. In determining whether to grant leave, the BVI Court must take the following matters into account:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3pc; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1.5pc; text-align: justify">(a)</TD>
    <TD STYLE="text-align: justify">whether the member is acting in good faith;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(b)</TD>
    <TD STYLE="text-align: justify">whether the derivative action is in the interests of the company taking account of the views of the company's directors on commercial matters;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(c)</TD>
    <TD STYLE="text-align: justify">whether the proceedings are likely to succeed;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(d)</TD>
    <TD STYLE="text-align: justify">the costs of the proceedings in relation to the relief likely to be obtained; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(e)</TD>
    <TD STYLE="text-align: justify">whether an alternative remedy to the derivative claim is available.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">While BVI law does permit
a shareholder of a BVI company to bring a derivative action in the name of the company, that is, in the name of, and for the benefit of,
our Company and to sue a company and its directors for his benefit and for the benefit of others similarly situated, the circumstances
in which any such action may be brought, and the procedures and defenses that may be available in respect of any such action, may result
in the rights of shareholders of a BVI company being more limited than those of shareholders of a company organized in the United States.</P>


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<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 0 1pc; text-align: justify; text-indent: 3pc"><U>Powers of Directors</U>:
Our directors have the power to take certain actions without shareholder approval, including the powers to amend our Memorandum of Association
or Articles of Association (except that our directors cannot make any such amendment (a) to restrict the rights or powers of our members
to amend the Memorandum or the Articles, (b) to change the percentage of our members required to pass a resolution to amend our Memorandum
or the Articles, or (c) in circumstances where the Memorandum or the Articles cannot be amended by our members), and to increase or decrease
the maximum number of shares that we are authorized to issue, which would require shareholder approval under the laws of most jurisdictions
in the United States. In addition, the directors of a BVI company, subject in certain cases to court approval but without shareholder
approval, may, among other things, implement a reorganization (other than statutory mergers or consolidations which require shareholder
authorization), the sale, transfer, exchange or disposition of any assets, property, part of the business, or securities of the company,
or any combination, if they determine it is in the best interests of the company. In most jurisdictions in the United States, shareholder
approval is required in order to amend most provisions of the certificate or articles of incorporation. Our ability to amend our Memorandum
of Association and Articles of Association without shareholder approval could have the effect of delaying, deterring or preventing a change
in our control without any further action by the shareholders, including a tender offer to purchase our common shares at a premium over
then current market prices. However, our directors must exercise the powers that are vested in them for the purpose for which they were
conferred and not for a collateral purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><U>Liability of Directors</U>:
In most jurisdictions in the United States, directors owe a fiduciary duty to the corporation and its shareholders, including a duty of
care, under which directors must properly apprise themselves of all reasonably available information, and a duty of loyalty, under which
they must protect the interests of the corporation and refrain from conduct that injures the corporation or its shareholders or that deprives
the corporation or its shareholders of any profit or advantage. Many US jurisdictions have enacted various statutory provisions which
permit the monetary liability of directors to be eliminated or limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Under BVI law, liability of
a director to the BVI company is primarily limited to cases where the director has acted in breach of his fiduciary duties (such as not
acting honestly and in good faith and with a view to the best interests of the company) or his duties of care, skill and diligence. Under
our Memorandum of Association and Articles of Association, we shall indemnity all or our directors and officers, together with every former
director and former officer, against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses,
whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such
liability (if any) that they may incur by reason of their own actual fraud or willful default. No director or officer shall be liable
to our company for any loss or damage incurred by us as a result (whether direct or indirect) of the carrying out of their functions unless
that liability arises through the actual fraud or willful default of such director or officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><U>Qualifications of Directors</U>:
Unlike most corporate laws in the United States, directors of a BVI company may be companies. Moreover, any director may appoint a person
(who may or may not be another director) to be his alternate to exercise the appointing director&#8217;s powers, and to carry out the
appointing director&#8217;s responsibilities, in relation to the taking of decisions by the directors in the absence of the appointing
director (including to attend meetings and vote in the place and stead of the appointing director). An alternate director has the same
rights as the appointing director in relation to any directors' meeting and any written resolution circulated for written consent. Any
exercise by the alternate director of the appointing director's powers in relation to the taking of decisions by the directors, is as
effective as if the powers were exercised by the appointing director. An alternate director is liable for his or her own acts and omissions
as an alternate director and an alternate director is subject to the same fiduciary duties and the same duties of care, diligence and
skill as other directors, when acting as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><U>Control Share Statutes
and Changes in Control</U>: Certain states in the United States have adopted corporate laws that limit the ability of a significant shareholder
of a corporation to vote its shares in favor of approving transactions in which the significant shareholder has an interest. Some states
also limit transactions between a corporation and a significant shareholder. In general, BVI law does not impose similar restrictions
on interested or affiliated party transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The ability of the board of
directors to amend our Memorandum and Articles without shareholder approval, as well as the exercise of its power to designate the rights
and preferences of preferred shares, could operate to delay, defer or prevent a change in control of the Company, including with respect
to a merger, acquisition or corporate restructuring. In most jurisdictions in the United States, shareholder approval is required in order
to amend most provisions of the certificate or articles of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994629"></A>VALIDITY OF
THE SECURITIES<A NAME="validity"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Maples and Calder (Hong Kong)
LLP will pass upon certain legal matters under BVI law relating to the issuance and sale of certain of the securities. Morgan, Lewis &amp;
Bockius LLP will pass upon certain legal matters under New York law relating to the issuance and sale of the debt securities. Additional
legal matters may be passed upon for us, or any underwriters, dealers or agents, by counsel that we will name in the applicable prospectus
supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994630"></A>EXPERTS<A NAME="experts"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The consolidated financial
statements of China Natural Resources, Inc. appearing in China Natural Resources, Inc.&#8217;s Annual Report (20-F) for the year ended
December 31, 2021 have been audited by Ernst &amp; Young Hua Ming LLP, independent registered public accounting firm, as set forth in
their report thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are incorporated
herein by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994631"></A>ENFORCEABILITY
OF CIVIL LIABILITIES<A NAME="enforceability"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We are incorporated in the
BVI to take advantage of certain benefits associated with being an exempted BVI company, such as:</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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">political and economic stability;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an effective judicial system;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a favorable tax system;</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the absence of exchange control or currency restrictions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the availability of professional and support services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">However, certain disadvantages
accompany incorporation in the BVI. These disadvantages include:</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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the BVI has a less developed body of securities laws as compared to the United States and these securities
laws provide significantly less protection to investors; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">BVI companies do not have standing to sue before the federal courts of the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Our Articles provide that
any differences between us and our shareholders or their executors, administrators or assigns relating to the intent, construction, incidences
or consequences of our Articles or the BVI Business Companies Act (as amended), including any breach or alleged breach of our Articles
or the BVI Business Companies Act (as amended), or relating to our affairs, shall be resolved by arbitration before two arbitrators (unless
the parties agree to arbitrate before one arbitrator), who shall jointly appoint an umpire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Service of process upon us
and upon our directors, all of whom reside outside the United States, may be difficult to obtain within the United States. Furthermore,
because all of our assets and all of our directors and officers are located outside the United States, any judgment obtained in the United
States against us or any of our directors and officers may not be collectible within the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">There is doubt as to the enforceability
of civil liabilities under the Securities Act and the Exchange Act in original actions instituted in the PRC. PRC courts may refuse to
hear a claim based on a violation of U.S. securities laws, including because the PRC is not the most appropriate forum to bring such a
claim. In addition, even if a PRC court agrees to hear a claim, it may determine that PRC law, and not U.S. law, is applicable to the
claim. If U.S. law is found to be applicable, the content of applicable U.S. law may have to be proven in court as a fact, which can be
a time-consuming and costly process. Certain matters of procedure will also be governed by PRC law. There is little binding case law in
the PRC addressing the matters described above. Many of the same doubts apply to similar suits that may be brought in the BVI or Hong
Kong and as to the enforceability of any judgment rendered by a court in the BVI or Hong Kong. Moreover, we have no assets in the BVI
that may be used to satisfy a judgment rendered by a court located there.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994632"></A>WHERE YOU CAN
FIND MORE INFORMATION<A NAME="where_information"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We file or furnish annual
reports, current reports and other information with the SEC. The SEC maintains an Internet site that contains reports, proxy and information
statements and other information filed electronically with the SEC. The address of that site is <FONT STYLE="color: blue"><U>www.sec.gov</U></FONT><U>.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Each statement made in this
prospectus or any prospectus supplement concerning a document filed as an exhibit to the registration statement or incorporated by reference
herein is qualified in its entirety by reference to that document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We make available, free of
charge, on or through our web site, copies of our annual reports on Form 20-F, our current reports on Form 6-K and amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically
file them with or furnish them to the SEC. We maintain a web site at <FONT STYLE="color: blue"><U>www.chnr.net</U></FONT><U>.</U> The
information on this website is not and should not be considered part of this prospectus or any prospectus supplement, and is not incorporated
by reference herein or therein, other than that information specifically incorporated by reference below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="letter-spacing: 0.05pt">We
are a &#8220;foreign private issuer&#8221; within the meaning of Rule 3b-4 under the Exchange Act. Foreign private issuers are not required
to provide all of the disclosure required to be included in reports filed under the Exchange Act by companies that are not foreign private
issuers. In addition, , among other things, (i) our proxy solicitations are not subject to the disclosure and procedural requirements
of Regulation 14A under the Exchange Act, (ii) transactions in our equity securities by our officers and directors are exempt from Section
16 of the Exchange Act, (iii) we are not subject to Regulation FD promulgated by the SEC, and (iv) we have adopted IFRS accounting principles,
which are different from accounting principles under U.S. GAAP. Moreover, as a result of an exemption from Nasdaq rules applicable to
foreign private issuers, (i) a majority of our directors are not independent as defined by Nasdaq rules; (ii) our independent directors
do not hold regularly scheduled meetings in executive session (rather, all board members may attend all meetings of the board of directors);
(iii) the compensation of our executive officers is recommended but not determined by an independent committee of the board or by the
independent members of the board of directors; and our CEO is not prevented from being present in the deliberations concerning his compensation;
(iv) related party transactions are not required to be reviewed; (v) we are not required to solicit member approval of stock plans or
securities issuances, including those in which our officers or directors may participate; stock issuances that will result in a change
in control; the issuance of our stock in related party acquisitions or other acquisitions in which we may issue 20% or more of our outstanding
shares; or below market price issuances of 20% or more of our outstanding shares to any person; and (vi) we are not required to hold an
in-person annual meeting to elect directors and transact other business customarily conducted at an annual meeting (rather, we complete
these actions by written consent of holders of a majority of our voting securities).</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center"><A NAME="a_Toc118994633"></A>INFORMATION
INCORPORATED BY REFERENCE<A NAME="information_incorporated"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The SEC allows us to &#8220;incorporate
by reference&#8221; the information we submit to it, which means that we can disclose important information to you by referring you to
those documents that are considered part of this prospectus. Each document incorporated by reference is current only as of the date of
such document, and the incorporation by reference of such documents shall not create any implication that there has been no change in
our affairs since the date thereof or that the information contained therein is current as of any time subsequent to its date. Information
that we submit to the SEC in the future and incorporate by reference will automatically update and supersede the previously submitted
information. The information incorporated by reference is considered to be a part of this prospectus and should be read with the same
care. When we update the information contained in documents that have been incorporated by reference by making future filings with the
SEC, the information incorporated by reference in this prospectus is considered to be automatically updated and superseded.</P>


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<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 0 1pc; text-align: justify">We incorporate herein by reference the documents
listed below that we have furnished to the SEC:</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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our <A HREF="https://www.sec.gov/Archives/edgar/data/793628/000155335022000485/chnr_20f.htm">2021 Annual
Report</A>, as filed with the SEC on May 17, 2022.</TD></TR></TABLE>

<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: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our reports on Form 6-K furnished to the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/793628/000155335022000377/chnr_6k.htm">May
2, 2022</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/793628/000155335022000610/chnr_6k.htm">July 15, 2022</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/793628/000155335022000834/chnr_6k.htm">October
26, 2022</A>, and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000793628/000155335022000865/chnr_6k.htm">November 7, 2022</A>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The description of our common shares contained in <A HREF="https://www.sec.gov/Archives/edgar/data/793628/000155335020000529/chnr_ex2z1.htm">Exhibit
2.1</A> to our annual report on Form 20-F for the fiscal year ended December 31, 2019, filed June 12, 2020, including any amendments thereto
or reports filed for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">We are also incorporating
by reference into this prospectus all subsequent annual reports on Form 20-F that we file with the SEC and may incorporate by reference
into this prospectus reports on Form 6-K that we furnish to the SEC after the date of this prospectus (if we identify in such reports
that they are incorporated by reference into this prospectus) and prior to the termination of the offering of securities under the registration
statement of which this prospectus forms a part. In all cases, you should rely on the later information over different information included
in this prospectus or any accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Unless expressly incorporated
by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the
SEC. We will provide, free of charge, annual reports on Form 20-F and current reports on Form 6-K and amendments to those reports filed
or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such
material with, or furnish it to, the SEC. Requests for copies should be directed to our principal executive offices at Room 2205, 22/F,
West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. Our telephone number there is +852-2810-7205.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>PART
II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0.5pc; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13pt 0 0.5pc; text-align: justify"><B>ITEM 8. INDEMNIFICATION OF DIRECTORS
AND OFFICERS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.35pt 0 0.5pc; text-align: justify; text-indent: 3pc">BVI law does not limit
the extent to which a company&#8217;s memorandum and articles of association may provide for indemnification of officers and directors,
except to the extent any such provision may be held by the BVI courts to be contrary to public policy, such as to provide indemnification
against civil fraud or the consequences of committing a crime. Our Amended and Restated Articles of Association provide as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.85pt 0 0.5pc 3pc; text-align: justify">&#8220;Subject to the provisions
of the Act, every director and officer of the Company (which for the avoidance of doubt, shall not include auditors of the Company), together
with every former director and former officer of the Company (each an &quot;Indemnified Person&quot;) shall be indemnified out of the
assets of the Company against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses,
whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such
liability (if any) that they may incur by reason of their own actual fraud or willful default. No Indemnified Person shall be liable to
the Company for any loss or damage incurred by the Company as a result (whether direct or indirect) of the carrying out of their functions
unless that liability arises through the actual fraud or willful default of such Indemnified Person. No person shall be found to have
committed actual fraud or willful default under this Article unless or until a court of competent jurisdiction shall have made a finding
to that effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.85pt 0 0.5pc 3pc; text-align: justify">The Company shall advance to each
Indemnified Person reasonable attorneys' fees and other costs and expenses incurred in connection with the defense of any action, suit,
proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance
of any expenses hereunder, the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it shall
be determined by final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification pursuant
to this Article. If it shall be determined by a final judgment or other final adjudication that such Indemnified Person was not entitled
to indemnification with respect to such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment,
costs or expenses and any advancement shall be returned to the Company (without interest) by the Indemnified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pc 0 0.5pc 3pc; text-align: justify">The directors, on behalf of the Company,
may purchase and maintain insurance for the benefit of any director or other officer of the Company against any liability which, by virtue
of any rule of law, would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of
which such person may be guilty in relation to the Company.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pc 0 0.5pc; text-align: justify; text-indent: 3pc">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons (within the meaning
of the Exchange Act) pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC, such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.35pt 0 0.5pc; text-align: justify"><B>ITEM 9. EXHIBITS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 87%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Number</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">1.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of underwriting agreement+</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/793628/000155335021000113/chnr_ex4z1.htm" STYLE="-sec-extract: exhibit">Specimen common share certificate (incorporated by reference to Exhibit 4.1 to our Form F-3 filed on February 9, 2021)</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">4.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of certificate of designations or similar authorization with respect to any preferred shares issued hereunder and the related form of preferred share certificate+</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.3</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of warrant agreement and warrant+</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">4.4</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Form of unit agreement+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.5</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="chnr_ex4z5.htm">Form of indenture to be entered into between the registrant and a trustee acceptable to the registrant</A>* </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify">&nbsp;</P>


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<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 0 0.5pc; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="width: 10%; text-align: justify">4.6</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 87%; text-align: justify">Form of debt security+</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">5.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="chnr_ex5z1.htm">Opinion of Maples and Calder (Hong Kong) LLP</A>*</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">5.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="chnr_ex5z2.htm">Opinion of Morgan, Lewis &amp; Bockius LLP</A>*</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">23.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="chnr_ex23z1.htm">Consent of Ernst &amp; Young Hua Ming LLP</A>*</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">23.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="chnr_ex5z1.htm">Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1)</A>*</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">23.3</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="chnr_ex5z2.htm">Consent of Morgan, Lewis &amp; Bockius LLP (included in Exhibit 5.2)</A>*</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">24.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="#poa">Power of attorney (included on signature page of this registration statement)</A>*</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">25.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Statement of Eligibility of Trustee on Form T-1 under the Trust Indenture Act of 1939 (To be filed or furnished separately pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939, as amended, and the appropriate rules thereunder)+</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">107</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="chnr_ex107.htm">Filing Fee Table</A>*</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2pc; text-align: justify">+</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">To be filed or furnished, if necessary, by amendment or incorporation by reference in connection with the offering of the securities.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 2pc">*</TD><TD STYLE="text-align: justify">Included herewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2pc; text-align: justify; text-indent: -2pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>ITEM
10. UNDERTAKINGS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(ii)</TD><TD STYLE="text-align: justify">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 value of securities 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 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
&#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(iii)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify">provided, however, that paragraphs (1)(i),
(ii), and (iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended,
that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b)
that is part of the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial <I>bona fide </I>offering thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering;</P>


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<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 0 0.5pc; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at
the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section
10(a)(3) of the Securities Act of 1933</FONT>, as amended, <FONT STYLE="letter-spacing: -0.05pt">need not be furnished, provided, that
the registrant includes in the</FONT> <FONT STYLE="letter-spacing: 0.1pt">prospectus, by means of a post-effective amendment, financial
statements required pursuant to this paragraph (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. Notwithstanding the foregoing, with respect to registration statements
on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3)
of the Securities Act of 1933</FONT> , as amended, <FONT STYLE="letter-spacing: 0.1pt">or Item 8.A of Form 20-F if such financial statements
and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934</FONT>, as amended, <FONT STYLE="letter-spacing: 0.1pt">that are incorporated by
reference in the Form F-3;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act of 1933, as amended, to any purchaser:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(i)</TD><TD STYLE="text-align: justify">Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration
statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(ii)</TD><TD STYLE="text-align: justify">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(i), (vii), or (x) for the purpose of providing
the information required by Section 10(a) of the Securities Act of 1933, as amended, shall be deemed to be part of and included in the
registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first
contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer
and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the
registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale
prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part
of the registration statement or made in any such document immediately prior to such effective date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(i)</TD><TD STYLE="text-align: justify">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required
to be filed pursuant to Rule 424;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(ii)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(iii)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(iv)</TD><TD STYLE="text-align: justify">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser;</TD></TR></TABLE>


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<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 0 0.5pc; text-align: justify">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended (and, where applicable, each filing of an employee
benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934, as amended) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating to the securities offering therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: justify">(8) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933, as amended, 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 Securities Act, as amended, and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant
of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act, as amended, and will be governed
by the final adjudication of such issue.</P>

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

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pc 0 0.6pc; text-align: justify">Pursuant to the requirements of the
Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form F-3 and has duly caused this Amendment to Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized in the City of Hong Kong, on November 18, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pc 0 0.6pc; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>CHINA NATURAL RESOURCES, INC. </B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By: </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">/s/ Wong Wah On Edward</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Wong Wah On Edward</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Chairman, Chief Executive Officer and Principal Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By: </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">/s/ Zhu Youyi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Zhu Youyi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Secretary, Chief Financial Officer and Principal Accounting Officer</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>POWER OF ATTORNEY</B><A NAME="poa"></A></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">KNOW ALL PERSONS BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Wong Wah On Edward and Zhu Youyi, and each of them, his or her true and lawful
attorneys-in-fact and agents, each with full power of substitution and re-substitution, for him or her and in his or her name, place and
stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this Registration Statement and
any and all related registration statements pursuant to Rule&nbsp;462(b)&nbsp;of 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, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities Act
of 1933, as amended, the following persons in the capacities and on the dates indicated have signed this Registration Statement on Form&nbsp;F-3.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 180px; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>SIGNATURE</B></FONT></TD>
    <TD STYLE="width: 6px; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>TITLE</B></FONT></TD>
    <TD STYLE="width: 6px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 122px; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>DATE</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify">/s/ Wong Wah On Edward</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Chairman of the Board of Directors, Chief Executive Officer</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">November 18, 2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Wong Wah On Edward</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">(Principal Executive Officer)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify">/s/ Zhu Youyi</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Chief Financial Officer</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">November 18, 2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Zhu Youyi</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">(Principal Accounting Officer)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify">/s/ Tam Cheuk Ho</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Director</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">November 18, 2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Tam Cheuk Ho</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify">/s/ Ng Kin Sing</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Director</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">November 18, 2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Ng Kin Sing</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify">/s/ Lam Kwan Sing</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Director</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">November 18, 2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Lam Kwan Sing</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify">/s/ Yip Wing Hang</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Director</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">November 18, 2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Yip Wing Hang</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<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: center"><B>SIGNATURE OF AUTHORIZED U.S. 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 4.5pt 0 0; text-align: justify">Pursuant to the Securities Act of 1933,
as amended, the undersigned, the duly authorized representative in the United States of China Natural Resources, Inc. has signed this
registration statement or amendment thereto on November 18, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B>PUGLISI &amp; ASSOCIATES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">/s/ </FONT>Donald J. Puglisi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: </TD>
    <TD STYLE="text-align: justify">Donald J. Puglisi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: </TD>
    <TD STYLE="text-align: justify">Managing Director</TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>



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

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

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<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>2
<FILENAME>chnr_ex4z5.htm
<DESCRIPTION>FORM OFIINDENTURE
<TEXT>
<HTML>
<HEAD>
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<P STYLE="text-align: right; margin: 0"><B>EXHIBIT 4.5</B></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">CHINA NATURAL RESOURCES, INC.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">and</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc 3pc; text-align: center; text-indent: 3pc">,</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">as Trustee</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">INDENTURE</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">Dated as of</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; 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>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><A NAME="mpTableOfContents"></A><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 76%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-transform: uppercase">ARTICLE I</TD>
    <TD STYLE="text-transform: uppercase">Definitions And Other Provisions Of General Application</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Definitions</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Compliance Certificates and Opinions</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">7</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.3</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Form of Documents Delivered to Trustee</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.4</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Acts of Holders; Record Dates</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">8</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.5</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Notices, Etc.</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.6</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Notice to Holders; Waiver</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.7</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Conflict with Trust Indenture Act</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.8</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Effect of Headings and Table of Contents</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.9</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Successors and Assigns</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.10</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Separability Clause</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.11</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Benefits of Indenture</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.12</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Governing Law; Waiver of Jury Trial; Consent to Jurisdiction</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">11</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.13</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Legal Holidays</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 1.14</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Foreign Account Tax Compliance</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-transform: uppercase">ARTICLE II</TD>
    <TD STYLE="text-transform: uppercase">Security Forms</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 2.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Forms Generally</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 2.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Form of Legend for Global Securities</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 2.3</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Form of Trustee&rsquo;s Certificate of Authentication</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-transform: uppercase">ARTICLE III</TD>
    <TD STYLE="text-transform: uppercase">The Securities</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 3.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Amount Unlimited; Issuable in Series</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 3.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Denominations</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 3.3</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Execution, Authentication, Delivery and Dating</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 3.4</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Temporary Securities</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 3.5</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Registration, Registration of Transfer and Exchange</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">19</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 3.6</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Mutilated, Destroyed, Lost, and Stolen Securities</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 3.7</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Payment of Interest; Interest Rights Preserved</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">21</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 3.8</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Persons Deemed Owners</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 3.9</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Cancellation</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 3.10</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Computation of Interest</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 3.11</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">CUSIP Numbers</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-transform: uppercase">ARTICLE IV</TD>
    <TD STYLE="text-transform: uppercase">Satisfaction and Discharge</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 4.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Satisfaction and Discharge of Indenture</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">24</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 4.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Application of Trust Money</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">25</TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="width: 17%; text-transform: uppercase">ARTICLE V</TD>
    <TD STYLE="width: 76%; text-transform: uppercase">Remedies</TD>
    <TD STYLE="width: 7%; text-align: right; text-transform: uppercase">25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Events of Default</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Acceleration of Maturity; Rescission and Annulment</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">27</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.3</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Collection of Indebtedness and Suits for Enforcement by Trustee</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">27</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.4</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Trustee May File Proofs of Claim</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">28</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.5</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Trustee May Enforce Claims Without Possession of Securities</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">29</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.6</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Application of Money Collected</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">29</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.7</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Limitation on Suits</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">29</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.8</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Unconditional Right of Holders to Receive Principal, Premium, and Interest</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">30</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.9</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Restoration of Rights and Remedies</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.10</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Rights and Remedies Cumulative</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">30</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.11</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Delay or Omission Not Waiver</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.12</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Control by Holders</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">31</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.13</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Waiver of Past Defaults</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">31</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 5.14</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Undertaking for Costs</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">31</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-transform: uppercase">ARTICLE VI</TD>
    <TD STYLE="text-transform: uppercase">The Trustee</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">32</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Certain Duties and Responsibilities</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">32</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Notice of Defaults</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">33</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.3</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Certain Rights of Trustee</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">33</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.4</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Not Responsible for Recitals or Issuance of Securities</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">35</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.5</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">May Hold Securities</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">35</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.6</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Money Held in Trust</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">35</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.7</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Compensation and Reimbursement</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">35</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.8</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Disqualification; Conflicting Interests</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.9</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Corporate Trustee Required; Eligibility</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">37</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.10</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Resignation and Removal; Appointment of Successor</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">37</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.11</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Acceptance of Appointment by Successor</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">38</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.12</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Merger, Conversion, Consolidation, or Succession to Business</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">39</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.13</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Preferential Collection of Claims Against Company</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">39</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 6.14</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Appointment of Authenticating Agent</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-transform: uppercase">ARTICLE VII</TD>
    <TD STYLE="text-transform: uppercase">Holder&rsquo;s Lists and Reports by Trustee and Company</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">42</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 7.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Company to Furnish Trustee Names and Addresses of Holders</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 7.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Preservation of Information; Communications to Holders</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">42</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 7.3</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Reports by Trustee</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 7.4</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Reports by Company</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">43</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-transform: uppercase">ARTICLE VIII</TD>
    <TD STYLE="text-transform: uppercase">Consolidation, Merger, Conveyance, Transfer or Lease</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">43</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 8.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Company May Consolidate, Etc., Only on Certain Terms</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">43</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 8.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Successor Substituted</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">44</TD></TR>
  </TABLE>

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

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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="width: 17%; text-transform: uppercase">ARTICLE IX</TD>
    <TD STYLE="width: 76%; text-transform: uppercase">Supplemental Indentures</TD>
    <TD STYLE="width: 7%; text-align: right; text-transform: uppercase">44</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 9.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Supplemental Indentures Without Consent of Holders</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">44</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 9.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Supplemental Indentures With Consent of Holders</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">45</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 9.3</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Execution of Supplemental Indentures</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 9.4</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Effect of Supplemental Indentures</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">46</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 9.5</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Conformity With Trust Indenture Act</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 9.6</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Reference in Securities to Supplemental Indentures</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">46</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 9.7</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Notice of Supplemental Indentures</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">47</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-transform: uppercase">ARTICLE X</TD>
    <TD STYLE="text-transform: uppercase">Covenants</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">47</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 10.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Payment of Principal, Premium, and Interest</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">47</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 10.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Maintenance of Office or Agency</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">47</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 10.3</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Money for Securities Payments to Be Held in Trust</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">47</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 10.4</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Statement by Officers as to Default</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">48</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 10.5</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Existence</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">49</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-transform: uppercase">ARTICLE XI</TD>
    <TD STYLE="text-transform: uppercase">Redemption of Securities</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">49</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 11.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Applicability of Article</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">49</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 11.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Election to Redeem; Notice to Trustee</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">49</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 11.3</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Selection of Securities to Be Redeemed</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">49</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 11.4</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Notice of Redemption</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">50</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 11.5</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Deposit of Redemption Price</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">50</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 11.6</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Securities Payable on Redemption Date</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">51</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 11.7</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Securities Redeemed in Part</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">51</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-transform: uppercase">ARTICLE XII</TD>
    <TD STYLE="text-transform: uppercase">Sinking Funds</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">51</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 12.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Applicability of Article</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">51</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 12.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Satisfaction of Sinking Fund Payments with Securities</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">52</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 12.3</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Redemption of Securities for Sinking Fund</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-transform: uppercase">ARTICLE XIII</TD>
    <TD STYLE="text-transform: uppercase">Defeasance and Covenant Defeasance</TD>
    <TD STYLE="text-align: right; text-transform: uppercase">52</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 13.1</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Applicability of Article; Company&rsquo;s Option to Effect Defeasance or Covenant Defeasance</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 13.2</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Defeasance and Discharge</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">53</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 13.3</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Covenant Defeasance</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">53</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 13.4</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Conditions to Defeasance or Covenant Defeasance</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">53</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 13.5</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">55</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Section 13.6</TD>
    <TD STYLE="padding-left: 1.5pc; text-indent: -0.5pc">Reinstatement</TD>
    <TD STYLE="text-align: right; text-indent: 0pc">56</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: center">CHINA NATURAL RESOURCES, INC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: center"><FONT STYLE="font-weight: normal">Certain Sections
of this Indenture relating to<BR>
Sections 310 through 318, inclusive, of the<BR>
Trust Indenture Act of 1939:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><B>Trust Indenture Act Section&nbsp;&nbsp;&nbsp;</B></TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 44%"><B>Indenture Section</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&sect;310</TD>
    <TD>(a)(1)&nbsp;&nbsp;</TD>
    <TD>6.9</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(2)</TD>
    <TD>6.9</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(3)</TD>
    <TD>Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(4)</TD>
    <TD>Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>6.8</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>6.10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&sect;311</TD>
    <TD>(a)</TD>
    <TD>6.13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>6.13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&sect;312</TD>
    <TD>(a)</TD>
    <TD>7.1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>7.2(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(c)&nbsp;&nbsp;</TD>
    <TD>7.2(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&sect;313</TD>
    <TD>(a)</TD>
    <TD>7.3(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>7.3(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD>7.3(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD>7.3(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&sect;314</TD>
    <TD>(a)</TD>
    <TD>7.4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(4)</TD>
    <TD>1.2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>10.4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(c)(1)</TD>
    <TD>1.2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(c)(2)</TD>
    <TD>1.2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(c)(3)</TD>
    <TD>Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD>Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD>1.2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&sect;315</TD>
    <TD>(a)</TD>
    <TD>6.1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)&nbsp;&nbsp;</TD>
    <TD>6.2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD>6.1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD>6.1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d)(1)</TD>
    <TD>6.1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d)(2)</TD>
    <TD>6.1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d)(3)</TD>
    <TD>6.1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD>5.14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&sect;316</TD>
    <TD>(a)(1)(A)</TD>
    <TD>5.12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(1)(B)</TD>
    <TD>5.2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>5.13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(2)</TD>
    <TD>Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>5.8</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD>1.4(c)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&sect;317</TD>
    <TD>(a)(1)</TD>
    <TD>5.3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(2)</TD>
    <TD>5.4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>10.3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&sect;318</TD>
    <TD>(a)</TD>
    <TD>1.7</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">NOTE: This shall not, for
any purpose, be deemed to be part of the Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><B>INDENTURE</B>, dated as
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, between China Natural Resources, Inc.,
a British Virgin Islands corporation (the &ldquo;Company&rdquo;), having its principal office Room 2205, 22/F, West Tower, Shun Tak Centre,
168-200 Connaught Road Central, Sheung Wan, Hong Kong, and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
as Trustee (the &ldquo;Trustee&rdquo;).</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">RECITALS OF THE COMPANY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes, or other
evidences of indebtedness (the &ldquo;Securities&rdquo;), to be issued in one or more series as provided in this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">All things necessary to make
this Indenture a valid agreement of the Company, in accordance with its terms, have been done.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">NOW, THEREFORE, THIS INDENTURE
WITNESSETH:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">For and in consideration of
the premises and the purchase of the Securities by the Holders, it is mutually agreed, for the equal and proportionate benefit of all
Holders of the Securities or of any series of the Securities, as follows:</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428511"></A>ARTICLE
I<BR>
<BR>
Definitions And Other Provisions Of General Application</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428512"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Definitions</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">For all purposes of this Indenture,
except as otherwise expressly provided or unless the context otherwise requires:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>all other terms used in this Indenture which are defined in the Trust Indenture Act, either directly or by reference to the Trust
Indenture Act, have the meanings assigned to them in the Trust Indenture Act;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>all accounting terms not otherwise defined in this Indenture have the meanings assigned to them in accordance with accounting principles
generally accepted in the United States and, except as otherwise expressly provided in this Indenture, the term &ldquo;accounting principles
generally accepted in the United States&rdquo; with respect to any computation required or permitted under this Indenture shall mean such
accounting principles as are generally accepted in the United States at the date of such computation;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the words &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision; and</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc 3pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(5)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>unless the context otherwise requires, any reference to an &ldquo;Article&rdquo; or a &ldquo;Section&rdquo; refers to an Article
or a Section, as the case may be, of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Act,&rdquo; when used
with respect to any Holder, has the meaning specified in Section 1.4(a).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Affiliate&rdquo; of
any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control
with such specified Person. For the purposes of this definition, &ldquo;control&rdquo; when used with respect to any specified Person
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract, or otherwise; and the terms &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo; have the meanings correlative
to the foregoing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Authenticating Agent&rdquo;
means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one
or more series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Authorized Officer&rdquo;
means any officer of the Company designated by or pursuant to a Board Resolution to take certain actions as specified in this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Board of Directors&rdquo;
means either the board of directors of the Company or any other duly authorized committee of that board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Board Resolution&rdquo;
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors, or by action of an Authorized Officer designated as such pursuant to a resolution of the Board of Directors, and to be in
full force and effect on the date of such certification, and delivered to the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Business Day&rdquo;
means, unless otherwise specified, any day that is not a Saturday or Sunday and that is not a day on which banking institutions are authorized
or required by law, regulation or executive order to be closed in The City of New York, New York or a day on which the Corporate Trust
Office is closed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Commission&rdquo; means
the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time after the
execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act,
then the body performing such duties at such time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Company&rdquo; means
the Person named as the &ldquo;Company&rdquo; in the first paragraph of this Indenture until a successor Person shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Company&rdquo; shall mean such successor Person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Company Request&rdquo;
or &ldquo;Company Order&rdquo; means a written request or order signed in the name of the Company by its Chairman, its Chief Executive
Officer, its President, its Chief Financial Officer, or a Vice President, and by its Treasurer, an Assistant Treasurer, its Controller,
an Assistant Controller, its Secretary, or an Assistant Secretary, and delivered to the Trustee.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">&ldquo;Corporate Trust Office&rdquo;
means the office of the Trustee located in The City of New York at which at any particular time its corporate trust business shall be
administered.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Covenant Defeasance&rdquo;
has the meaning specified in Section 13.3.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Debt&rdquo; means,
with respect to any Person at any date of determination (without duplication):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(i)</TD><TD STYLE="text-align: justify">all debt of such Person for borrowed money,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(ii)</TD><TD STYLE="text-align: justify">all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(iii)</TD><TD STYLE="text-align: justify">all obligations of such Person in respect of letters of credit or other similar instruments (including
reimbursement obligations with respect thereto),</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(iv)</TD><TD STYLE="text-align: justify">all obligations of such Person to pay the deferred purchase price of property or services, which purchase
price is due more than six months after the date of placing such property in service or taking delivery thereto or the completion of such
services, except trade payables,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(v)</TD><TD STYLE="text-align: justify">all obligations of such Person as lessee under capitalized or finance leases,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(vi)</TD><TD STYLE="text-align: justify">Debt of Persons other than such Person secured by a Lien on any asset of such Person, whether or not such
Debt is assumed by such Person; provided that the amount of such Debt shall be the lesser of (A) the fair market value of such asset at
such date of determination and (B) the amount of such Debt, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(vii)</TD><TD STYLE="text-align: justify">all Debt of Persons other than such Person guaranteed by such Person to the extent such Debt is guaranteed
by such Person.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Defaulted Interest&rdquo;
has the meaning specified in Section 3.7.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Defeasance&rdquo; has
the meaning specified in Section 13.2.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Depositary&rdquo; means,
with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities, the
Person designated as Depositary for such series by the Company pursuant to Section 3.1, which Person shall be a clearing agency registered
under the Exchange Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Event of Default&rdquo;
has the meaning specified in Section 5.1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Exchange Act&rdquo;
means the Securities Exchange Act of 1934, as amended now or in the future, and any successor statute.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Global Security&rdquo;
means a Security bearing the legend prescribed in Section 2.2 evidencing all or part of a series of Securities, authenticated and delivered
to the Depositary for such series or its nominee, and registered in the name of such Depositary or nominee.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Holder&rdquo; means
a Person in whose name a Security is registered in the Security Register.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Indenture&rdquo; means
this instrument as originally executed or as it may from time to time be supplemented or amended by one or more supplemental indentures
entered into pursuant to the applicable provisions of this Indenture, including, for all purposes of this Indenture and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this Indenture and any such supplemental
indenture, respectively. The term &ldquo;Indenture&rdquo; shall also include the terms of particular series of Securities established
as contemplated by Section 3.1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Interest Payment Date,&rdquo;
with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Lien&rdquo; means,
any mortgage, lien, pledge, security interest, encumbrance or charge of any kind (including, without limitation, any conditional sale
or other title retention agreement or lease in the nature thereof, any sale with recourse against the seller or any Affiliate of the seller,
or any agreement to give any security interest).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Maturity,&rdquo; when
used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and
payable in accordance with its terms or the terms of this Indenture, whether at the Stated Maturity or by declaration of acceleration,
call for redemption, or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Officer&rsquo;s Certificate&rdquo;
means a certificate signed by the Chairman, the Chief Executive Officer, the President, the Chief Financial Officer, a Vice President,
the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary, or an Assistant Secretary, of the Company,
and delivered to the Trustee. The officer signing an Officer&rsquo;s Certificate given pursuant to Section 10.4 shall be the principal
executive, financial, or accounting officer of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Opinion of Counsel&rdquo;
means a written opinion, reasonably acceptable to the Trustee, of counsel, who may be an employee of or counsel for the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Original Issue Discount
Security&rdquo; means any Security which provides for an amount less than the principal amount of such Security to be due and payable
upon a declaration of acceleration of the Maturity of such Security pursuant to Section 5.2.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Outstanding,&rdquo;
when used with respect to Securities, means, as of the date of determination, all Securities previously authenticated and delivered under
this Indenture, except:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(i)</TD><TD STYLE="text-align: justify">Securities previously cancelled by the Trustee or delivered to the Trustee for cancellation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(ii)</TD><TD STYLE="text-align: justify">Securities for whose payment or redemption money in the necessary amount has been previously deposited
with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company
shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture or provision for such redemption satisfactory to the Trustee has been made;</TD></TR></TABLE>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(iii)</TD><TD STYLE="text-align: justify">Securities which have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities
have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have
been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities
are valid obligations of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(iv)</TD><TD STYLE="text-align: justify">Securities which have been defeased pursuant to Section 13.2; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc">(v)</TD><TD STYLE="text-align: justify">Securities not deemed outstanding pursuant to Section 11.3;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify"><U>provided</U>, <U>however</U>, that in determining
whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent, or waiver under this Indenture, (i) the principal amount of an Original Issue Discount Security that shall be deemed
to be Outstanding shall be the amount of the principal that would be due and payable as of the date of such determination upon acceleration
of its maturity pursuant to Section 5.2, (ii) if, as of such date, the principal amount payable at the Stated Maturity of a Security is
not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined
as contemplated by Section 3.1, and (iii) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of
the Company or any such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, or waiver, only Securities which
a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&rsquo;s right so
to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate
of the Company or any such other obligor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Paying Agent&rdquo;
means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Periodic Offering&rdquo;
means an offering of Securities of any series from time to time, the specific terms of which Securities, including, without limitation,
its rate or rates of interest, if any, its Stated Maturity, and redemption provisions, if any, with respect to such Securities are to
be determined by the Company or its agents upon the issuance of such Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Person&rdquo; means
any individual, corporation, limited liability company, partnership, joint venture, trust, association, unincorporated organization, or
government or any agency or political subdivision of any government.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Place of Payment,&rdquo;
when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest
on the Securities of that series are payable as specified as contemplated by Section 3.1.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Predecessor Security&rdquo;
of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or in lieu
of a mutilated, destroyed, lost, or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost, or stolen
Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Redemption Date,&rdquo;
when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Redemption Price,&rdquo;
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Regular Record Date&rdquo;
for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated
by Section 3.1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Responsible Officer,&rdquo;
when used with respect to the Trustee, means any officer within the corporate trust department of the Trustee, including any vice president,
any assistant vice president, any trust officer or assistant trust officer, any associate or senior associate or any other officer of
the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity
with the particular subject and who, in each case, shall have direct responsibility for the administration of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Securities&rdquo; has
the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under
this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Security Register&rdquo;
and &ldquo;Security Registrar&rdquo; have the respective meanings specified in Section 3.5.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Special Record Date&rdquo;
for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Stated Maturity,&rdquo;
when used with respect to any Security or any installment of principal or interest on such Security, means the date specified in such
Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Subsidiary&rdquo; means
a corporation or other Person more than 50% of the outstanding voting stock or a majority of the controlling interest of which is owned,
directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For
the purposes of this definition, &ldquo;voting stock&rdquo; means stock which ordinarily has voting power for the election of directors,
whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Trustee&rdquo; means
the Person named as the &ldquo;Trustee&rdquo; in the first paragraph of this instrument until a successor Trustee shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; shall mean or include each Person who is
then a Trustee under this Indenture, and if at any time there is more than one such Person, &ldquo;Trustee,&rdquo; as used with respect
to the Securities of any series, shall mean the Trustee with respect to Securities of that series.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Trust Indenture Act&rdquo;
means the Trust Indenture Act of 1939, as in force at the date as of which this Indenture was executed; provided, however, that in the
event the Trust Indenture Act of 1939 is amended after such date, &ldquo;Trust Indenture Act&rdquo; means, to the extent required by any
such amendment, the Trust Indenture Act of 1939, as so amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;U.S. Government Obligation&rdquo;
has the meaning specified in Section 13.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Vice President,&rdquo;
when used with respect to the Company or the Trustee, means any vice president (other than any assistant vice president), whether or not
designated by a number or a word or words added before or after the title &ldquo;vice president.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428513"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Compliance Certificates and Opinions</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Upon any application to or
request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee
an Officer&rsquo;s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except in the case of any such application or request as to which the furnishing of such documents is specifically
required by any provisions of this Indenture relating to such particular application or request, no additional certificate or opinion
need be furnished.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Every certificate or opinion
(other than the Officer&rsquo;s Certificate delivered under Section 10.4 of this Indenture) with respect to compliance with a condition
or covenant provided for in this Indenture shall include:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>a statement that each individual signing such certificate or opinion has read such covenant or condition and the related definitions;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428514"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Form of Documents Delivered to Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Any certificate or opinion
of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which this certificate or opinion is based are erroneous. Any such certificate or opinion of counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers
of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters
are erroneous.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Where any Person is required
to make, give, or execute two or more applications, requests, consents, certificates, statements, opinions, or other instruments under
this Indenture, they may, but need not, be consolidated and form one instrument.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428515"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Acts of Holders; Record Dates</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Any request, demand, authorization, direction, notice, consent, waiver, or other action provided or permitted by this Indenture
to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by agent duly appointed in writing; and, except as otherwise expressly provided in this Indenture, such action shall
become effective when such instrument or instruments are delivered to the Trustee and, where it is expressly required by this Indenture,
to the Company. Such instrument or instruments (and the action embodied in and evidenced by such instrument or instruments) are sometimes
referred to as the &ldquo;Act&rdquo; of the Holders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive
in favor of the Trustee and the Company, if made in the manner provided in this Section.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Without limiting the generality
of the foregoing, a Holder, including a Depositary that (or whose nominee) is a Holder of a Global Security, may make, give, or take,
by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver, or other action
provided or permitted in this Indenture to be made, given, or taken by Holders, and a Depositary that (or whose nominee) is a Holder of
a Global Security may provide its proxy or proxies to the beneficial owners of interests in any such Global Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness
of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him its execution. Where such execution is by a signer acting in
a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority.
The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved
in any other manner which the Trustee deems sufficient.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The Company may fix any day as the record date for the purpose of determining the Holders of Securities of any series entitled
to give or take any request, demand, authorization, direction, notice, consent, waiver, or other action, or to vote on any action, authorized,
or permitted to be given or taken by Holders of Securities of such series. If not set by the Company prior to the first solicitation of
a Holder of Securities of such series made by any Person in respect of any such action, or, in the case of any such vote, prior to such
vote, the record date for any such action or vote shall be the 30th day (or, if later, the date of the most recent list of Holders required
to be provided pursuant to Section 7.1) prior to such first solicitation or vote, as the case may be. With regard to any record date for
action to be taken by the Holders of one or more series of Securities, only the Holders of Securities of such series on such date (or
their duly designated proxies) shall be entitled to give, take, or vote on the relevant action.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The ownership of Securities shall be proved by the Security Register.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Any request, demand, authorization, direction, notice, consent, waiver, or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer of, in exchange for, or in
lieu of such Security in respect of anything done, omitted, or suffered to be done by the Trustee or the Company in reliance on such action,
whether or not notation of such action is made upon such Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Without limiting the foregoing, a Holder entitled to give or take any action under this Indenture with regard to any particular
Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each
of which may do so pursuant to such appointment with regard to all or any different part of such principal amount.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428516"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Notices, Etc. to Trustee and Company</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Any request, demand, authorization,
direction, notice, consent, waiver, or Act of Holders or other document provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee by any Holder or by the Company shall be sufficient for every purpose under this Indenture if made, given, furnished,
or filed in writing to or with the Trustee at &#9;, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Company by the Trustee or by any Holder shall be sufficient for every purpose under this Indenture (unless otherwise expressly
provided in this Indenture) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its
principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee
by the Company, Attention: Corporate Secretary.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Trustee shall have the
right, but shall not be required, to rely upon and comply with notices, instructions, directions or other communications sent by e-mail,
facsimile and other similar unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and
directions on behalf of the Company. The Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions
or directions is, in fact, a person authorized to give instructions or directions on behalf of the Company; and the Trustee shall have
no liability for any losses, liabilities, costs or expenses incurred or sustained by the Company as a result of such reliance upon or
compliance with such notices, instructions, directions or other communications. The Company agrees to assume all risks arising out of
the use of such electronic methods to submit notices, instructions, directions or other communications to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. The
Company shall use all reasonable endeavors to ensure that any such notices, instructions, directions or other communications transmitted
to the Trustee pursuant to this Indenture are complete and correct. Any such notices, instructions, directions or other communications
shall be conclusively deemed to be valid instructions from the Company to the Trustee for the purposes of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428517"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Notice to Holders; Waiver</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Where this Indenture provides
for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise expressly provided in this Indenture) if
in writing and (i) mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security
Register, or (ii) in the event that a Depositary (or a nominee thereof) is a Holder of Securities issued in the form of Global Securities,
then with respect to such Securities given by electronic, email or other means as such be acceptable to such Depositary, in all cases,
not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In
any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall
not be a condition precedent to the validity of any action taken in reliance upon such waiver.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In case by reason of the suspension
of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428518"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Conflict with Trust Indenture Act</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If any provision of this Indenture
limits, qualifies, or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern
this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to
be excluded, as the case may be.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428519"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.8</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Effect of Headings and Table of Contents</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Article and Section headings
in this Indenture and the Table of Contents are for convenience only and shall not affect the construction of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428520"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.9</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Successors and Assigns</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">All covenants and agreements
in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428521"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.10</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Separability
Clause</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In case any provision in this
Indenture or in the Securities shall be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired by such invalid, illegal, or unenforceable provision.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428522"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.11</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Benefits
of Indenture</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Nothing in this Indenture
or in the Securities, express or implied, shall give to any Person, other than the parties to this Indenture and their successors under
this Indenture, any benefit or any legal or equitable right, remedy or claim under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428523"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.12</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Governing
Law; Waiver of Jury Trial; Consent to Jurisdiction</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">This Indenture and the Securities
shall be governed by and construed in accordance with the laws of the State of New York (including but not limited to N.Y. General Obligations
Law Section 5-1401 and any successor statute thereto).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Each of the Company and the
Trustee, and each Holder of a Security by its acceptance thereof, hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right it may have to trial by jury in any legal proceeding directly or indirectly arising out of or relating to this
Indenture, the Securities or the transactions contemplated hereby or thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Each of the Company and the
Trustee irrevocably consents and submits, for itself and in respect of any of its assets or property, to the nonexclusive jurisdiction
of any court of the State of New York or any United States court sitting, in each case, in the Borough of Manhattan, The City of New York,
New York, United States of America, and of any appellate court in respect thereof in any suit, action or proceeding that may be brought
in connection with this Indenture or the Securities, and waives any immunity from the jurisdiction of such courts. Each of the Company
and the Trustee irrevocably waives, to the fullest extent permitted by law, any objection to any such suit, action or proceeding that
may be brought in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding
has been brought in an inconvenient forum. Each of the Company and the Trustee agrees, to the fullest extent that it lawfully may do so,
that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Company and
the Trustee, respectively, and the Company waives, to the fullest extent permitted by law, any objection to the enforcement by any competent
court in the Company&rsquo;s jurisdiction of organization of judgments validly obtained in any such court in New York on the basis of
such suit, action or proceeding.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428524"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.13</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Legal
Holidays</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In any case where any Interest
Payment Date, Redemption Date, or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture or of the Securities, other than a provision of the Securities of any series which specifically
states that such provision shall apply in lieu of this Section) payment of interest or principal (and premium, if any) need not be made
at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force
and effect as if made on the Interest Payment Date, or Redemption Date, or at the Stated Maturity, provided that, if such payment is made
on such next succeeding Business Day, no interest shall accrue with respect to the payment due on such date for the period from and after
such Interest Payment Date, Redemption Date, or Stated Maturity, as the case may be.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428526"></A>ARTICLE
II<BR>
<BR>
Security Forms</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428527"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 2.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Forms Generally</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Securities of each series
shall be in substantially such form or forms as shall be established by or pursuant to one or more Board Resolutions or in one or more
indentures supplemental to this Indenture, or in an Officer&rsquo;s Certificate pursuant to such Board Resolution or any such supplemental
indenture, in each case with such appropriate insertions, omissions, substitutions, and other variations as are required or permitted
by this Indenture, and may have such letters, numbers, or other marks of identification and such legends or endorsements placed on them
as may be required to comply with the rules of any securities exchange or as may, consistently with this Indenture, be determined by the
officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities of any series is established
by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section
3.3 for the authentication and delivery of such Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The definitive Securities,
if any, shall be printed, lithographed, or engraved on steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such Securities, as evidenced by their execution of such Securities.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428528"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 2.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Form of Legend for Global Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Any Global Security authenticated
and delivered under this Indenture shall bear a legend (in addition to any legend that may be required by the applicable requirements
of the Depositary) in substantially the following form:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;This Security is a
Global Security within the meaning of the Indenture referred to in this Security and is registered in the name of a Depositary or its
nominee. This Security may not be transferred to, or registered or exchanged for Securities registered in the name of, any Person other
than the Depositary or its nominee or a successor of such Depositary or a nominee of such successor and no such transfer may be registered,
except in the limited circumstances described in the Indenture. Every Security authenticated and delivered upon registration of transfer
of, or in exchange for or in lieu of, this Security shall be a Global Security subject to the foregoing, except in such limited circumstances.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428529"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 2.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Form of Trustee&rsquo;s Certificate of Authentication</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Trustee&rsquo;s certificates
of authentication shall be in substantially the following form:</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center">TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%">Date:</TD>
    <TD STYLE="width: 61%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1.8pc; text-indent: -1.8pc">By: ________________________________________<BR>
Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1.8pc; text-indent: -1.8pc">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428530"></A>ARTICLE
III<BR>
<BR>
The Securities</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428531"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Amount Unlimited; Issuable in Series</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The aggregate principal amount
of Securities which may be authenticated and delivered under this Indenture is unlimited.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Securities may be issued
in one or more series. There shall be established in or pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined
in the manner provided, in an Officer&rsquo;s Certificate pursuant to a Board Resolution or indenture supplemental to this Indenture,
or established in one or more indentures supplemental to this Indenture, prior to the issuance of Securities of any series,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6, or 11.7 and except for any Securities which, pursuant to Section 3.3,
are deemed never to have been authenticated and delivered under this Indenture);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business on Regular Record Date for such interest;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the date or dates on which the principal (and premium, if any) of the Securities of the series is payable;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(5)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the rate or rates at which the Securities of the series shall bear interest, if any, the date or dates from which such interest
shall accrue, the Interest Payment Dates on which any such interest shall be payable, and the Regular Record Date for any interest payable
on any Interest Payment Date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(6)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the right, if any, to extend the interest payment periods and the duration of any such deferral period, including the maximum consecutive
period during which interest payment periods may be extended;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(7)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the place or places in addition to the Borough of Manhattan, The City of New York, if any, where the principal of and any premium
and interest on Securities of the series shall be payable;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc 3pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(8)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the period or periods within which, the price or prices at which, and the terms and conditions upon which Securities of the series
may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election
by the Company to redeem the Securities shall be evidenced;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(9)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the obligation, if any, of the Company to redeem, purchase, or repay Securities of the series pursuant to any mandatory redemption,
sinking fund, or analogous provision or at the option of a Holder of the Security, and the period or periods within which, the price or
prices at which, and the terms and conditions upon which Securities of the series shall be redeemed, purchased, or repaid, in whole or
in part, pursuant to such obligation;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(10)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>if other than denominations of $1,000 and integral multiples of such denomination, the denomination or denominations in which Securities
of the series shall be issuable;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(11)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>if the amount of payments of principal of or any premium or interest on any Securities of the series may be determined with reference
to an index or formula, the manner in which such amounts shall be determined;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(12)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>if other than the principal amount of the Securities of the series, the portion of the principal amount of Securities which shall
be payable upon declaration of acceleration of its Maturity pursuant to Section 5.2;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(13)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or
more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such
date for any purpose under the Securities or this Indenture, including the principal amount which shall be due and payable upon any Maturity
other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such
case, the manner in which such amount deemed to be the principal amount shall be determined);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(14)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the application, if any, of either or both of Section 13.2 and Section 13.3 to the Securities of the series (including, in the
case of Section 13.3, the covenants and any Events of Default not specified therein that are subject thereto) and, if other than by a
Board Resolution, the manner in which any election pursuant to such Sections by the Company shall be evidenced;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(15)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>whether the Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in
such case, the Depositary or Depositaries for such Global Security or Global Securities (if other than The Depository Trust Company),
and any circumstances other than those set forth in Section 3.5 in which any such Global Security may be transferred to, and registered
and exchanged for, Securities registered in the name of, a Person other than the Depositary for such Global Security or its nominee and
in which any such transfer may be registered;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(16)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>any Authenticating Agents, Paying Agents, or any other agents with respect to the Securities of the series;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc 3pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(17)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>any other covenant or warranty included for the benefit of Securities of the series in addition to (and not inconsistent with)
those included in this Indenture for the benefit of Securities of all series, or any other covenant or warranty included for the benefit
of Securities of the series in lieu of any covenant or warranty included in this Indenture for the benefit of Securities of all series
(including any covenant contained in Article X), or any provision that any covenant or warranty included in this Indenture for the benefit
of Securities of all series (including any covenant contained in Article X) shall not be for the benefit of Securities of such series,
or any change to or combination of the provisions of any such covenant or warranty included in this Indenture for the benefit of Securities
of all series (including any covenants contained in Article X) which applies to the Securities of such series;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(18)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>any addition to, deletion from, or change in the Events of Default which applies to any Securities of the series and any change
in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount of such Securities due and payable
pursuant to Section 5.2;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(19)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the terms, if any, upon which the Securities of the series may be convertible into or exchanged for other securities of the Company
and the terms and conditions upon which such conversion or exchange shall be effected; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(20)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>any other terms of the Securities of such series, or of any specified tenor thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">All Securities of any one
series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board
Resolution referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officer&rsquo;s Certificate
referred to above or in any indenture supplemental to this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Unless otherwise provided
with respect to the Securities of any series, at the option of the Company, interest on the Securities of any series that bears interest
may be paid by mailing a check to the address of the Person entitled to such interest as such address shall appear in the Security Register.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If any of the terms of the
series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified
by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer&rsquo;s
Certificate setting forth the terms of the series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428532"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Denominations</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Securities of each series
shall be issuable in registered form without coupons in such denominations as shall be specified as contemplated by Section 3.1. In the
absence of any such provisions with respect to the Securities of any series, the Securities of such series shall be issuable in denominations
of $1,000 and any integral multiples of such denomination.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428533"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Execution, Authentication, Delivery and Dating</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Securities shall be executed
on behalf of the Company by its Chairman, its Chief Executive Officer, its President, or one of its Vice Presidents, and may (but need
not) have the corporate seal of the Company affixed or reproduced thereon and, if so affixed or reproduced, attested by its Secretary
or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Securities bearing the manual
or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did
not hold such offices at the date of such Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">At any time and from time
to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to
the Trustee for authentication, together with the documents referred to below in this Section 3.3, for the authentication and delivery
of such Securities, and the Trustee shall authenticate and deliver such Securities to or upon a Company Order or pursuant to such procedures
acceptable to the Trustee and to such recipients as may be specified from time to time by a Company Order. If so provided in or pursuant
to the Board Resolution or supplemental indenture establishing the Securities of any series, the maturity date, original issue date, interest
rate, and any other terms of any or all of the Securities of such series may be determined by or pursuant to such Company Order and procedures.
If provided for in such procedures, such Company Order may authorize authentication and delivery pursuant to electronic instructions from
the Company or its duly authorized agent, which instructions shall be promptly confirmed in writing. In authenticating such Securities
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive
and (subject to Section 6.1) shall be fully protected in relying upon, unless and until such documents have been superseded or revoked:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>a Company Order requesting such authentication and setting forth delivery instructions if the Securities are not to be delivered
to the Company, provided that, with respect to Securities of a series subject to a Periodic Offering, (i) such Company Order may be delivered
by the Company to the Trustee at any time prior to the delivery to the Trustee of the Securities of such series for authentication and
delivery, (ii) the Trustee shall authenticate and deliver the Securities of such series for original issue from time to time, in an aggregate
principal amount not exceeding the aggregate principal amount established for such series, pursuant to a Company Order or pursuant to
such procedures acceptable to the Trustee as may be specified from time to time by a Company Order, and (iii) if so provided in or pursuant
to the Board Resolution or supplemental indenture establishing the Securities of such series, the maturity date, original issue date,
interest rate, and any other terms of any or all of the Securities of such series may be determined by a Company Order or pursuant to
such procedures;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>any Board Resolution, Officer&rsquo;s Certificate and/or executed supplemental indenture referred to in Sections 2.1 and 3.1 by
or pursuant to which the form or forms and terms of the Securities of such series were established;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc 3pc; text-align: justify; text-indent: 0pc">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>an Officer&rsquo;s Certificate setting forth the form or forms and the terms of the Securities of such series, stating that such
form or forms and terms have been established pursuant to Sections 2.1 and 3.1 and comply with this Indenture, and covering such other
matters as the Trustee may reasonably request; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>an Opinion of Counsel, substantially to the effect that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pc"></TD><TD STYLE="width: 3pc">(i)</TD><TD STYLE="text-align: justify">the form or forms of the Securities of such series have been duly authorized and established in conformity
with the provisions of this Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pc"></TD><TD STYLE="width: 3pc">(ii)</TD><TD STYLE="text-align: justify">the terms of the Securities of such series (or the manner of determining such terms) have been established
in conformity with the provisions of this Indenture; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pc"></TD><TD STYLE="width: 3pc">(iii)</TD><TD STYLE="text-align: justify">that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the
manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the
Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium,
and similar laws of general applicability relating to or affecting creditors rights and to general equity principles and other customary
qualifications and assumptions.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Trustee shall not be required
to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee&rsquo;s own rights,
duties, liabilities or immunities under the Securities or this Indenture or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Notwithstanding the provisions
of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not
be necessary to deliver the above specified documents at or prior to the time of authentication of each Security of such series if such
documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Each Security shall be dated
the date of its authentication.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">No Security shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for in this Indenture executed by the Trustee by manual signature of an authorized signatory, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and
delivered under this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered but never issued
and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for all
purposes of this Indenture, such Security shall be deemed never to have been authenticated and delivered under this Indenture and shall
never be entitled to the benefits of this Indenture.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428534"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Temporary Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Pending the preparation of
definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary
Securities which are printed, lithographed, typewritten, mimeographed, or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions,
and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If temporary Securities of
any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the
preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities
of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment
for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series,
the Company shall execute and the Trustee shall authenticate and deliver in exchange one or more definitive Securities of the same series,
of any authorized denominations and of a like aggregate principal amount and tenor. Until so exchanged the temporary Securities of any
series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and tenor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428535"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Registration, Registration of Transfer and Exchange</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company shall cause to
be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office or in any other office or agency
of the Company in a Place of Payment may sometimes be collectively referred to as the &ldquo;Security Register&rdquo;) in which, subject
to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities.
The Trustee is hereby appointed &ldquo;Security Registrar&rdquo; for the purpose of registering Securities and transfers of Securities
as provided in this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Upon surrender for registration
of transfer of any Security of any series at the office or agency of the Company in a Place of Payment for that series, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities
of the same series, of any authorized denominations and of a like aggregate principal amount and tenor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">At the option of the Holder,
Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of a like aggregate
principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">All Securities issued upon
any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Every Security presented or
surrendered for registration of transfer or for exchange shall be duly endorsed, or be accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed, by the Holder or his attorney duly authorized in writing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">No service charge shall be
made for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 3.4, 9.6, or 11.7 not involving any transfer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company shall not be required
(i) to issue, register the transfer of, or exchange Securities of any series during a period beginning at the opening of business 15 days
before the day of the mailing of a notice of redemption of Securities of that series selected for redemption under Section 11.3 and ending
at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Security so selected for redemption
in whole or in part, except the unredeemed portion of any Security being redeemed in part.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Notwithstanding the foregoing
and except as otherwise specified as contemplated by Section 3.1, if at any time the Depositary for the Securities of a series represented
by a Global Security or Global Securities notifies the Company that it is unwilling or unable to continue as a Depositary for the Securities
of such series or if at any time the Depositary for Securities of a series shall no longer be registered or in good standing under the
Exchange Act or other applicable statute or regulation, the Company shall appoint a successor Depositary with respect to the Securities
of such series. If a successor Depositary for the Securities of such series is not appointed by the Company or, if appointed, has not
accepted such appointment, within 90 days after the Company receives such notice or becomes aware of such condition, the Company will
execute, and the Trustee, upon Company Request, will authenticate and deliver, Securities of such series in definitive form in an aggregate
principal amount equal to the principal amount of the Global Security or Global Securities representing Securities of such series in exchange
for such Global Security or Global Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In the event that (i) the
Company at any time and in its sole discretion determines that the Securities of any series issued in the form of one or more Global Securities
shall no longer be represented by such Global Security or Global Securities or (ii) there shall have occurred and be continuing an Event
of Default with respect to the Securities of any series, the Company will execute, and the Trustee, upon Company Request or instructions
from the Depositary, will authenticate and deliver, Securities of such series in definitive form and in an aggregate principal amount
equal to the principal amount of the Global Security or Global Securities representing such series in exchange for such Global Security
or Global Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Upon the occurrence in respect
of any Global Security of any series of any one or more of the conditions specified in the preceding two paragraphs or such other conditions
as may be specified as contemplated by Section 3.1 for such series, such Global Security may be exchanged for Securities registered in
the names of, and the transfer of such Global Security may be registered to, such Persons (including Persons other than the Depositary
with respect to such series and its nominees) as such Depositary shall direct. Notwithstanding any other provision of this Indenture,
any Security authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, any Global Security shall
also be a Global Security and shall bear the legend or legends specified in Section 2.2 except for any Security authenticated and delivered
in exchange for, or upon registration of transfer of, a Global Security pursuant to the preceding sentence.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428536"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Mutilated, Destroyed, Lost, and Stolen Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If any mutilated Security
is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange a new Security of
the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If there shall be delivered
to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss, or theft of any Security and (ii) such security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and the Trustee
shall authenticate and deliver, in lieu of any such destroyed, lost, or stolen Security, a new Security of the same series and of like
tenor and principal amount and bearing a number not contemporaneously outstanding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In case any such mutilated,
destroyed, lost, or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Upon the issuance of any new
Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation to such issuance and any other expenses (including the fees and expenses of the Trustee) connected with such
issuance.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Every new Security of any
series issued pursuant to this Section in lieu of any destroyed, lost, or stolen Security shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost, or stolen Security shall be at any time enforceable by anyone, and shall
be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued
under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The provisions of this Section
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost, or stolen Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428537"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Payment of Interest; Interest Rights Preserved</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Except as otherwise provided
as contemplated by Section 3.1 with respect to any series of Securities, interest on any Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Any interest on any Security
of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (&ldquo;Defaulted Interest&rdquo;)
shall cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest
may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">21</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or
their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held
in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this clause. At such time the Trustee shall
fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the related Special Record Date to be transmitted to each Holder of Securities
of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice
of the proposed payment of such Defaulted Interest and the related Special Record Date having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered
at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The Company may make payment to Holders of any Defaulted Interest on the Securities of any series in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of
payment shall be deemed practicable by the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428538"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.8</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Persons Deemed Owners</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Prior to due presentment of
a Security for registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in
whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium
and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue,
and neither the Company, the Trustee, nor an agent of the Company or the Trustee shall be affected by notice to the contrary.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">No holder of any beneficial
interest in any Global Security registered in the name of a Depositary or its nominee shall have any rights under this Indenture with
respect to such Global Security, and such Depositary or nominee, as the case may be, may be treated by the Company, the Trustee, and any
agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing
in this Indenture shall prevent the Company, the Trustee, or any agent of the Company or the Trustee from giving effect to any written
certification, proxy, or other authorization furnished by a Depositary or its nominee pursuant to this Indenture. Furthermore, none of
the Company, the Trustee, any Paying Agent, the Security Registrar, or any other agent of the Company or the Trustee will have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in any such Global
Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. The Company, the Trustee,
any Paying Agent, the Security Registrar, or any other agent of the Company or the Trustee shall be entitled to deal with the Depositary,
and any nominee thereof, that is the registered holder of any Global Security for all purposes of this Indenture relating to such Global
Security (including the payment of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions
or directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole holder of such Global
Security and shall have no obligations to the beneficial owners thereof. None of the Trustee, the Paying Agent or the Security Registrar
shall have any responsibility or liability for any acts or omissions of the Depositary with respect to such Global Security, for the records
of any such depositary, including records in respect of beneficial ownership interests in respect of any such Global Security, for any
transactions between the Depositary and any Depositary participant or between or among the Depositary, any such Depositary participant
and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such
Global Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428539"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.9</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Cancellation</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">All Securities surrendered
for payment, conversion, redemption, registration of transfer or exchange, or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver
to the Trustee for cancellation any Securities previously authenticated and delivered which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously
authenticated which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly
permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its then
customary procedures.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428540"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.10</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Computation
of Interest</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Except as otherwise specified
as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series shall be computed on the basis
of a 360-day year of twelve 30-day months.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428541"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.11</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>CUSIP
Numbers</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company in issuing the
Securities may use &ldquo;CUSIP,&rdquo; &ldquo;ISIN&rdquo; or other similar numbers (if then generally in use), and, if so, the Trustee
shall use &ldquo;CUSIP,&rdquo; &ldquo;ISIN&rdquo; or other similar numbers in notices of redemption as a convenience to Holders; provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities
or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify
the Trustee in writing of any change in &ldquo;CUSIP,&rdquo; &ldquo;ISIN&rdquo; or other similar numbers.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428542"></A>ARTICLE
IV<BR>
<BR>
Satisfaction and Discharge</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428543"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 4.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Satisfaction and Discharge of Indenture</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">This Indenture shall upon
Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities
expressly provided for in this Indenture), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pc"></TD><TD STYLE="width: 3pc">(i)</TD><TD STYLE="text-align: justify">all Securities previously authenticated and delivered (other than (i) Securities which have been destroyed,
lost, or stolen and which have been replaced or paid as provided in Section 3.6 and (ii) Securities for whose payment money has previously
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust,
as provided in Section 10.3) have been delivered to the Trustee for cancellation; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pc"></TD><TD STYLE="width: 3pc">(ii)</TD><TD STYLE="text-align: justify">all such Securities not previously delivered to the Trustee for cancellation</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pc"></TD><TD STYLE="width: 3pc">(iii)</TD><TD STYLE="text-align: justify">have become due and payable, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pc"></TD><TD STYLE="width: 3pc">(iv)</TD><TD STYLE="text-align: justify">will become due and payable at their Stated Maturity within one year, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pc"></TD><TD STYLE="width: 3pc">(v)</TD><TD STYLE="text-align: justify">are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,</TD></TR></TABLE>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">and the Company, in the case of (i), (ii) or
(iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to
pay and discharge the entire indebtedness on such Securities not previously delivered to the Trustee for cancellation (other than Securities
which have been destroyed, lost, or stolen and which have been replaced or paid as provided in Section 3.6), for principal and any premium
and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Company has paid or caused to be paid all other sums payable by the Company under this Indenture; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Company has delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture have been complied with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations (if any) of the Company
to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause
(1) of this Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3 shall survive such satisfaction
and discharge.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In the event Securities of
two or more series were at any time issued under this Indenture, the Trustee shall be required to execute an instrument acknowledging
satisfaction and discharge of this Indenture only if requested to do so with respect to the Securities of all series as to which it is
Trustee and if the conditions of satisfaction and discharge of this Indenture contained in this Section 4.1 in respect of such Securities
have been satisfied. In the event there are two or more Trustees under this Indenture, the effectiveness of any such instrument shall
be conditioned upon receipt of such instruments from all such Trustees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428544"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 4.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Application of Trust Money</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Subject to the provisions
of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied
by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled to such money, of the principal
and any premium and interest for whose payment such money has been deposited with the Trustee.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428545"></A>ARTICLE
V<BR>
<BR>
Remedies</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428546"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Events of Default</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Event of Default,&rdquo;
wherever used herein with respect to Securities of any series, means any one of the following events, unless in the establishing Board
Resolution, supplemental indenture or Officer&rsquo;s Certificate, it is provided that such series shall not have the benefit of said
Event of Default:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>failure to pay any interest on the Securities within 30 days after such interest becomes due and payable by the terms of the Securities
of such series;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>failure to pay principal of (or premium, if any, on) the Securities at maturity, or if applicable, the redemption price, when the
same becomes due and payable;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>failure to pay any sinking fund installment as and when the same shall become due and payable by the terms of the Securities, and
continuance of such default for a period of 30 days;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>failure to comply with (or obtain a waiver with respect to) any of the covenants or agreements in the Securities or this Indenture
(other than an agreement or covenant that has been expressly included in this Indenture solely for the benefit of another series of Securities)
for 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company by the Holders
of at least 25% in principal amount of all outstanding Securities affected by that failure a written notice specifying such failure and
requiring it to be remedied and stating that such notice is a &ldquo;Notice of Default&rdquo; hereunder;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(5)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Company pursuant to or within the meaning of any Bankruptcy Law:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>commences a voluntary case;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>consents to the entry of an order for relief against it in an involuntary case;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>consents to the appointment of a Custodian of it or for all or substantially all of its property;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>makes a general assignment for the benefit of its creditors; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>generally is unable to pay its debts as the same become due;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(6)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>is for relief against the Company in an involuntary case;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>appoints a Custodian of the Company or for all or substantially all of its property; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>orders the liquidation of the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the order or decree remains unstayed and in effect for 90 days;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(7)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>a default or defaults with respect to any issue or issues of other Debt of the Company or any Subsidiary having an outstanding
aggregate principal amount of $50 million for all such issues of all such Persons, whether such Debt now exists or shall hereafter be
created, which default or defaults shall constitute a failure to pay all or any portion of the principal of such Debt when due and payable
or shall have resulted in such Debt becoming or being declared due and payable prior to the date on which it would otherwise have become
due and payable and such Debt has not been discharged in full or such acceleration has not been rescinded or annulled (by cure, waiver
or otherwise) within 60 days of such acceleration; provided, however, that any secured Debt in excess of the limits set forth above shall
be deemed to have been declared due and payable if the lender in respect thereof takes any action to enforce a security interest against,
or an assignment of, or to collect on, seize, dispose of or apply any assets of the Company or its Subsidiaries (including lock-box and
other similar arrangements) securing such Debt, or to set off against any bank accounts of the Company or its Subsidiaries in excess of
$50 million in the aggregate; and</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(8)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>any other Event of Default provided in the supplemental indenture, Officer&rsquo;s Certificate or Board Resolution under which
such series of Securities is issued or in the form of Security for such series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The term &ldquo;Bankruptcy
Law&rdquo; means title 11, U.S. Code or any similar Federal or State law for the relief of debtors or any comparable non-U.S. statute
applicable to the Company. The term &ldquo;Custodian&rdquo; means any receiver, trustee, assignee, liquidator or similar official under
any Bankruptcy Law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428547"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Acceleration of Maturity; Rescission and Annulment</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If an Event of Default with
respect to Securities of any series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section
5.1(5) or (6)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities
of that series may declare the principal amount (or, if any Securities of that series are Discount Securities, such portion of the principal
amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that
series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any
such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and
payable. If an Event of Default specified in Section 5.1(5) or (6) shall occur, the principal amount (or specified amount) of and accrued
and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">At any time after such a declaration
of acceleration with respect to any series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of
that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events
of Default with respect to Securities of that series, other than the non-payment of the principal and interest, if any, of Securities
of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">No such rescission shall affect
any subsequent Default or impair any right consequent thereon.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428548"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Collection of Indebtedness and Suits for Enforcement by Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company covenants that
if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues
for a period of 30 days;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>default is made in the payment of the principal of (or premium, if any, on) any Security at its Maturity; or</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>default is made in the making or satisfaction of any sinking fund or analogous obligation when the same becomes due pursuant to
the terms of any Security,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">then the Company will, upon demand of the Trustee,
pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and
any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal
and premium and on any overdue interest, at the rate or rates prescribed in such Securities, and, in addition, such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements, and
advances of the Trustee, its agents, and counsel.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If the Company fails to pay
such amounts immediately upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided
by law out of the property of the Company or any other obligor upon such Securities, wherever situated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If an Event of Default with
respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights
and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem necessary
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid
of the exercise of any power granted in this Indenture, or to enforce any other proper remedy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428549"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Trustee May File Proofs of Claim</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In case of any judicial proceeding
relative to the Company (or any other obligor upon the Securities), its property, or its creditors, the Trustee shall be entitled and
empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order
to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect
and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator, or other similar official in any such judicial proceeding is authorized by each Holder to
make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 6.7.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">No provision of this Indenture
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment, or composition affecting the Securities or the rights of any Holder or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding; provided, however, the Trustee may vote on behalf of the Holders for the election of
a trustee in bankruptcy or similar official and may be a member of a creditors, or other similar committee.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428550"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Trustee May Enforce Claims Without Possession of Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">All rights of action and claims
under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or
the production of such Securities in any related proceeding, and any such proceeding instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements, and advances of the Trustee, its agents, and counsel, be for the ratable benefit of the Holders of the Securities
in respect of which such judgment has been recovered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428551"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Application of Money Collected</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Any money collected by the
Trustee pursuant to this Article or, after an Event of Default, any money or other property distributable in respect of the Company&rsquo;s
obligations under this Indenture shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation on
such Securities of the payment if only partially paid and upon surrender of such Securities if fully paid:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">FIRST: To the payment of all
amounts due the Trustee (including any predecessor trustee) under Section 6.7;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">SECOND: To the payment of
the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which or for the benefit
of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such Securities for principal and any premium and interest, respectively; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">THIRD: To the Company or as
a court of competent jurisdiction shall direct in writing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428552"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Limitation on Suits</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">No Holder of any Security
of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy under this Indenture, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities
of that series;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses,
and liabilities to be incurred in compliance with such request;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee for 60 days after its receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding;
and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(5)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the Outstanding Securities of that series;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">it being understood and intended
that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb, or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner provided in this Indenture and for the
equal and ratable benefit of all of such Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428553"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.8</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Unconditional Right of Holders to Receive Principal, Premium, and Interest</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Notwithstanding any other
provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment
of the principal of and any premium and (subject to Section 3.7) any interest on such Security on the Stated Maturity or Maturities expressed
in such Security (or, in the case of redemption or mandatory repurchase, on the Redemption Date or mandatory repurchase date, as applicable),
and to institute suit for the enforcement of any such payment and such rights shall not be impaired without the consent of such Holder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428554"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.9</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Restoration of Rights and Remedies</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If the Trustee or any Holder
has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination
in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions under
this Indenture and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428555"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.10</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Rights
and Remedies Cumulative</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Securities in the last paragraph of Section 3.6, no
right or remedy conferred in this Indenture upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right
and remedy given under this Indenture or now or in the future existing at law or in equity or otherwise. The assertion or employment of
any right or remedy under this Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428556"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.11</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Delay
or Omission Not Waiver</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">No delay or omission of the
Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of or acquiescence in any such Event of Default. Every right and remedy given by this Article or by law
to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the
Holders, as the case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428557"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.12</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Control
by Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Holders of a majority
in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method, and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the
Securities of such series, provided that</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>such direction shall not be in conflict with any rule of law or with this Indenture,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer
or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428558"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.13</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Waiver
of Past Defaults</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Holders of not less than
a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such
series waive any past default under this Indenture with respect to such series and its consequences, except a default (1) in the payment
of the principal of or any premium or interest on any Security of such series, or (2) in respect of a covenant or provision of this Indenture
which under Article IX cannot be modified or amended without the consent of the Holder of each Outstanding Security of such affected series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Upon any such waiver, such
default shall cease to exist, and any Event of Default arising from such default shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any consequent right.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428559"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.14</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Undertaking
for Costs</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">All parties to this Indenture
agree, and each Holder of any Securities by his acceptance of such Securities shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for
any action taken, suffered, or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney&rsquo;s fees and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section 5.14 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding
Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium,
if any) or interest on any Securities on or after the Stated Maturity or Maturities expressed in such Securities (or, in the case of redemption
or mandatory repurchase, on or after the Redemption Date or mandatory repurchase date, as applicable).</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428560"></A>ARTICLE
VI<BR>
<BR>
The Trustee</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428561"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Certain Duties and Responsibilities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Except during the continuance of an Event of Default,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but
need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>this Subsection (c) shall not be construed to limit the effect of Subsections (a) or (d) of this Section;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent facts; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series, determined as provided herein,
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee, under this Indenture with respect to the Securities of such series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428562"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Notice of Defaults</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Within 90 days after the occurrence
of any default hereunder with respect to the Securities of any series, the Trustee shall transmit to all Holders of Securities of such
series, as their names and addresses appear in the Security Register (or in case that a Depositary (or a nominee thereof) is a Holder
of Securities issued in the form of Global Securities, then with respect to such Securities give by electronic, email or other means as
such be acceptable to such Depositary), notice of such default hereunder known to the Trustee, unless such default shall have been cured
or waived; provided, however, that except in the case of default in the payment of the principal of or the interest on any of the Securities
of such series, or in the payment of any sinking fund installment or analogous payment on such series, the Trustee shall be protected
in withholding such notice if and so long as a committee comprised of Responsible Officers of the Trustee in good faith determines that
the withholding of such notice is in the interests of the Holders of such series. For the purpose of this Section, the term &ldquo;default&rdquo;
means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such
series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428563"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Certain Rights of Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Subject to the provisions
of Section 6.1:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness,
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>any request or direction of the Company mentioned in this Indenture shall be sufficiently evidenced by a Company Request or Company
Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior
to taking, suffering, or omitting any action under this Indenture, the Trustee (unless other evidence be specifically prescribed in this
Indenture) may, in the absence of bad faith on its part, conclusively rely upon an Officer&rsquo;s Certificate;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered, or omitted by it under this Indenture in good faith and
in reliance on such advice or Opinion of Counsel;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security
or indemnity satisfactory to the Trustee against the costs, expenses, and liabilities which might be incurred by it in compliance with
such request or direction;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it
may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books,
records, and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability
or additional liability of any kind by reason of such inquiry or investigation;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee may execute any of the trusts or powers or perform any duties under this Indenture either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(h)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee shall not be charged with knowledge of any default or Event of Default with respect to the Securities unless written
notice of such default or Event of Default shall have been given to a Responsible Officer of the Trustee at the Corporate Trust Office
of the Trustee by the Company or by any Holder of the Securities, and such notice references the Securities and this Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(j)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the permissive rights of the Trustee enumerated herein shall not be construed as duties;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(k)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian
and other Person employed to act hereunder;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(l)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any person authorized
to sign an Officer&rsquo;s Certificate, including any person specified as so authorized in any such certificate previously delivered and
not superseded;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(m)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>anything in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the likelihood
of such loss or damage and regardless of the form of action; and</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(n)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, any provision of
any law or regulation or any act of any governmental authority, acts of God; earthquakes; fire; flood; terrorism; wars and other military
disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication
services; accidents; labor disputes; acts of civil or military authority and governmental action.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428564"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Not Responsible for Recitals or Issuance of Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The recitals contained in
this Indenture and in the Securities, except the Trustee&rsquo;s certificates of authentication, shall be taken as the statements of the
Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be accountable
for the use or application by the Company of Securities or the proceeds from such Securities. The Trustee shall not be responsible to
make any calculation with respect to any matter under this Indenture. The Trustee shall have no duty to monitor or investigate the Company&rsquo;s
compliance with or the breach of, or cause to be performed or observed, any representation, warranty, or covenant, or agreement of any
Person, other than the Trustee, made in this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428565"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>May Hold Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Trustee, any Authenticating
Agent, any Paying Agent, any Security Registrar, or any other agent of the Company, in its individual or any other capacity, may become
the owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights it
would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar, or such other agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428566"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Money Held in Trust</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Money held by the Trustee
in trust under this Indenture need not be segregated from other funds except to the extent required by law. The Trustee shall be under
no liability for interest on any money received by it under this Indenture except as otherwise agreed in writing with the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428567"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Compensation and Reimbursement</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company agrees:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to pay to the Trustee from time to time such compensation as shall be agreed in writing between the Company and the Trustee for
all services rendered by it under this Indenture (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>except as otherwise expressly provided in this Indenture, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements, and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement, or advance as shall
be determined to have been caused by its own gross negligence or willful misconduct; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to indemnify each of the Trustee and any predecessor Trustee and their officers, agents, directors and employees for, and to hold
them harmless against, any and all loss, damage, claim, liability, or expense, including fees and expenses of counsel and including taxes
(other than taxes based upon, measured by or determined by the income of the Trustee), incurred without gross negligence or willful misconduct
on their part, arising out of or in connection with the acceptance or administration of the trust or trusts under this Indenture, including
the costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability
in connection with the exercise or performance of any of its powers or duties under this Indenture, or in connection with enforcing the
provisions of this Section.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">To secure the Company&rsquo;s
obligations under this Section, the Trustee shall have a lien prior to the Securities upon all money or property held or collected by
the Trustee in its capacity as Trustee, except for such money and property which is held in trust to pay principal (and premium, if any)
or interest on particular Securities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In addition to, and without
prejudice to its other rights under this Indenture, when the Trustee incurs any expenses or renders any services after the occurrence
of an Event of Default specified in Section 5.1(1) or (2), such expenses (including the fees and expenses of its counsel) and the compensation
for such services are intended to constitute expenses of administration under the United States Bankruptcy Code (Title 11 of the United
States Code) or any similar Federal or State law for the relief of debtors; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The provisions of this Section
6.7 shall survive the satisfaction and discharge of the Indenture, the resignation or removal of the Trustee and the termination for any
reason of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">&ldquo;Trustee&rdquo; for
purposes of this Section shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith
of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428568"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.8</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Disqualification; Conflicting Interests</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If the Trustee has or shall
acquire a conflicting interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.
For the purpose of the second paragraph of Section 310(b) of the Trust Indenture Act, the phrase &ldquo;default (as such term is defined
in such indenture, but exclusive of any period of grace or requirement of notice)&rdquo; is hereby defined to mean any event which is,
or after notice or lapse of time or both would become, an Event of Default. To the extent permitted by the Trust Indenture Act, the Trustee
shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more
than one series.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428569"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.9</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Corporate Trustee Required; Eligibility</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">There shall at all times be
a Trustee under this Indenture which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined
capital and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the
requirements of its supervising or examining authority, then for the purposes of this Section (and to the extent permitted by the Trust
Indenture Act), the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect specified in this Article.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428570"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.10</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Resignation
and Removal; Appointment of Successor</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice of such resignation
to the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>If at any time:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee shall fail to comply with Section 6.8 after written request for such compliance by the Company or by any Holder who
has been a bona fide Holder of a Security for at least six months, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request by the Company or by any
such Holder, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation, or liquidation,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify">then, in any such case, (i) the Company by a
Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona
fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation or removal, the Trustee resigning or being removed may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>If the Trustee shall resign, be removed, or become incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one
year after such resignation, removal, or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, immediately upon its acceptance of such appointment
in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series
and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of
any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.11,
any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities
of such series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series
and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in
the manner provided in Section 1.6. Each notice shall include the name of the successor Trustee with respect to the Securities of such
series and the address of its Corporate Trust Office.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428571"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.11</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Acceptance
of Appointment by Successor</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>In case of the appointment of a successor Trustee under this Indenture with respect to all Securities, every such successor Trustee
so appointed shall execute, acknowledge, and deliver to the Company and to the retiring Trustee an instrument accepting such appointment.
Upon such delivery, the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed, or conveyance, shall become vested with all the rights, powers, trusts, and duties of the retiring Trustee; but, on
the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and all other amounts payable
to it hereunder, execute and deliver an instrument transferring to such successor Trustee all the rights, powers, and trusts of the retiring
Trustee and shall duly assign, transfer, and deliver to such successor Trustee all property and money held by such retiring Trustee under
this Indenture, subject nevertheless to its lien provided for in Section 6.7.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>In case of the appointment under this Indenture of a successor Trustee with respect to the Securities of one or more (but not all)
series, the Company, the retiring Trustee, and each successor Trustee with respect to the Securities of one or more series shall execute
and deliver a supplemental indenture wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts,
and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates, (2) if the retiring Trustee is not retiring with respect to the Securities of all series, shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts, and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee,
and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts under this Indenture by more than one Trustee, it being understood that nothing in this Indenture or in such supplemental
indenture shall constitute such Trustees cotrustees of the same trust and that each such Trustee shall be trustee of a trust or trusts
under this Indenture separate and apart from any trust or trusts under this Indenture administered by any other such Trustee; and, upon
the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to
the extent provided in such supplemental indenture and each such successor Trustee, without any further act, deed, or conveyance, shall
become vested with all the rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates; and such retiring Trustee shall duly assign, transfer, and deliver
to such successor Trustee all property and money held by such retiring Trustee under this Indenture with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates, subject nevertheless to its lien provided for in Section
6.7.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor Trustee all such rights, powers, and trusts referred to in paragraph (a) and (b) of this Section,
as the case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428572"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.12</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Merger,
Conversion, Consolidation, or Succession to Business</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Any Person into which the
Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion, or consolidation
to which the Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the Trustee,
shall be the successor of the Trustee under this Indenture, provided such Person shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the part of any of the parties to this Indenture. In case
any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion, or
consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such Securities.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428573"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.13</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Preferential
Collection of Claims Against Company</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc">If and when the Trustee shall be or become a creditor of the Company
or any other obligor upon the Securities (other than by reason of a relationship described in Section 311(b) of the Trust Indenture Act),
the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company or any
such other obligor. For purposes of Section 311(b) of the Trust Indenture Act:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the term &ldquo;cash transaction&rdquo; means any transaction in which full payment for goods or securities sold is made within
seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable
upon demand; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the term &ldquo;self-liquidating paper&rdquo; means any draft, bill of exchange, acceptance or obligation which is made, drawn,
negotiated or incurred by the Company or such obligor for the purpose of financing the purchase, processing, manufacturing, shipment,
storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the
goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting
the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship with the
Company or such obligor arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428574"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 6.14</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Appointment
of Authenticating Agent</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Trustee may appoint an
Authenticating Agent or Agents (which may be an affiliate of the Company) with respect to one or more series of Securities which shall
be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange,
registration of transfer, or partial redemption or conversion, or pursuant to Section 3.6, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee. Wherever reference
is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee&rsquo;s certificate of authentication,
such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company
and shall at all times be a corporation organized and doing business under the laws of the United States of America, any of its states,
or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less
than $50,000,000 and subject to supervision or examination by federal or state authority. If such Authenticating Agent publishes reports
of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, such authenticating Agent shall resign immediately in the manner and with the effect specified
in this Section.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Any Person into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion, or consolidation
to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency or corporate trust business of an
Authenticating Agent, shall continue to be an Authenticating Agent, provided such Person shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">An Authenticating Agent may
resign at any time by giving written notice to the Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation
or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written
notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such
Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon
acceptance of its appointment under this Indenture shall become vested with all the rights, powers, and duties of its predecessor, with
like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company agrees to pay
to each Authenticating Agent from time to time reasonable compensation for its services under this Section.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If an appointment with respect
to one or more series is made pursuant to this Section, the Securities of such series may have endorsed on it, in addition to the Trustee&rsquo;s
certificate of authentication, an alternative certificate of authentication in the following form:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: left">By:</TD>
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">As Authenticating Agent</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Authorized Officer</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc 18pc; text-align: left; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc 18pc; text-align: left; text-indent: -22.5pt">&nbsp;</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428575"></A>ARTICLE
VII<BR>
<BR>
Holder&rsquo;s Lists and Reports by Trustee and Company</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428576"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 7.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Company to Furnish Trustee Names and Addresses of Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company will furnish or
cause to be furnished to the Trustee:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>semi-annually, not later than June 30 and December 31 in each year, a list for each series, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Securities of such series as of the preceding June 15 or December 15, as the case
may be, and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, that if and
so long as the Trustee shall be the Security Registrar for such series, such lists shall not be required to be furnished.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428577"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 7.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Preservation of Information; Communications to Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in
the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee
in its capacity as Security Registrar. The Trustee may dispose of as it deems fit any list furnished to it as provided in Section 7.1
upon receipt of a new list so furnished.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities,
and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company
nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses
of Holders made pursuant to the Trust Indenture Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428578"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 7.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Reports by Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act. To the extent that any
such report is required by the Trust Indenture Act with respect to any 12-month period, such report shall cover the 12-month period ending
May 15 and shall be transmitted (in accordance with the Trust Indenture Act) by the next succeeding July 15.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange
upon which any Securities are listed, with the Commission, and with the Company. The Company will promptly notify the Trustee when any
Securities are listed on any stock exchange.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428579"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 7.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Reports by Company</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company shall file with
the Trustee and the Commission, and transmit to Holders, such information, documents, and other reports, and such summaries, as may be
required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Trust Indenture Act; provided that
any such information, documents, or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
shall be filed with the Trustee within 15 days after the same is filed with the Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Delivery of such reports,
information, and documents to the Trustee is for informational purposes only and the Trustee&rsquo;s receipt of such shall not constitute
actual or constructive notice of any information contained therein or determinable from information contained therein, including the Company&rsquo;s
compliance with any of its covenants hereunder (as to which the Trustee shall be entitled to rely exclusively on Officer&rsquo;s Certificates).</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428580"></A>ARTICLE
VIII<BR>
<BR>
Consolidation, Merger, Conveyance, Transfer or Lease</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428581"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 8.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Company May Consolidate, Etc., Only on Certain Terms</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company shall not consolidate
with or merge into any other Person or convey, transfer, or lease its properties and assets substantially as an entirety to any Person,
and the Company shall not permit any Person to consolidate with or merge into the Company or convey, transfer, or lease its properties
and assets substantially as an entirety to the Company, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>in case the Company shall consolidate with or merge into another Person or convey, transfer, or lease its properties and assets
substantially as an entirety to any Person, the Person formed by such consolidation or into which the Company is merged or the Person
which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall
expressly assume, by a supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and
punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant
of this Indenture on the part of the Company to be performed or observed;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or
a Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction,
no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened
and be continuing; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Company has delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer, or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental
indenture, comply with this Article and that all conditions precedent in this Indenture provided for relating to such transaction have
been complied with.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428582"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 8.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Successor Substituted</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Upon any consolidation of
the Company with, or merger of the Company into, any other Person or any conveyance, transfer, or lease of the properties and assets of
the Company substantially as an entirety in accordance with Section 8.1, the successor Person formed by such consolidation or into which
the Company is merged or to which such conveyance, transfer, or lease is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company
in this Indenture, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants
under this Indenture and the Securities.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428583"></A>ARTICLE
IX<BR>
<BR>
Supplemental Indentures</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428584"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 9.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Supplemental Indentures Without Consent of Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Without the consent of any
Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or
more supplemental indentures, in form satisfactory to the Trustee, for any of the following purposes:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
in this Indenture and in the Securities; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants
are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the
benefit of such series) or to surrender any right or power conferred in this Indenture upon the Company; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional
Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are
expressly being included solely for the benefit of such series); or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance
of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate
the issuance of Securities in uncertificated form; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(5)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to add to, change, or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change, or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such Security
with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; or</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(6)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to secure the Securities; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(7)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to establish the form or forms or terms of Securities of any series as permitted by Sections 2.1 and 3.1; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(8)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to evidence and provide for the acceptance of appointment under this Indenture by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts under this Indenture by more than one Trustee, pursuant to the requirements of Section 6.11(b);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(9)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to comply with any requirements of the Commission in connection with qualifying this Indenture under the Trust Indenture Act or
conform this Indenture or the Securities of any series to the description thereof contained in any applicable prospectus, prospectus supplement,
free writing prospectus, offering memorandum, term sheet or other offering document;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(10)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to cure any ambiguity, mistake, defect or inconsistency; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(11)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>to make any change, provided that such change shall not adversely affect the interests of the Holders of Securities of any series
in any material respect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428585"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 9.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Supplemental Indentures With Consent of Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">With the consent of the Holders
of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture,
by Act of such Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into a supplemental indenture or indentures for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this
Indenture; provided, however, that no such supplemental indenture entered into pursuant to this Section 9.2 shall, without the consent
of the Holder of each Outstanding Security affected by such supplemental indenture,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce its
principal amount or rate of interest or any premium payable upon its redemption, or reduce the amount of the principal of an Original
Issue Discount Security or any other Security that would be due and payable upon a declaration of acceleration of its Maturity pursuant
to Section 5.2, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment
where any Security or any premium or interest is payable, or impair the right to institute suit for the enforcement of any such payment
on or after its Stated Maturity (or, in the case of redemption or mandatory repurchase, on or after the Redemption Date or mandatory repurchase
date, as applicable), or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required
for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with the provisions of or
defaults under this Indenture and their consequences provided for in this Indenture, or</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>modify any of the provisions of this Section or Section 5.13, except to increase any such percentage or to provide that certain
other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each affected Outstanding Security,
provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references
to &ldquo;the Trustee&rdquo; and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements
of Section 6.11(b) and 9.1(8).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">A supplemental indenture which
changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one
or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">It shall not be necessary
for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance of such supplemental indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428586"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 9.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Execution of Supplemental Indentures</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications of the trusts created by this
Indenture, the Trustee shall be entitled to receive in addition to the documents required by Section 1.2, and (subject to Section 6.1)
shall be fully protected in relying upon, an Officer&rsquo;s Certificate and an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects the Trustee&rsquo;s own rights, duties, liabilities or immunities under this Indenture or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428587"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 9.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Effect of Supplemental Indentures</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in accordance with such supplemental indenture, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities previously or subsequently authenticated
and delivered under this Indenture shall be bound by such supplemental indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428588"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 9.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Conformity With Trust Indenture Act</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428589"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 9.6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Reference in Securities to Supplemental Indentures</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Securities of any series authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Company, bear
a notation in form approved by the Company as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture
may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such
series.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428590"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 9.7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><U>Notice of Supplemental Indentures</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">After any supplemental indenture
under this Article becomes effective, the Company may give to the Holders of Securities, in the manner referred to in Section 1.6, a notice
briefly describing such supplemental indenture; provided, however, that the failure to give such notice to all Holders of Securities,
or any defect therein, shall not impair or affect the validity of such supplemental indenture.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428591"></A>ARTICLE
X<BR>
<BR>
Covenants</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428592"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 10.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Payment
of Principal, Premium, and Interest</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company covenants and
agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest
on the Securities of that series in accordance with the terms of the Securities and this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428593"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 10.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Maintenance
of Office or Agency</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company will maintain
in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered
for payment, where Securities of that series may be surrendered for registration of transfer or exchange, and where notices and demands
to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail
to maintain any such required office or agency or shall fail to furnish the Trustee with its address, such presentations, surrenders,
notices, and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company appoints the Trustee as its agent
to receive all such presentations, surrenders, notices, and demands.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company may also from
time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any
series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428594"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 10.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Money
for Securities Payments to Be Held in Trust</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If the Company shall at any
time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or
any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled to
such principal, premium, or interest a sum sufficient to pay the principal and any premium and interest so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as provided in this Indenture and will promptly notify the Trustee of its action
or failure to act.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Whenever the Company shall
have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of or any premium or interest
on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by
the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of its
action or failure to act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company will cause each
Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (i) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (ii) during the continuance of any default by the Company (or any other
obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series, and upon the written
request of the Trustee, immediately pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities
of that series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company may at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct
any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Subject to applicable abandoned
property laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium,
or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged
from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment,
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee, shall
cease at such time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428595"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 10.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Statement
by Officers as to Default</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company will deliver to
the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date of this Indenture, an Officer&rsquo;s
Certificate (the signer of which shall be the principal executive officer, principal financial officer, or principal accounting officer
of the Company), stating whether or not, to the best knowledge of the signers, the Company is in default in the performance and observance
of any of the terms, provisions, and conditions of this Indenture (without regard to any period of grace or requirement of notice provided
under this Indenture) and, if the Company shall be in default, specifying all such defaults and their nature and status of which they
may have knowledge. The Company will deliver to the Trustee written notice of the occurrence of any Event of Default or default (which
word has the meaning of the word &ldquo;default&rdquo; as used in Section 6.2), within ten (10) Business Days of the Company becoming
aware of any such Event of Default or default and setting forth the detail of such Event of Default or default and the action the Company
proposes to take with respect thereto.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428596"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 10.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Existence</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Subject to Article VIII, the
Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter
and statutory), and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if the
Board of Directors shall determine that its preservation is no longer desirable in the conduct of the business of the Company and that
its loss is not disadvantageous in any material respect to the Holders.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428597"></A>ARTICLE
XI<BR>
<BR>
Redemption of Securities</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428598"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 11.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Applicability
of Article</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Securities of any series which
are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 3.1 for Securities of any series) in accordance with this Article.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428599"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 11.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Election
to Redeem; Notice to Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The election of the Company
to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such
Securities. In case of any redemption at the election of the Company, the Company shall, at least 60 calendar days prior to the Redemption
Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date,
of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed.
In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such
Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer&rsquo;s Certificate evidencing compliance
with such restriction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428600"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 11.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Selection
of Securities to Be Redeemed</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If less than all the Securities
of any series are to be redeemed (unless all of the Securities of such series and of a specified tenor are to be redeemed or such series
is comprised of a single Security), the particular Securities to be redeemed shall be selected from the Outstanding Securities of such
series not previously called for redemption (i) in the case of Global Securities, in accordance with applicable procedures of the Depositary
or (b) if there are no such requirements of the Depositary, on a pro rata basis and in compliance with any applicable securities exchange
rules or (ii) by lot and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination
for Securities of that series or any integral multiple of such denomination) of the principal amount of Securities of such series of a
denomination larger than the minimum authorized denomination for Securities of that series. If less than all of the Securities of such
series and of a specified tenor are to be redeemed (unless such series is comprised of a single Security), the particular Securities to
be redeemed shall be selected from the Outstanding Securities of such series and specified tenor not previously called for redemption
in accordance with the preceding sentence.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">For all purposes of this Indenture,
unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428601"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 11.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Notice
of Redemption</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Notice of redemption shall
be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder
of Securities to be redeemed, at his address appearing in the Security Register.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">All notices of redemption
shall state:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Redemption Date,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the Redemption Price and accrued interest, if any,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption
of any Securities, the principal amounts) of the particular Securities to be redeemed, and that on or after the date fixed for redemption,
upon surrender of such Security, a new Security or Securities of such series in authorized denominations for an aggregate principal amount
equal to the unredeemed portion will be issued,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>that on the Redemption Date the Redemption Price and accrued interest, if any, will become due and payable upon each such Security
to be redeemed and that interest on such Security will cease to accrue on and after such date,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(5)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the place or places where such Securities are to be surrendered for payment of the Redemption Price and accrued interest, if any,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(6)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>that the redemption is for a sinking fund, if such is the case, and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(7)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>the CUSIP numbers,&rdquo; &ldquo;ISIN&rdquo; or other similar numbers, if any, of the Securities to be redeemed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Notice of redemption of Securities
to be redeemed at the election of the Company shall be given by the Company or, at the Company&rsquo;s request (delivered to the Trustee,
together with a form of notice of redemption, at least 45 days (unless a shorter period shall be acceptable to the Trustee) prior to the
Redemption Date) , by the Trustee in the name and at the expense of the Company and shall be irrevocable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428602"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 11.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Deposit
of Redemption Price</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Prior to 10:00 a.m., New York
City time on the Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of,
and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed
on that date.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428603"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 11.6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Securities
Payable on Redemption Date</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Notice of redemption having
been given in accordance with this Indenture, the Securities to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price specified in the notice, and from and after such date (unless the Company shall default in the payment of the Redemption
Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance
with such notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption
Date; provided, however, that, unless otherwise specified as contemplated by Section 3.1, installments of interest whose Stated Maturity
is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered
as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.7.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If any Security called for
redemption shall not be so paid upon surrender for redemption, the principal and any premium shall, until paid, bear interest from the
Redemption Date at the rate prescribed in the Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428604"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 11.7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Securities
Redeemed in Part</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Any Security which is to be
redeemed only in part shall be surrendered at a Place of Payment (with, if the Company or the Trustee so requires, due endorsement by,
or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder or his attorney duly
authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such
Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428605"></A>ARTICLE
XII<BR>
<BR>
Sinking Funds</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428606"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 12.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Applicability
of Article</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The provisions of this Article
shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by
Section 3.1 for Securities of such series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The minimum amount of any
sinking fund payment provided for by the terms of Securities of any series is referred to in this Indenture as a &ldquo;mandatory sinking
fund payment,&rdquo; and any payment in excess of such minimum amount provided for by the terms of Securities of any series is referred
to in this Indenture as an &ldquo;optional sinking fund payment.&rdquo; If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428607"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 12.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Satisfaction
of Sinking Fund Payments with Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company (1) may deliver
Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which previously
have been redeemed by the Company either at the election of the Company pursuant to the terms of such Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such Securities, or have been otherwise acquired by the Company as
permitted by such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities
of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided that
such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at
the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428608"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 12.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Redemption
of Securities for Sinking Fund</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Not less than 90 days prior
to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officer&rsquo;s Certificate
specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion, if any,
which is to be satisfied by payment of cash and the portion, if any, which is to be satisfied by delivering and crediting Securities of
that series pursuant to Section 12.2 and the basis for such credit and will also deliver to the Trustee any Securities to be so delivered.
Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 11.3 and cause notice of redemption to be given in the name of and at the expense
of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption of such Securities shall be
made upon the terms and in the manner stated in Sections 11.6 and 11.7.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center; text-indent: 0pc"><A NAME="a_Toc2428609"></A>ARTICLE
XIII<BR>
<BR>
Defeasance and Covenant Defeasance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428610"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 13.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Applicability
of Article; Company&rsquo;s Option to Effect Defeasance or Covenant Defeasance</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If, pursuant to Section 3.1,
provision is made for either or both of (a) Defeasance of the Securities of a series under Section 13.2 or (b) Covenant Defeasance of
the Securities of a series under Section 13.3, then the provisions of such Section or Sections, as the case may be, together with the
other provisions of this Article XIII, shall be applicable to the Securities of such series, and the Company may at its option by Board
Resolution or in any other manner specified as contemplated by Section 3.1, at any time, with respect to the Securities of such series,
elect to have either Section 13.2 (if applicable) or Section 13.3 (if applicable) be applied to the Outstanding Securities of such series
upon compliance with the conditions set forth below in this Article XIII.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428611"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 13.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Defeasance
and Discharge</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Upon the Company&rsquo;s exercise
of the above option applicable to this Section, the Company shall be deemed to have been discharged from its obligations with respect
to the Outstanding Securities of such series on and after the date the conditions precedent set forth in Section 13.3 are satisfied (&ldquo;Defeasance&rdquo;).
For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this Indenture,
insofar as such Securities are concerned (and the Trustee, upon Company Order and at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged under this
Indenture: (A) the rights of Holders of Outstanding Securities of such series to receive, solely from the trust fund described in Section
13.4 as more fully set forth in such Section, payments of the principal of (any premium, if any) and interest on such Securities when
such payments are due, (B) the Company&rsquo;s obligations with respect to such Securities under Sections 3.4, 3.5, 3.6, 6.7, 10.2, and
10.3, and any ancillary obligations, (C) the rights, powers, trusts, duties, immunities, and other provisions in respect of the Trustee
under this Indenture, and (D) this Article XIII. Subject to compliance with this Article XIII, the Company may exercise its option under
this Section 13.2 notwithstanding the prior exercise of its option under Section 13.3 with respect to the Securities of such series. Following
a Defeasance, payment of the Securities of such series may not be accelerated because of an Event of Default.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428612"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 13.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Covenant
Defeasance</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Upon the Company&rsquo;s exercise
of the above option applicable to this Section and after the date the conditions set forth below are satisfied (&ldquo;Covenant Defeasance&rdquo;),
(1) the Company shall be released from its obligations under any covenant applicable to such Securities that is determined pursuant to
Section 3.1 to be subject to this provision, and (2) the occurrence of any event specified in Section 5.1(5), Section 5.1(7) or determined
pursuant to Section 3.1 to be subject to this provision shall not be deemed to be or result in an Event of Default. For this purpose,
such Covenant Defeasance means that, with respect to the Outstanding Securities of such series, the Company may omit to comply with and
shall have no liability in respect of any term, condition, or limitation set forth in any such Section whether directly or indirectly
by reason of any reference elsewhere in this Indenture to any such Section or by reason of any reference in any such Section to any other
provision in this Indenture or in any other document, but the remainder of this Indenture and such Securities shall be unaffected by such
Covenant Defeasance.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428613"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 13.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Conditions
to Defeasance or Covenant Defeasance</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The following shall be the
conditions precedent to application of either Section 13.2 or Section 13.3 to the Outstanding Securities of such series:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the
requirements contemplated by Section 6.9 and agrees to comply with the provisions of the Indenture applicable to it as if it were the
Trustee under</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc">this Indenture), as trust
funds in trust for the purpose of making the following payments, and dedicated solely to, the benefit of the Holders of such Securities,
(A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in accordance
with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination of
such money and U.S. Government Obligations, in each case sufficient, without reinvestment, in the opinion of a nationally recognized firm
of independent public accountants or investment bankers expressed in a written certification delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or any such other qualifying trustee as previously provided) to pay and discharge, the principal
of (and premium, if any) and interest on the Outstanding Securities of such series on the Maturity of such principal, any premium or interest,
and any mandatory sinking fund payments or analogous payments applicable to the Outstanding Securities of such series on their due dates.
Before such a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of Securities at a future date
or dates in accordance with Article XI, which shall be given effect in applying the foregoing provisions. For this purpose, &ldquo;U.S.
Government Obligations&rdquo; means securities that are (x) direct obligations of the United States of America for the payment of which
its full faith and credit is pledged, or (y) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case, are not callable or redeemable at the option of the issuer, and shall also include a depository
receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended), which may include the Trustee, as
custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government
Obligation held by such custodian for the account of the holder of such depository receipt, provided that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest on the U.S.
Government Obligation evidenced by such depository receipt.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to the Securities
of such series shall have occurred and be continuing (A) on the date of such deposit or (B) insofar as subsections 5.1(1) and (2) are
concerned, at any time during the period ending on the 120th day after the date of such deposit or, if longer, ending on the day following
the expiration of the preference period applicable to the Company under federal law in respect of such deposit (it being understood that
the condition in this clause (B) shall not be deemed satisfied until the expiration of such period).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Such Defeasance or Covenant Defeasance shall not (A) cause the Trustee in respect of the Securities of such series to have a conflicting
interest as defined in Section 6.8 or for purposes of the Trust Indenture Act with respect to any Securities of the Company or (B) result
in the trust arising from such deposit to constitute, unless it is qualified as, a regulated investment company under the Investment Company
Act of 1940, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture
or any other agreement or instrument to which the Company is a party or by which it is bound.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(5)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Such Defeasance or Covenant Defeasance shall not cause any Securities of such series then listed on any registered national securities
exchange under the Securities Exchange Act of 1934, as amended, to be delisted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(6)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>In the case of an election under Section 13.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of this
Indenture there has been a change in the applicable federal income tax law, in either case to the effect that, and based on such ruling
or change such opinion shall confirm that, the Holders of the Outstanding Securities of such series will not recognize income, gain, or
loss for federal income tax purposes as a result of such Defeasance and will be subject to federal income tax on the same amounts, in
the same manner, and at the same times as would have been the case if such Defeasance had not occurred.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(7)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>In the case of an election under Section 13.3, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of the Outstanding Securities of such series will not recognize income, gain, or loss for federal income tax purposes
as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner, and at the
same times as would have been the case if such Covenant Defeasance had not occurred.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(8)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that (subject to customary qualifications and
assumptions) after the period described in Section 13.4(2), the trust funds will not be subject to the effect of any applicable bankruptcy,
insolvency, reorganization, or similar laws affecting creditors&rsquo; rights generally.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(9)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>Such Defeasance or Covenant Defeasance shall be effected in compliance with any additional terms, conditions, or limitations which
may be imposed on the Company in connection with such Defeasance or Covenant Defeasance pursuant to Section 3.1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(10)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT>The Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for in this Indenture relating to either the Defeasance under Section 13.2 or the Covenant Defeasance under
Section 13.3 (as the case may be) have been complied with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428614"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 13.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Deposited
Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Subject to the provisions
of the last paragraph of Section 10.3, all money and U.S. Government Obligations (including any proceeds) deposited with the Trustee or
other qualifying trustee (solely for purposes of this Section and Section 13.6, the Trustee and any such other qualifying trustee are
referred to collectively as the &ldquo;Trustee&rdquo;) pursuant to Section 13.4 in respect of the Outstanding Securities of such series
shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any Paying Agent (but not including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Holders of such Securities, of all sums due and to become due on such Securities in respect of principal (and premium, if any)
and interest, but such money need not be segregated from other funds except to the extent required by law.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">The Company shall pay and
indemnify the Trustee against any tax, fee, or other charge imposed on or assessed against the money or U.S. Government Obligations deposited
pursuant to Section 13.4 or the principal and interest received in respect of such money or U.S. Government Obligations other than any
such tax, fee, or other charge which by law is for the account of the Holders of Outstanding Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">Anything in this Indenture
to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S.
Government Obligations held by it as provided in Section 13.4 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification delivered to the Trustee, are in excess of the amount which would then be required to
be deposited to effect an equivalent Defeasance or Covenant Defeasance.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 0pc"><A NAME="a_Toc2428615"></A><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 13.6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </FONT><U>Reinstatement</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">If the Trustee or the Paying
Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 13.5 by reason of any order or judgment of
any court or governmental authority enjoining, restraining, or otherwise prohibiting such application, then the Company&rsquo;s obligations
under the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to this Article XIII until
such time as the Trustee or Paying Agent is permitted to apply all such money and U.S. Government Obligations in accordance with Section
13.5; provided, however, that if the Company makes any payment of principal of (and premium, if any) or interest on any such Security
following the reinstatement of its obligations, the Company shall be entitled, at its election, (a) to receive from the Trustee or Paying
Agent, as applicable, that portion of such money or U.S. Government Obligations held by the Trustee or the Paying Agent, as applicable,
equal to the amount of such payment, or (b) to be subrogated to the rights of the Holders of such Securities to receive such payment from
the money and U.S. Government Obligations held by the Trustee or the Paying Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: justify; text-indent: 3pc">This instrument may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (i.e.,
&ldquo;pdf&rdquo; or &ldquo;tif&rdquo;) transmission shall constitute effective execution and delivery of this Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
electronic format (i.e., &ldquo;pdf&rdquo; or &ldquo;tif&rdquo;) shall be deemed to be their original signatures for all purposes.</P>

<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 0 1pc; text-align: justify; text-indent: 3pc">IN WITNESS WHEREOF, the parties
have caused this Indenture to be duly executed as of the day and year first above written.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><B>CHINA NATURAL RESOURCES, INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: left">By:</TD>
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>chnr_ex5z1.htm
<DESCRIPTION>OPINION OF MAPLES AND CALDER (HONG KONG) LLP
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>EXHIBIT 5.1</B></P>

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

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

<P STYLE="font: bold 10.5pt Arial, Helvetica, Sans-Serif; margin: 0"><A NAME="a_Hlk119399470"></A>&nbsp;</P>

<P STYLE="font: bold 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; font-weight: bold">Our ref</TD>
    <TD STYLE="width: 87%; font-weight: bold"><FONT STYLE="font-weight: normal">RDS/763360-000001/25272729v2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">Direct tel</TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">+852 2971 3046</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">Email</TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">richard.spooner@maples.com</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">China Natural Resources, Inc.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Room 2205, 22/F, West Tower, Shun Tak Centre</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">168-200 Connaught Road Central</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Sheung Wan, Hong Kong</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">18 November 2022</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">Dear Sirs</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify"><B>China Natural Resources, Inc.</B></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: justify">We have acted as counsel as to British Virgin
Islands law to China Natural Resources, Inc., a company limited by shares incorporated with limited liability in the British Virgin Islands
(the &quot;<B>Company</B>&quot;), in connection with the Company's registration statement on Form F-3, filed on 18 November 2022 with
the U.S. Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;) under the Securities Act of 1933, as amended (the &quot;<B>Registration
Statement</B>&quot;), relating to registration of the following securities to be issued and sold by the Company from time to time (the
&quot;<B>Securities</B>&quot;):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">common shares of the Company of no par value (&quot;<B>Common Shares</B>&quot;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">preferred shares of the Company of no par value (&quot;<B>Preferred Shares</B>&quot;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">debt securities of the Company (&quot;<B>Debt Securities</B>&quot;), which Debt Securities shall be issued
under an indenture to be entered into by the Company and the trustee for such Debt Securities (the &quot;<B>Indenture</B>&quot;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">warrants to purchase Common Shares, Preferred Shares or Debt Securities (or any combination thereof) in
the Company (&quot;<B>Warrants</B>&quot;), each series of Warrants to be issued under a warrant agreement to be entered into between the
Company and the warrant agent for such Warrants (each a &quot;<B>Warrant Agreement</B>&quot; and together the &quot;<B>Warrant Agreements</B>&quot;);
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">units consisting of any combination of the Securities (&quot;<B>Units</B>&quot;), each series of Units
to be issued under unit agreements to be entered into between the Company and a unit agent for such Units (the &quot;<B>Unit Agreements</B>&quot;).</TD></TR></TABLE>


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<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">1</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10.5pt">Documents Reviewed</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">We have reviewed originals, copies, drafts
or conformed copies of the following documents:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930858"></A>1.1</TD><TD STYLE="text-align: justify">The public records of the Company on file and available for public inspection at the Registry of
                                                                                      Corporate Affairs in the British Virgin Islands (the &quot;<B>Registry of Corporate Affairs</B>&quot;) on 16 November 2022, including
                                                                                      the Company's Certificate of Incorporation and its Amended and Restated Memorandum and Articles of Association registered on 16
                                                                                      January 2014 (the &quot;<B>Memorandum and Articles</B>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930860"></A><A NAME="a_Ref448930859"></A>1.2</TD><TD STYLE="text-align: justify">The records of proceedings available from a search of the electronic records maintained on the Judicial
Enforcement Management System from 1 January 2000 and available for inspection on 16 November 2022 at the British Virgin Islands High
Court Registry (the &quot;<B>High Court Registry</B>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">1.3</TD><TD STYLE="text-align: justify">The written resolutions of the board of directors of the Company dated 17 November 2022 (the
                                                         &quot;<B>Resolutions</B>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref194718956"></A>1.4</TD><TD STYLE="text-align: justify">A certificate of good standing with respect to the Company issued by the Registrar of Corporate Affairs
dated 16 November 2022 (the &quot;<B>Certificate of Good Standing</B>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">1.5</TD><TD STYLE="text-align: justify">A certificate from a director of the Company (a copy of which is attached as Annexure A) (the &quot;<B>Director's
Certificate</B>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">1.6</TD><TD STYLE="text-align: justify">The Registration Statement.</TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify; text-indent: 0pc">We are furnishing this
opinion as Exhibits 5.1 and 23.2 to the Registration Statement.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10.5pt">Assumptions</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">The following opinions are given only as
to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate
to the laws of the British Virgin Islands which are in force on the date of this opinion letter. In giving the following opinions we have
relied (without further verification) upon the completeness and accuracy, as at the date of this opinion letter, of the Director's Certificate
and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930871"></A>2.1</TD><TD STYLE="text-align: justify">The Indenture, the Warrant Agreements and the Unit Agreements (together, the &quot;<B>Transaction Documents</B>&quot;),
and the Securities (other than the Common Shares and Preferred Shares) will be authorised and duly executed and unconditionally delivered
by or on behalf of all relevant parties in accordance with all relevant laws (other than, with respect to the Company, the laws of the
British Virgin Islands).</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.2</TD><TD STYLE="text-align: justify">The Transaction Documents and the Securities (other than the Common Shares and Preferred Shares) are,
or will be, legal, valid, binding and enforceable against all relevant parties in accordance with their terms under the laws of the State
of New York and all other relevant laws (other than, with respect to the Company, the laws of the British Virgin Islands).</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.3</TD><TD STYLE="text-align: justify">Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies
of, or in the final forms of, the originals.</TD></TR></TABLE>


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<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930872"></A>2.4</TD><TD STYLE="text-align: justify">All signatures, initials and seals are genuine.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.5</TD><TD STYLE="text-align: justify">The Company will receive consideration for the issue of the Common Shares and the Preferred Shares, and
if such consideration is, in whole or in part, other than money, the directors of the Company shall resolve that, in their opinion, the
present cash value of the non-money consideration and money consideration, if any, is not less than the amount to be credited for the
issue of the shares.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.6</TD><TD STYLE="text-align: justify">There will be sufficient Common Shares and Preferred Shares authorised for issue under the Memorandum
and Articles to enable the Company to issue such Securities.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930874"></A>2.7</TD><TD STYLE="text-align: justify">All public records of the Company which we have examined are accurate and the information disclosed by
the searches which we conducted against the Company at the Registry of Corporate Affairs and the High Court Registry is true and complete
and such information has not since then been altered and such searches did not fail to disclose any information which had been delivered
for registration but did not appear on the public records at the date of our searches.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.8</TD><TD STYLE="text-align: justify">The capacity, power, authority and legal right of all parties under all relevant laws and regulations
(other than, with respect to the Company, the laws and regulations of the British Virgin Islands) to enter into, execute, unconditionally
deliver and perform their respective obligations under the Transaction Documents and the Securities.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.9</TD><TD STYLE="text-align: justify">The Debt Securities, the Warrants and the Units will respectively be issued and authenticated as required
in accordance with the provisions of a duly authorised, executed and delivered Indenture, Warrant Agreement and Unit Agreement.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.10</TD><TD STYLE="text-align: justify">The Transaction Documents and the Securities (other than the Common Shares and Preferred Shares) will
be duly executed and delivered by an authorised person of the parties thereto.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.11</TD><TD STYLE="text-align: justify">There is no contractual or other prohibition or restriction (other than as arising under British Virgin
Islands law) binding on the Company prohibiting or restricting it from issuing the Common Shares or the Preferred Shares or entering into
and performing its obligations under the Transaction Documents and the Securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930879"></A>2.12</TD><TD STYLE="text-align: justify">No monies paid to or for the account of any party under the Transaction Documents or the Securities represent
or will represent proceeds of criminal conduct (as defined in the Proceeds of Criminal Conduct Act (As Revised) of the British Virgin
Islands).</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.13</TD><TD STYLE="text-align: justify">There is nothing under any law (other than the laws of the British Virgin Islands) which would or might
affect the opinions set out below. Specifically, we have made no independent investigation of the laws of the State of New York.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.14</TD><TD STYLE="text-align: justify">The execution and delivery of the Transaction Documents and the issue of the Securities will be of commercial
benefit to the Company.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.15</TD><TD STYLE="text-align: justify">No invitation has been or will be made by or on behalf of the Company to the public in the British Virgin
Islands to subscribe for any of the Securities.</TD></TR></TABLE>


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<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">2.16</TD><TD STYLE="text-align: justify">There will be nothing contained in the minute book or corporate records of the Company (which we have
not inspected) which would or might affect the opinions set out below.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD><TD STYLE="text-align: justify"><B>Opinions</B></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">Based upon, and subject to, the foregoing
assumptions and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion
that:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930887"></A>3.1</TD><TD STYLE="text-align: justify">The Company is a company limited by shares incorporated with limited liability under the BVI Business
Companies Act (As Revised) (the &quot;<B>Act</B>&quot;), is in good standing at the Registry of Corporate Affairs, and is validly existing
under the laws of the British Virgin Islands.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">3.2</TD><TD STYLE="text-align: justify">With respect to the Common Shares, when (i) the board of directors of the Company (the &quot;<B>Board</B>&quot;)
has taken all necessary corporate action to approve the issue thereof, the terms of the offering thereof and related matters; (ii) the
issue of such Common Shares has been recorded in the Company's register of members (shareholders) (the &quot;<B>Register of Members</B>&quot;);
and (iii) the subscription price of such Common Shares has been fully paid in cash or other consideration approved by the Board, the Common
Shares will be duly authorised, validly issued, fully paid and non-assessable.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">3.3</TD><TD STYLE="text-align: justify">With respect to the Preferred Shares, when (i) the Board has taken all necessary corporate action to approve
the creation and terms of the series of Preferred Shares and to approve the issue thereof, the terms of the offering thereof and related
matters; (ii) the issue of such Preferred Shares has been recorded in the Register of Members; and (iii) the subscription price of such
Preferred Shares has been fully paid in cash or other consideration approved by the Board, the Preferred Shares will be duly authorised,
validly issued, fully paid and non-assessable.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">3.4</TD><TD STYLE="text-align: justify">With respect to each issue of Debt Securities, when (i) the Board has taken all necessary corporate action
to approve the creation and terms of the Debt Securities and to approve the issue thereof, the terms of the offering thereof and related
matters; (ii) an Indenture relating to the Debt Securities shall have been authorised and validly executed and delivered by the Company
and the trustee thereunder; and (iii) when such Debt Securities issued thereunder have been duly executed and delivered on behalf of the
Company and authenticated in the manner set forth in the Indenture relating to such issue of Debt Securities and delivered against due
payment therefor pursuant to, and in accordance with, the terms of the Registration Statement and any relevant prospectus supplement,
such Debt Securities issued pursuant to the Indenture will have been duly executed, issued and delivered, and will constitute the legal,
valid and binding obligations of the Company.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">3.5</TD><TD STYLE="text-align: justify">With respect to each issue of Warrants, when (i) the Board has taken all necessary corporate action to
approve the creation and terms of the Warrants and to approve the issue thereof, the terms of the offering thereof and related matters;
(ii) a Warrant Agreement relating to the Warrants shall have been duly authorised and validly executed and delivered by the Company and
the warrant agent thereunder; and (iii) the certificates representing the Warrants have been duly executed, countersigned, registered
and delivered in accordance with the Warrant Agreement relating to the Warrants and the applicable definitive purchase, underwriting or
similar agreement approved by the Board upon payment of the consideration therefor provided therein, the Warrants will have been duly
executed, issued and delivered, and will constitute the legal, valid and binding obligations of the Company.</TD></TR></TABLE>


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<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">3.6</TD><TD STYLE="text-align: justify">With respect to each issue of Units, when (i) the Board has taken all necessary corporate action to approve
the creation and terms of the Units and to approve the issue thereof, the terms of the offering thereof and related matters; (ii) a Unit
Agreement relating to the Units shall have been duly authorised and validly executed and delivered by the Company and the financial institution
designated as unit agent thereunder; and (iii) the certificates representing the Units have been duly executed, countersigned, registered
and delivered in accordance with the Unit Agreement relating to the Units and the applicable definitive purchase, underwriting or similar
agreement approved by the Company's Board upon payment of the consideration therefor provided therein, the Units will have been duly executed,
issued and delivered, and will constitute the legal, valid and binding obligations of the Company.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">4</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10.5pt">Qualifications</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">The opinions expressed above are subject
to the following qualifications:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930973"></A>4.1</TD><TD STYLE="text-align: justify">To maintain the Company in good standing under the laws of the British Virgin Islands, annual filing fees
must be paid to the Registry of Corporate Affairs.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">4.2</TD><TD STYLE="text-align: justify">The obligations assumed by the Company under the Transaction Documents and the Securities (other than
the Common Shares and Preferred Shares) will not necessarily be enforceable in all circumstances in accordance with their terms. In particular:</TD></TR></TABLE>

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<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930959"></A>(a)</TD><TD STYLE="text-align: justify">enforcement may be limited by bankruptcy, insolvency, liquidation, reorganisation, readjustment of debts
or moratorium or other laws of general application relating to or affecting the rights of creditors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930960"></A>(b)</TD><TD STYLE="text-align: justify">enforcement may be limited by general principles of equity. For example, equitable remedies such as specific
performance may not be available, <I>inter alia</I>, where damages are considered to be an adequate remedy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930961"></A>(c)</TD><TD STYLE="text-align: justify">some claims may become barred under relevant statutes of limitation or may be or become subject to defences
of set off, counterclaim, estoppel and similar defences;</TD></TR></TABLE>

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<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930962"></A>(d)</TD><TD STYLE="text-align: justify">where obligations are to be performed in a jurisdiction outside the British Virgin Islands, they may not
be enforceable in the British Virgin Islands to the extent that performance would be illegal under the laws of that jurisdiction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930963"></A>(e)</TD><TD STYLE="text-align: justify">the courts of the British Virgin Islands have jurisdiction to give judgment in the currency of the relevant
obligation;</TD></TR></TABLE>

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<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930964"></A>(f)</TD><TD STYLE="text-align: justify">arrangements that constitute penalties will not be enforceable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930965"></A>(g)</TD><TD STYLE="text-align: justify">enforcement may be prevented by reason of fraud, coercion, duress, undue influence, misrepresentation,
public policy or mistake or limited by the doctrine of frustration of contracts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930966"></A>(h)</TD><TD STYLE="text-align: justify">an agreement made by a person in the course of carrying on unauthorised financial services business is
unenforceable against the other party under <A NAME="DocXTextRef16"></A>section 50F of the Financial Services Commission Act (As Revised);</TD></TR></TABLE>


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<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930967"></A>(i)</TD><TD STYLE="text-align: justify">provisions imposing confidentiality obligations may be overridden by compulsion of applicable law or the
requirements of legal and/or regulatory process;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930968"></A>(j)</TD><TD STYLE="text-align: justify">the courts of the British Virgin Islands may decline to exercise jurisdiction in relation to substantive
proceedings brought under or in relation to the Transaction Documents and the Securities (other than the Common Shares and Preferred Shares),
in matters where they determine that such proceedings may be tried in a more appropriate forum;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref340144227"></A><A NAME="a_Ref448930970"></A>(k)</TD><TD STYLE="text-align: justify">we reserve our opinion as to the enforceability of the relevant provisions of the Transaction Documents
and the Securities (other than the Common Shares and Preferred Shares) to the extent that they purport to grant exclusive jurisdiction
as there may be circumstances in which the courts of the British Virgin Islands would accept jurisdiction notwithstanding such provisions;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930971"></A>(l)</TD><TD STYLE="text-align: justify">a company cannot, by agreement or in its articles of association, restrict the exercise of a statutory
power and there is doubt as to the enforceability of any provision in the Transaction Documents or the Securities (other than the Common
Shares and Preferred Shares) whereby the Company covenants to restrict the exercise of powers specifically given to it under the Act including,
without limitation, the power to increase its maximum number of shares, amend its memorandum and articles of association or present a
petition to a British Virgin Islands court for an order to wind up the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref398288821"></A><A NAME="a_Ref448930974"></A>4.3</TD><TD STYLE="text-align: justify">Preferred creditors under British Virgin Islands law will rank ahead of unsecured creditors of the Company.
Furthermore, all costs, charges and expenses properly incurred in the winding up of a company, including the remuneration of the liquidators,
are payable out of the assets of the company in priority to all other unsecured claims.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">4.4</TD><TD STYLE="text-align: justify">Under <A NAME="DocXTextRef22"></A>section 42 of the Act, the entry of the name of a person in the register
of members of a company as a holder of a share in a company is prima facie evidence that legal title in the share vests in that person.
A third party interest in the shares in question would not appear. An entry in the register of members may yield to a court order for
rectification (for example, in the event of inaccuracy or omission).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">4.5</TD><TD STYLE="text-align: justify">The obligations of the Company may be subject to restrictions pursuant to United Nations and United Kingdom
sanctions extended to the British Virgin Islands by Orders in Council and/or sanctions imposed by governmental or regulatory authorities
or agencies in the British Virgin Islands under British Virgin Islands legislation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930983"></A>4.6</TD><TD STYLE="text-align: justify">We express no opinion as to the meaning, validity or effect of any references to foreign (i.e. non-British
Virgin Islands) statutes, rules, regulations, codes, judicial authority or any other promulgations and any references to them in the Transaction
Documents or the Securities (other than the Common Shares and Preferred Shares) or the Registration Statement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">4.7</TD><TD STYLE="text-align: justify">We have not reviewed the final form of any of the Indenture or the Debt Securities to be issued thereunder,
the Warrant Agreements or the Warrants to be issued thereunder, or the Unit Agreements or the Units to be issued thereunder, and our opinions
are qualified accordingly.</TD></TR></TABLE>


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<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">4.8</TD><TD STYLE="text-align: justify">We reserve our opinion as to the extent to which the courts of the British Virgin Islands would, in the
event of any relevant illegality or invalidity, sever the relevant provisions of the Transaction Documents and the Securities (other than
the Common Shares and Preferred Shares) and enforce the remainder of the Transaction Documents or the Securities (other than the Common
Shares and Preferred Shares) or the transaction of which such provisions form a part, notwithstanding any express provisions in the Transaction
Documents or the Securities in this regard.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc">4.9</TD><TD STYLE="text-align: justify">In this opinion the phrase &quot;non-assessable&quot; means, with respect to the issuance of shares, that
a shareholder shall not, in respect of the relevant shares and in the absence of a contractual arrangement, or an obligation pursuant
to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company's assets
(except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose
or other circumstances in which a court may be prepared to pierce or lift the corporate veil).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><A NAME="a_Ref448930988"></A>4.10</TD><TD STYLE="text-align: justify">We express no view as to the commercial terms of the Transaction Documents or the Securities or the Registration
Statement, or whether such terms represent the intentions of the parties and make no comment with regard to warranties or representations
that may be made by the Company.</TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">We hereby consent to the filing of this
opinion as an exhibit to the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of
persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the Rules and Regulations of the SEC thereunder.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">The opinions in this opinion letter&nbsp;are
strictly limited to the matters contained in the opinions section above and do not extend to any other matters. We have not been asked
to review and we therefore have not reviewed any of the ancillary documents relating to the Transaction Documents or the Securities and
we express no opinion or observation upon the terms of any such document.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">This opinion letter may be relied upon
by US counsel to the Company for the purposes solely of any legal opinion that they may be required to give with respect to the Registration
Statement.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">Yours faithfully</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: justify">/s/ Maples and Calder (Hong Kong) LLP</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: center"><B>Annexure A</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: center"><B>Director's Certificate</B></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">November 18, 2022</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify">To:</TD>
    <TD STYLE="width: 94%; text-align: justify">Maples and Calder (Hong Kong) LLP</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">26th Floor, Central Plaza</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">18 Harbour Road</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Wanchai, Hong Kong</TD></TR>
  </TABLE>
<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: left"><B>China Natural Resources, Inc. (the &quot;Company&quot;)</B></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">I, the undersigned, being a director of
the Company, am aware that you are being asked to provide a legal opinion (the &quot;<B>Opinion</B>&quot;) in relation to certain aspects
of British Virgin Islands law. Capitalised terms used in this certificate have the meaning given to them in the Opinion. I hereby certify
that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 1pc; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt">The Memorandum and Articles
remain in full force and effect and are unamended.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 1pc; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt">The Resolutions were signed
by all the directors of the Company and have not been amended, varied or revoked in any respect.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 1pc; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt">The Company is authorised to
issue a maximum of 210,000,000 shares of no par value, including (a) 200,000,000 common shares of no par value, comprising one series,
and (b) 10,000,000 preferred shares of no par value.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 1pc; margin-bottom: 0.5pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt">The shareholders of the Company
have not restricted or limited the powers of the directors in any way.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 1pc; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt">Each director of the Company
considers the transactions contemplated by the Registration Statement to be of commercial benefit to the Company and has acted bona fide
in the best interests of the Company, and for a proper purpose of the Company in relation to the transactions the subject of the Opinion.&#9;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 1pc; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt">The Company is not the subject
of legal, arbitral, administrative or other proceedings in any jurisdiction. Nor have the directors and/or shareholders taken any steps
to have the Company struck off or placed in liquidation, nor have any steps been taken to wind up the Company. Nor has any receiver been
appointed over any of the Company's property or assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 1pc 0 0.5pc; text-align: justify">I confirm that you may continue to rely
on this Certificate as being true and correct on the day that you issue the Opinion unless I shall have previously notified you personally
to the contrary.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: center">[<I>signature page follows</I>]</P>


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<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pc 0; text-align: justify">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; text-align: justify">Signature:</TD>
    <TD STYLE="width: 87%; text-align: justify"><U>/s/ Wong Wah On Edward</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Wong Wah On Edward</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Director</TD></TR>
  </TABLE>
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<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>chnr_ex5z2.htm
<DESCRIPTION>OPINION OF MORGAN, LEWIS & BOCKIUS LLP
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>EXHIBIT&nbsp;5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<IMG SRC="logo.jpg" ALT=""></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; background-color: white">November 18, 2022</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; background-color: white">China Natural Resources, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Room 2205, 22/F, West Tower, Shun Tak Centre</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">168-200 Connaught Road Central</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Sheung Wan, Hong Kong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">+852-2810-7205</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; background-color: white">RE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>China
Natural Resources, Inc. &mdash;Registration Statement on Form&nbsp;F-3</U></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; background-color: white">Ladies and Gentlemen:</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; background-color: white">We are acting as special New York counsel to China
Natural Resources, Inc., a British Virgin Islands company (the &ldquo;Company&rdquo;), in connection with the filing of the Registration
Statement on Form&nbsp;F-3 (the &ldquo;Registration Statement&rdquo;) under the U.S. Securities Act of 1933, as amended (the &ldquo;Act&rdquo;),
with the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;). The Registration Statement relates to the offer and sale,
from time to time, in one or more offerings, of securities, which may include any or all of the following: the Company&rsquo;s debt securities
(the &ldquo;Debt Securities&rdquo;), common shares, preferred shares, warrants, and units.</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; background-color: white">In connection with this opinion letter, we have
examined originals, or copies certified or otherwise identified to our satisfaction, of the Registration Statement, the form of indenture
to be entered into by the Company and a trustee (the &ldquo;Indenture&rdquo;), and such other documents and records as we have deemed
necessary.</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; background-color: white">With your permission, for the purposes of the
opinion expressed herein, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity
of the documents submitted to us as originals, the conformity with the originals of all documents submitted to us as certified, facsimile,
pdf or photostatic copies and the authenticity of the originals of all documents submitted to us as copies.</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; background-color: white">We have also assumed for purposes of our opinion
that the trustee (the &ldquo;Trustee&rdquo;) under the Indenture will be qualified to act as trustee thereunder and the Indenture will
be duly qualified under the Trust Indenture Act of 1939, as amended, that the Indenture and any supplemental indenture (a &ldquo;Supplemental
Indenture&rdquo;) will be duly authorized, executed and delivered by the Trustee, that the Indenture and any Supplemental Indenture will
constitute a legal, valid and binding obligations of the Trustee, and that the Trustee has the requisite organizational and legal power
and authority to perform its obligations under the Indenture and any Supplemental Indenture.</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; background-color: white">We have further assumed with respect to any Debt
Securities that (i)&nbsp;the applicable indenture will have been duly authorized, executed and delivered by the Company, (ii)&nbsp;a Supplemental
Indenture, officer&rsquo;s certificate or board resolution with respect to such Debt Securities will have been duly authorized, executed
and delivered by the Company, (iii)&nbsp;such Debt Securities will be authenticated by the Trustee as provided in the applicable Indenture
and any Supplemental Indenture with respect thereto, and (iv)&nbsp;such Debt Securities will be executed, issued and delivered by the
Company (a)&nbsp;against receipt of the consideration for the Debt Securities approved by the board of directors of the Company and (b)&nbsp;as
provided in the applicable Indenture and any Supplemental Indenture with respect thereto.</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; background-color: white">Based upon and subject to the foregoing, and the
limitations and qualifications described below, we are of the opinion that when any series of the Debt Securities are duly authorized
and executed by the Company, and when the Debt Securities are duly authenticated by the Trustee in accordance with the applicable Indenture
and any Supplemental Indenture with respect thereto and are issued and delivered by the Company against receipt of the consideration therefor,
the Debt Securities will constitute valid and binding obligations of the Company.</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%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Morgan, Lewis &amp; Bockius <FONT STYLE="font-variant: small-caps">llp</FONT></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7.5pt">1111 Pennsylvania Avenue, NW</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 21%; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7.5pt">Washington DC 20004-2451</FONT></TD>
    <TD STYLE="width: 15%; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7.5pt"><IMG SRC="image_002.jpg" ALT="(T).png" STYLE="height: 11px; width: 11px">&nbsp;<A NAME="a_mpv944027180000000000000000000000000000"></A>+1.202,739.3000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 10pt">&nbsp;</TD>
    <TD STYLE="line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7.5pt">United States</FONT></TD>
    <TD STYLE="line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7.5pt"><IMG SRC="image_003.jpg" ALT="(F).png" STYLE="height: 11px; width: 11px">&nbsp;<A NAME="a_mpv587782050000000000000000000000000000"></A>+1.202.</FONT><A NAME="a_mpd792997130000090000000000000000000000"></A><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7.5pt">739.3001</FONT></TD></TR>
  </TABLE>

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


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">The opinions expressed above are subject to the
following additional limitations and qualifications:</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; background-color: white">1. The opinions set forth above are subject to
the effects of (i)&nbsp;bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar
laws relating to or affecting enforcement of creditors&rsquo; rights or remedies generally, (ii)&nbsp;general principles of equity (whether
such principles are considered in a proceeding at law or equity), including the discretion of the court before which any proceeding may
be brought, concepts of good faith, reasonableness and fair dealing and standards of materiality, and (iii)&nbsp;limitations on enforceability
to the extent that acceleration of indebtedness under any Debt Security may impair the collectability of that portion, if any, of the
principal amount thereof that might be determined to be unearned interest thereon.</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; background-color: white">2. We express no opinion as to the laws of any
jurisdiction other than the laws of the State of New York, as currently in effect. In particular, and without limiting the generality
of the foregoing sentence, we express no opinion concerning (i)&nbsp;the laws of any country or subdivision thereof, other than the laws
of the State of New York, or as to the effect of such laws, whether limiting, prohibitive or otherwise, on any of the rights or obligations
of the Company, the holders of the Debt Securities, or any other party to or beneficiary of the Indenture, any Supplemental Indenture
and the Debt Securities or (ii)&nbsp;the effect, if any, of the law of any jurisdiction, except the State of New York, in which any holder
of any Debt Security is located that limits the rate of interest that such holder may charge or collect.</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; background-color: white">3. We express no opinion as to (i)&nbsp;whether
a United States federal court or New York court would accept jurisdiction in any dispute, action, suit or proceeding arising out of or
relating to the Debt Securities, the Indenture, any Supplemental Indenture or the transactions contemplated thereby, (ii)&nbsp;any objection
to jurisdiction on the basis of the inconvenience of the forum provided for in the Indenture or any Supplemental Indenture or (iii)&nbsp;any
provision in the Indenture relating to judgments in other currencies.</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; background-color: white">We hereby consent to the use of this opinion as
Exhibit&nbsp;5.2 to the Registration Statement and to the reference to us under the caption &ldquo;Legal Matters&rdquo; in the prospectus
included in the Registration Statement. In giving such consent, we do not hereby admit that we are acting within the category of persons
whose consent is required under Section&nbsp;7 of the Act or the rules&nbsp;or regulations of the Commission thereunder.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Morgan Lewis&nbsp;&amp; Bockius LLP</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morgan Lewis&nbsp;&amp; Bockius LLP</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5pc">&nbsp;</P>

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

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>chnr_ex23z1.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG HUA MING LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></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: right"><B>Exhibit 23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CONSENT
OF Independent Registered Public Accounting Firm</B></FONT></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 consent to the reference to our firm under the
caption &ldquo;Experts&rdquo; in the Registration Statement (Form F-3) and related Prospectus of China Natural Resources, Inc. for the
registration of its common shares, preferred shares, debt securities, warrants and units of its securities and to the incorporation by
reference therein of our report dated May 17, 2022, with respect to the consolidated financial statements of China Natural Resources,
Inc. included in its Annual Report (Form 20-F) for the year ended December 31, 2021<A NAME="a_Hlk108790304"></A>, filed with the Securities
and Exchange Commission.</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">/s/ Ernst &amp; Young Hua Ming LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Beijing, People&rsquo;s Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 18, 2022</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: 12pt Times New Roman, Times, Serif; margin: 0 22pt 0 0">&nbsp;</P>



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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>chnr_ex107.htm
<DESCRIPTION>CALCULATION OF FILING FEE TABLES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 107</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM&nbsp;F-3</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Form Type)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>China Natural Resources, Inc.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Not Applicable</U></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Table 1: Newly Registered and Carry Forward Securities</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Security<BR>
Type</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Security<BR>
Class Title</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fee<BR>
Calculation<BR>
or Carry<BR>
Forward Rule</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Amount<BR>
Registered</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Proposed<BR>
Maximum<BR>
Offering<BR>
Price Per<BR>
Unit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Maximum<BR>
Aggregate<BR>
Offering<BR>
Price</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Amount of<BR>
Registration<BR>
Fee</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carry Forward Form Type</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carry Forward File Number</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carry Forward Initial Effective Date</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="40" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carry Forward Securities</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry<BR>
Forward<BR>
Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Common Shares, no par value</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Preferred Shares, no par value</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debt Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Warrants</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unallocated (Universal) Shelf</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">92,674,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">F-3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">333-233852</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">November 20, 2019</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,232.08</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">92,674,000</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Fees Previously Paid</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&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: 0"></TD><TD STYLE="width: 3pc">(1)</TD><TD>There are being registered hereunder an indeterminate number or amount, as the case may be, of common shares, preferred shares, debt
securities, warrants and units, as may be offered by the registrant from time to time, which together shall have an aggregate initial
offering price not to exceed $92,674,000. The securities included hereunder may be sold separately or as units with other securities registered
hereunder. The securities included hereunder also include an indeterminate number of securities as may be issued upon conversion of or
exchange for preferred shares or debt securities that provide for conversion or exchange, upon exercise of warrants, or pursuant to the
anti-dilution provisions of any of such securities. In addition, pursuant to Rule 416 under the Securities Act of 1933, as amended (the
&ldquo;Securities Act&rdquo;), this Registration Statement on Form F-3 (the &ldquo;Registration Statement&rdquo;) also covers any additional
securities that may be offered or issued in connection with any stock splits, stock dividends or similar transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt 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: 0"></TD><TD STYLE="width: 3pc">(2)</TD><TD>The registrant previously paid registration fees in the aggregate of $12,120 with respect to the Registration Statement on Form F-3
(File No. 333-233852) (the &ldquo;Prior Registration Statement&rdquo;). Pursuant to Rule 415(a)(6) under the Securities Act (&ldquo;Rule
415(a)(6)&rdquo;), the securities registered pursuant to this Registration Statement include an aggregate of $92,674,000 of securities
previously registered on the Prior Registration Statement which remain unsold (the &ldquo;Unsold Securities&rdquo;). Pursuant to Rule
415(a)(6), the registration fee of $11,232.08 associated with the offering of the Unsold Securities will continue to be applied to the
Unsold Securities registered pursuant to this Registration Statement. Pursuant to Rule 415(a)(6), the offering of the Unsold Securities
on the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration Statement. To the extent
that, after the filing date hereof and prior to the effectiveness of this Registration Statement, the registrant sells any Unsold Securities
pursuant to the Prior Registration Statement, the registrant will identify in a pre-effective amendment to this Registration Statement
the updated amount of Unsold Securities from the Prior Registration Statement to be included in this Registration Statement pursuant to
Rule 415(a)(6) and the updated amount of new securities to be registered on this Registration Statement.</TD></TR></TABLE>

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begin 644 image_003.jpg
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begin 644 logo.jpg
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end
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